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MYC4 by Julius Kasanga - 3w ago

To all MYC4 investors and other stakeholders,

Today, May 2019, the Board of MYC4 has decided that the platform shall not again start new investment activities on MYC4.com and as a sad, but unavoidable, consequence the platform will be closed on May 31st. We therefore ask all remaining investors to withdraw the funds remaining on their accounts before the end of the month by logging on to their account and follow the withdrawal instructions online.

MYC4 started operations in 2007 and was, at that time, one of the first online crowdfunding platforms in the World and the very first to focus on connecting African entrepreneurs in need of capital to grow with investors willing to provide the capital. Since then, MYC4 has been instrumental in channeling more than    € 24m from 20,955 investors from 120 countries to 20,475 small African businesses and thereby impacting between 100-145,000 Africans’ lives positively.

One of the visions of MYC4 was to create a platform which, over time, would be financially sustainable by offering a possibility of financial return to investors, thus demonstrating that people from all over the World could participate directly and personally in creating sustainable growth in developing countries.

To a large extent, this objective was reached as for extended periods investors enjoyed an average return of 1.7-1.9%.

In 2009 MYC4 hit a major bump on the road when one of our main Provider Partners in Kenya, James Maina of Ebony Capital stopped repaying investors and ran away with their funds. James Maina is still wanted by Kenyan police and the legal case launched by MYC4 on behalf of our investors still pending 10 years later.

Subsequently, MYC4 firmed up screening and internal procedures, and continued the growth path with positive returns, at times facilitating new loans of € 100,000 per month.

As most of you know, an even more serious and viciously engineered fraud attack hit MYC4 in March 2015, when Daniel Kimani, CEO of Provider KEEF in Kenya, turned out to be a professional conman and refused to repay almost €1m to MYC4 investors. MYC4 won early 2017 in Kenya Arbitration Court a clear verdict commanding Daniel Kimani to repay MYC4 investors their funds plus interest and cost, but he never did. For more than 3 years now, MYC4 has been fighting in the Kenyan legal system to get justice but has constantly met postponements and met obstacles, all of which have been posted on our online blog.

It is with great regret that MYC4 management must let go of the original vision which drove the project and almost 21,000 people from 120 countries around the World to support us. Lastly, MYC4 would like to thank you all for your tremendous support and encouragement throughout our almost 12 year journey whereby somewhere between 100,000 and 145,000 African lives have been positively impacted.

Yours sincerely,

Mads Kjær, CEO

MYC4

info@myc4.com

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MYC4 by Julius Kasanga - 3M ago

Kenyan Providers

KEEF

The criminal case  in Kiambu High Court, Police Case file KIAMBU P/STN .PCR NO.275/2017 wherein Mr Damiel Kimani and Mr Simon Kamau has been charged came for hearing on  16th February , 2019 . More  witnesses were exepected to take stand,however,the case was adjourned and a  new date for the case will be communicated when the remaining witnesses will testify.

The civil case was scheduled for highlighting submissions on 10th October,2018. A new date will be communicated by the High Court registry

More updates will be shared in our subsequent blog updates.

     

Milango

MYC4’s management is waiting for a legal advisory from the  legal team on the way forward in regards to the legal action against Milango  . Details will be shared in subsequent blog updates.

Yehu

Yehu  has consistently paid its obligation that was expected to be cleared in November 2018. However,a small clearing balance is outstanding and we are talking to YEHU to clear once and for all.

Jubilant Kenya Limited

As indicated earlier the Court ruled in favor of MYC4 and Jubilant was ordered to pay MYC4 the entire debt plus costs of the suit within 60 days from the date of judgement.

MYC4’s legal team after obtaining  warrants of attachment and sale and submitting the same to auctioneer, they repossesed office equipment and a motor vehicle which was auctioned even though little monies was raised and basically went into offsetting storage charges .

The legal team is aggressively following with Jubilant’s management  for payment of the outstanding sum as directed by the Court.

Further developments on the matter will be shared in our subsequent update.

Tanzania Providers

Mtaji

The commercial case against Mtaji Credit Facility at the High Court of Tanzania Commercial Division has been set to come for  the 1st Pre Trial conference on the  21st March 2019. This comes after disposal of an interlocutory Application, Misc. Commercial Application No. 58 of 2018  , an application for determination of security for costs which was filed by Mtaji Credit Facility claiming for 30 Million Tanzania for the same. The ruling was delivered by the Court today to wit, the Court has considered oMYC4’s defence and ordered  to deposit into the Court 5 Million Tanzania Shillings .

More details will be shared in our subsequent updates as the case proceeds in Court.

BELITA

MYC4 is still working hard to find a way of collecting the outstanding loans from BELITA. Any developments will be shared going forward .

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MYC4 by Julius Kasanga - 10M ago

Kenyan Providers

KEEF

The criminal case  in Kiambu High Court, Police Case file KIAMBU P/STN .PCR NO.275/2017 wherein Mr Damiel Kimani and Mr Simon Kamau has been charged was mentioned on 23rd July 2018.

The Court adjourned the case to 16th October , 2018 wherein more witnesses will take stand.

The civil case was scheduled for highlighting submissions on 27th  July 2018 as indicated earlier.However,the case was adjourned to 10th October,2018.

More updates will be shared in our subsequent blog updates.

     

Milango

MYC4’s  legal team will advise on the way forward in regards to the legal action against Milango  . Details will be shared in subsequent blog updates.

Yehu

Yehu  has to date continued to making monthly repayments in line with an out of court settlement agreement entered in June 2017.They will settle their obligations by November, 2018.

Jubilant Kenya Limited

As indicated earlier the Court ruled in favor of MYC4 and Jubilant was ordered to pay MYC4 the entire debt plus costs of the suit within 60 days from the date of judgement.

Jubilant has not yet honored the court directions and our legal team has proceeded to take the next steps which includes sale the goods confiscated and to institute other debt recovery measures against Jubilant and it’s directors.

MYC4’s legal team has since applied to the Court for warrants of attachment and sale. These have since been granted and forwarded to the Auctioneer for further action.

Further developments on the matter will be shared in our subsequent update.

Tanzania Providers

Mtaji

The case launched by MYC4 lawyers in Tanzania is proceeding on at the High Court of Tanzania

The court will issue a new date for hearing an application that  Damasi Massawe filled  in Court seeking MYC4 to put a security deposit in Court since it is a foreign company.

Our lawyers as indicated lodged a reply to that application and awaits the Court to issue a hearing date for the same.

More details will be shared in our subsequent updates as the case proceeds in Court.

BELITA

MYC4 is still working hard to find a way of collecting the outstanding loans from BELITA. Any developments will be shared going forward .

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