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The Commercial Division of the High Court in Nairobi has ordered the folding and sale of prime assets of two Cytonn real estate funds after the administrator failed to salvage them.
In an order that now leads to auctioning of prime properties in order to recoup the money owed to investors, Justice Alfred Mabeya declined to extend the administrator's term, the court noted that the Cytonn High Yields Solutions LLP (CHYS) and Cytonn Real Estate Project Notes LLP (CPN) are seriously ailing, and the only viable option is to wind them down.
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