The security was already at an inflated price. They secured Amara ridge (which they kept advertising as being in Karen, but is in fact outside Karen - also those houses have not all been sold. It was also a JV so the owner of the land kept 2 houses, and so the security is basically 8 houses and not even the land for some inflated price).
All other assets were also secured to Taaleri at inflated prices simply because the Cytonn 4 took the Finish guy from Taaleri round in circles convincing him the land they had was “prime land”…. Not all foreigners are smart
or maybe he went rogue to get a piece of the pie - I don’t know, that part is speculation.
In the end Taaleri loaned cytonn billions, while securing assets which are perhaps only worth (at maximum, and in the generous side) a couple hundred million.
The rest of that money loaned? In the pockets. It won’t be seen again.
Rollout wrote:paulkimani wrote:https://www.google.co.uk/amp/s/www.standardmedia.co.ke/business/amp/business/article/2001417791/cytonns-creditors-come-calling-over-sh-57b-debt
https://youtu.be/ueYcz6pQ7rM - this man from Taaleri (who loaned Cytonn money) is the same man who beat his pregnant girlfriend - a lady who was training to become a lawyer when she got pregnant. She is a kick ass lawyer now and kicked his pathetic beating a** to the curb.
But he was not smart enough to see the Cytonn red flags and cost Taaleri billions.
I’d say I told you so, but well - speaks for itself.
Now it make sense. Cytonn can't borrow from anyone because all the assets has already been used to secure other debt. It now make complete sense to me!!!!!!!