We Are Suing You For Defamation, Cytonn Goes For CMA Boss

Cytonn Investments CEO Edwin Dande has threatened to sue Capital Markets Authority (CMA) CEO Wycliffe Shamiah for continuous attacks and defamation against the brand, painting it in a bad light and putting investors in a panic.

In a blasting letter to Shamiah, the Cytonn CEO says that the attacks by Shamiah through statements put at risk investments of over 30,000 Kenyans valued at over 20 billion shillings. The brand accuses the CMA boss of being inconsiderate of what is at stake.

“Following your incessant attack on the Cytonn brand, you are putting into risk investments of over 30,000 Kenyans valued at over 20 billion shillings and we now seek to protect the interests of innocent Investors hence, we are considering proceedings against you,” read part of the letter.

The company, through Prof. Tom Ojienda and Associates, will be instituting defamatory proceedings against Mr. Shamiah in the High Court at Nairobi Civil and Tax Division. It is bound to get rough for the CMA boss who has been on an attacking spree towards Cytonn.

Read More: Cytonn Takes CMA Head On; Court Issues A Red Card

Cytonn is accusing Shamiah of incessant lying to the Kenyan Public, the Parliamentary Committee on Finance and Planning, and the National Treasury Secretary about the legality of Private Offers, which are provided for in the regulations and confirmed by your letter dated April 14th, 2016.

“Your continued partisan application of policy and the regulations. Your continued commission of illegalities and irregularities at the Capital Markets Authority in favor of some players to the detriment of certain singled out players, as set out in this letter,” said the letter.

According to Cytonn, the statements made by you Mr. Shamiah, in their plain and ordinary meaning and by necessary implication not only refer to Cytonn but also could be interpreted to mean that Cytonn is an opportunistic investment partner intent on unfairly taking advantage of its investors and the general public.

The fight has begun.

Read More: Cytonn CEO Tells CMA To Stop Destabilizing Markets