NAIROBI, Kenya, May 28-The High Court has halted the sale of Cytonn-linked properties and suspended the auction of The Alma and other disputed assets for 60 days, in fresh directions issued in an ongoing liquidation dispute involving Cytonn-related entities and the Official Receiver.
In its ruling, the court dismissed contempt of court applications filed against Cytonn executives, including allegations over failure to release title documents and alleged disobedience of earlier court orders.
“The Court held that application had been not proved and did not allow the prayers on contempt of Court, the applications were disallowed.”
The court found that the allegations had not been sufficiently proven.
At the same time, the court upheld the powers of the Official Receiver to take over The Alma property and manage it as part of the liquidation process, including engaging agents to oversee operations and preserve the asset.
It further declared that the existing management committee overseeing The Alma had no legal standing.
The court directed the Official Receiver to take over the property within seven days, with the Kiambu County Commander ordered to ensure peace during the process.
Likewise, it directed that rent and service charge collections be channeled through the Official Receiver.
The suspension of the auction also applies to other properties under dispute, including assets in Kilimani, The Ridge, and Newtown, as the court extended creditor and homeowner verification by another 60 days.
“The auction on the Alma was suspended for 60 days.”
The Official Receiver has been ordered to file detailed financial reports on funds collected, including monies received from SBM Bank and expenditures on security arrangements, ahead of a composite ruling scheduled for 17 July 2026.
