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{
    "id": 1341726,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1341726/?format=api",
    "text_counter": 329,
    "type": "speech",
    "speaker_name": "Turbo, UDA",
    "speaker_title": "Hon. Janet Sitienei",
    "speaker": null,
    "content": " Thank you, Hon. Temporary Speaker. I wish to second the Motion on probable loss of investment in Cytonn High Yield Solutions Platform. Having listened to the petitioners and other witnesses, and having visited the various investments, we concluded that the CEO of Cytonn and the partners failed to apply sound corporate governance techniques and strategies on the investment portfolios. For example, when we looked at one of the investments that we visited – The Ridge – which the petitioners had interest in, we realised that work was not on going. The work had stopped due to non- payment to the contractor. We even had difficulties accessing the property. According to the CMA Act and Regulations, Cytonn Investments management had issued to the market both regulated and unregulated products. However, they chose to use the unregulated product despite the fact that Cytonn Asset Managers Investors Limited had six registered companies which they would have used to save the petitioners their hard-earned money."
}