Cytonn gets reprieve in court over CMA directive – Kenyan Business Feed

Last week, Capital Markets Authority (CMA) had directed Cytonn Investments to change name and stop onboarding new clients.

Cytonn went to court seeking removal of CMA CEO Wycliffe Shamiah over defamation.

Thursday morning, the High Court has granted Cytonn its wishes.

The High Court has set aside the directives issued by the Capital Markets Authority, CMA, which were directing Cytonn to change its name within 30 days.

Cytonn had also instructed Apollo Mboya and Company law firm to institute proceedings to remove Mr. Shamiah from office sighting a number of grievances including the executive’s dispute on the legality of private offers.

CMA actions constitute an insistent attack on its brand and put into risks investments of over 30,000 Kenyans totalling more than Sh.20 billion. – Cytonn had argued.

READ: Court stops CMA from harassing Cytonn Investments

In a series of tweets, Edwin Dande, Cytonn’s CEO termed CMA’s insistence on regulation as regards Cytonn as insincere.

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