Cytonn Investments Press Statement

We, Edwin Dande, Patricia Wanjama, Elizabeth Nkukuu and Shiv Arora, are formerly the Chief Executive Officer, Head of Legal, Senior Portfolio Manager and Investment Analyst respectively, until we formally resigned as employees of Britam. In Britam's letters accepting our resignations, no issues were raised as to our competence and professionalism in discharging the duties assigned to us during our employment.

The rumours in sections of the media that Cytonn's bank accounts or any of its team members' accounts have been frozen are completely false and appear calculated and intended to shake confidence and trust in our new venture.

We believe that the Suit is filed in and motivated by malice, bad faith and intense business rivalry.

https://cytonn.com/news/press-statement

Cytonn Investments Press Statement

We, Edwin Dande, Patricia Wanjama, Elizabeth Nkukuu and Shiv Arora, are formerly the Chief Executive Officer, Head of Legal, Senior Portfolio Manager and Investment Analyst respectively, until we formally resigned as employees of Britam. In Britam's letters accepting our resignations, no issues were raised as to our competence and professionalism in discharging the duties assigned to us during our employment.

The rumours in sections of the media that Cytonn's bank accounts or any of its team members' accounts have been frozen are completely false and appear calculated and intended to shake confidence and trust in our new venture.

We believe that the Suit is filed in and motivated by malice, bad faith and intense business rivalry.

https://cytonn.com/news/press-statement

Deloitte cries foul over rival firm run by former CEO
Posted by VICTOR JUMA

on Friday, December 2 2011 at 00:00

A former CEO and executive of Deloitte have formed a rival registry company that has snatched clients from their former employer in what has raised concern over the enforcement of exit contracts.

Mr Daniel Ndonye, the former Deloitte CEO and Mr John Maonga, a former partner at Livingstone Associates, an affiliate of Deloitte, have formed Maonga Ndonye Associates that oversees corporate compliance and records.

In the two months of operations, the new company has bagged the contracts of 28 private companies and four others listed at the Nairobi Securities Exchange (NSE) — Total Kenya, East African Portland Cement Company (EAPCC), Kakuzi and Eaagads.

This has led to an uneasy relationship between Deloitte and the two partners of Maonga Ndonye Associates who it accuses of breaching exit clauses in which they committed not to establish companies that would compete Deloitte in the medium term.

“They committed themselves to refrain from setting up rival businesses after leaving Deloitte,” said Sammy Onyango, the chief executive of Deloitte East Africa. “We are not interested in legally enforcing the exit contracts and we shall leave it to their conscience,” he said.

Company secretaries register and communicate with shareholders, ensuring dividends are paid and maintain records, such as lists of directors and shareholders, and annual accounts. They also handle regulatory filings and other specialised services such as corporate restructuring.

Some Kenyan companies carry out these functions in-house while some outsource to one or two groups — a registry and a secretarial service provider. More private companies are increasingly outsourcing these services due to increased number of shareholders and corporate governance requirements.

The entry of the former Deloitte executives is set to heighten competition in the highly-fragmented registry markets where the big four advisory firms — Deloitte, PriceWaterhouseCoopers (PwC), KPMG, and Ernst & Young —have significant market shares through affiliates.

PwC has a partnership with Chunga Associates while Ernst & Young is affiliated to Africa Registrars. The relationship between the big guns and the affiliates is mutually beneficial since they share business based on expertise.

Charges are negotiated on a case by case basis but range between Sh10,000 and Sh25,000 per hour of an AGM or board meeting.