According to inside sources who spoke to us, the Company, for a long time, has been suppressing the skeptic in the market by bribing them instead of addressing the doubts. Case in point is Aly Khan Satchu of Rich Kenya, who gave dubiety remarks about Cytonn’s operations and financials in one of his appearances at CNBC. This wreaked havoc at Cytonn given Satchu’s influence in the investment space.
An insider who spoke to Kahawa Tungu says that Satchu was later invited and bribed with Ksh500,000, to vouch for Cytonn.
“As a counter, he was invited by the CEO and bribed handsomely and even offered a job as by Cytonn in the PR & Communications section with a Ksh500,000 cheque accruing to him on a monthly basis. Realize how Satchu tweets Cytonn, that’s part of his job description. He even hosted the CEO on his MindSpeak forum just to counter the negative publicity the company had attracted in the market,” intimated our source.
You can watch the interview here.
Our source further states that George Mangs (a blogger), who was critical towards Cytonn’s creative accounting was similarly bribed over a coffee date with the CEO to encourage him not to expose the firm’s rot.
“The company has also bribed regulators ranging from NCA, NEMA and even KURA in order to have their way around illicit operations,” alleges our inside source.
In bed with the Auditor
The tender for Auditing services was won by Ernst & Young (E&Y) but the firm was not willing to bend their strict auditing procedures to accommodate the top management’s pressure to doctor the eventual results. Consequently, Grant Thornton (GT) was ‘hand-picked’ to pursue the exercise owing to the fact that the Indians at the helm of GT were easy to collude with given their similar ethnicity with Cytonn’s Financial Controller, Shiv Arora. That aside, GT is widely known to have been behind the collapse of several firms in the UK with legions of pending litigations (easily available on Google).
This is corroborated with the exodus of finance managers who only stay at Cytonn for a month or two before they table their resignation since they cannot put up with the rot they are compelled to instigate by the financial controller and the CEO.
Next on Cytonn rot, we shall tell about the CEO’s plebeian lifestyle and his dual citizenship, which should worry the investors more.
Do you have a story you want told? Do you know of a sensitive story you would like us to get our hands on? Email your news TIPS to [email protected]