Don’t threaten me Tony Stark.

Last Saturday, Dande was seated in a boardroom with two assistants facing a slew of questions from over 450 investors over the internet, many of whom wanted out.

Thirteen of them including Kenneth Maweu Kasinga from Nakuru had gone to court and sued both Cytonn and CMA claiming Cytonn has defaulted on his Sh3 million investment that was to mature on September 7.

“The 1st defendant’s statement that it gives no assurance that it will pay the amount invested upon maturity is worrying and I stand to suffer irreparable loss if the orders sought are not granted,” said Kasinga.

The court documents also indicate that the investor was promised an attractive 19 per cent return on investment which CMA said is unrealistic in this market.

Dande said Cytonn was forced to liquidate its positions in money market investments and real estate projects last week to pay off investors after CMA sounded an alarm of Cytonn defaulting on more than Sh122 million in mature investments.

“We have put assets on sale to get that cash, we have sold off real estate projects including Westlands 22 and liquidated positions in money market funds to pay off investors who demanded their money back, especially Friday.”

“We have also paused projects that require long-term funding to improve liquidity, we are doing everything we can to be able to refund your money,” Dande told investors in the virtual meeting.

When Celestine Olilo asked to know why her money was rolled over without her consent and yet she needed the money due to the Covid-19 pandemic she was told: “This is a pooled investment, paying everyone would result in more losses.”

The investors were also asking about the delay in interest payments. Dande, however, said the interest payments will be capitalised and paid after 12 months. He said that investors should not go to CMA, saying the regulator will not help them.

“People who invested in Uchumi or Mumias were never helped by the regulator, it is the integrity of the fund manager, the investment strategy and the assets invested in that matter.”

Don’t threaten me Tony Stark.