It’s a Big 4! Sonko and team dragged to court

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Investment group Cytonn seemes to have an affinity to the courts or is it?

The firm has now sued Nairobi City County for canceling an approval for the construction of a multi-storey tower in Nairobi’s Kilimani area following opposition by a section of residents who claim that the area is supposed be to be a controlled zone.

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“A declaration that the purported cancellation of the approval of the applicant plan…for domestic building-proposed mixed development (blocks of residential of residential apartments, hotel and serviced apartments and offices) by the letter of the respondent dated April, 30 2018 is unconstitutional, illegal and unlawful.”

Cytonn insists that the assertion by the Nairobi County is false as it has addressed the issue of traffic and has engaged with the residents of Kilimani, but allegedly a section of them had declined to be part of the consultations.

The county on April 30 cancelled approval for the multi-billion-shilling project on grounds that the developer had not shown how increased traffic caused by the development would be handled and also following the opposition by a section of Kilimani residents.

Cytonn is planning to build a triplex complex in the area whose tallest tower will be 35 floors at the junction of Elgeyo Marakwet and Argwings Kodhek roads, sitting on a four-acre piece of land.

Heart Broken 

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The firm was formed by a team that had worked together as the executive team at Britam. The team then moved to create an independent firm focused solely on serving the interests of clients and investors after a very successful tenure growing profitability by over 10 times, increasing assets by over 3 times and moving the previous firm from number 6 to number 1 (in the East-African region) by revenues.

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