We, Edwin Dande, Patricia Wanjama, Elizabeth Nkukuu and Shiv Arora, are formerly the Chief Executive Officer, Head of Legal, Senior Portfolio Manager and Investment Analyst respectively, until we formally resigned as employees of Britam. In Britam's letters accepting our resignations, no issues were raised as to our competence and professionalism in discharging the duties assigned to us during our employment. Indeed, there could never have been such issues as we acted professionally and in accordance with our respective terms of employment throughout our tenure; as evidenced by moving Britam Asset Managers from #6 to #1 Investment Manager by profitability; growing assets under management from KES 17 billion to KES 55 billion, and introducing the most innovative products in the market.
In each of our respective resignation letters, the management of Britam accepted these resignations, save for the issuance of a Certificate of Service which they are obliged under the employment laws upon the termination of the relationship of employer and employee.
Consequently, Edwin Dande, Elizabeth Nkukuu, Patricia Wanjama and Shiv Arora, in exercise of their rights under the Constitution, incorporated Cytonn Investments Management Limited on 12th September 2014. The incorporation of Cytonn was not in any way a breach of any duty owed to Britam whose relationship with Edwin, Elizabeth, Patricia and Shiv could only be that of former employer against whom a Certificate of Service is owed in law.
Cytonn continues to engage and enter into business relations with other third parties who recognize the strengths and / or abilities of its Directors of the one part and the entire Cytonn Team of the other part, and their vision within this fast growing economy. One such third party is Acorn Group Limited with whom Cytonn has publicly entered into a Collaboration Agreement.
It appears that the incorporation of Cytonn Investments Management Limited and its entry into the private equity and real estate markets, which in no way conflicts with any obligations that the founding team had with its past employers, has not been well received by Britam.
Whereas there is no employer-employee dispute pending in any Industrial Court in this Jurisdiction or anywhere else between Edwin, Elizabeth, Patricia, Shiv and Britam; Edwin, Patricia, Elizabeth, Shiv and Cytonn now have knowledge of proceedings in the High Court in which they have been enjoined and have instructed Counsel to respond accordingly.
The rumours in sections of the media that Cytonn's bank accounts or any of its team members' accounts have been frozen are completely false and appear calculated and intended to shake confidence and trust in our new venture.
We believe that the Suit is filed in and motivated by malice, bad faith and intense business rivalry.
