An anonymous email from a staffer in Cytonn, a leading investment firm in Kenya, has raised crucial questions that not only need answers but also sending panic to the many Kenyans who’ve put their faith in the firm.
Real Estate industry in Kenya has in recent past been faced with major blows with many investors losing billions to scamming and dishonest managers. Another story of another firm failing is the last thing one need.
Cytonn has maintained a clean portfolio and has been putting up and delivering properties to customers. However, we feel compelled to share this email given our independent observations resonating with writers. Read the letter below;
Has anyone noticed Cytonn has stopped pushing its property portfolio aggresively?
None of the fancy marketing that was pervasive across all media….all the billboards have been pulled down..the press mentions by their maverick team toned down and for a man who loved hogging the business pages. Edwin Dande has taken a hiatus?
All their projects are either now stalled….or incomplete or worse exist solely as 3D renderings on fancy brochures and their website or unsold.
For all their ambitious talk they have only managed to sell 10 units in Karen their first project…the Ruaka projects mired in controversy is not sold out despite what they would want you to believe.
You dont hear about their education arm either.
Instead…what is Cytonn selling now?
Cytonn is now selling money.
Yes Cytonn is selling money..on a first come…first serve basis.
All you hear from them aggressively these days is….their money market fund…offering a rate and a ROI so above market rates one wonders where their investors went…
This is Bernie Madoff ponzi scheme
A pyramid scheme so obvious its amazing why the regulators are still letting it go on.
In our subsequent follow up, we’re talking to industry experts over this matter and generally the future of real estate and emerging dynamics including risks in the money market fund.
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