This is a subtle admission of a bubble that has finally burst. On this one, its naive to blame third parties for the current predicament Cytonn finds itself in. Simply put, Cytonn management DID NOT have a proper grasp of the main area of their investment which is the Real Estate development.

Real Estate development is more complicated than many people imagine. It's only professionals in that field who properly understand the intricacies involved.

@PaulKimani, to his credit, has all along warned Wazuans that Cytonn is a house built on sand. Instead of people taking heed, some opted to hurl insults in his direction and at his person.

Cytonn was a scam and this thing was always going to end up in premium tears for the gullible and greedy investors.

The elephant in the room was always going to be the unrealistic and hence the unsustainable interest rate promised to investors. The bubble had to burst, and indeed the bubble has ultimately burst.

Speaking of ARM, why has CMA not de-listed it from NSE?

I live next door to the Alma which is probably Cytonn's largest project to date. This project was moving at express speed in the first few years of construction. Everyday the site was full of workers doing their thing the whole day. There was clearly money in the bank to fund all the activity. Now the progress of the project has become very stop-start. Clearly these guys are not as liquid as before. They're scrounging around for money to plough into the business. At this point you have to wonder what the difference is between this and building on your own. Anyway the silver lining is that, slow as the progress may be, this project is now too far along to fail. They will most likely cross the finish line eventually.

Cytonn collapses

https://www.254news.co.k...af997f0c62c35587669eb7f5

Instead of worrying about the best lawyer winning and making it a game, maybe us Kenyans can start having some compassion for our innocent friends like Mr Thogo below, a farmer, who trusted Cytonn with his hard earned savings.
The truth is he will probably never see that money again, and the four founders of Cytonn will be rolling in cash, while Mr Thogo struggles to survive. God bless him and may he win. Let us have compassion for our fellow men, rather than side with common thieves.


“Mr Thogo also wants the outstanding amount, together with interest and the cost of the insolvency petition granted to him and paid out of Cytonn’s assets.

Mr Thogo adds that all his phone calls to various representatives of the company are met with different stories, which take him round in circles with no real intention of settling the matter.”

https://nation.africa/ke...over-sh14m-debt-3224664[/quote]

So how did the winding up petition go?