Cytonn Investments has dismissed reports that it is withholding payments for its Cytonn high Yield Fund (CHYF) for its investors as alleged in a video circulating online.
Speaking to Kahawa Tungu, Cytonn CEO Edwin Dande said that CHYF investors can withdraw their funds anytime through USSD code *809#.
“The video making rounds is factually incorrect and misleading as there is no issue with CHYF where one can invest and withdraw anytime, 24 / 7 by just dialing *809#,” said Dande.
CHYF is a collective investment Scheme that has a high allocation towards investment in real estate assets, which have consistently demonstrated the ability to deliver higher returns than those from traditionally available assets.
Dande however revealed that Cytonn High Yield Solutions (CHYS) and Cytonn Project Notes (CPN) are being restructured.
“The other real estate funds, CHYS and CPN, are undergoing restructuring as per their respective constitutive documents,” added Edwin, without divulging more details.
CHYS and CPN offer investment solutions to investors as restricted private offers as defined in Regulation 21 of the Capital Markets (Securities) (Public Offers, Listings and Disclosures) Regulations, 2002.
The products (CHYS and CPN) are private offers and are therefore not subject to approval by the Capital Markets Authority.
“CHYS is specifically offered to you, solely as a private offer and does not involve any “public offering” within the meaning of the Capital Markets Act,” the company says in its joining forms.