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Judge rejects bid to oust Cytonn liquidator in Sh11bn dispute
While dismissing the bid to remove the Official Receiver, the court partly allowed applications demanding financial accountability over the management of The Alma estate.
The High Court has rejected attempts to remove the Official Receiver of Cytonn High Yield Solutions (CHYS) LLP as the firm’s liquidator over allegations of favouring secured lenders, mismanaging assets, operating without transparency, and mishandling the proposed sale of a Sh1 billion stake in Superior Homes Kenya.
The court dismissed claims by an unsecured creditor—Pastor Ephrahim Karangi—that the Official Receiver breached fiduciary duties and concealed financial dealings.
