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Capital Markets Debunking CMA with Edwin Government

Part Three: Shamiah Lacks a Good Grasp of Capital Markets

Part 3 was to be about Mr. Shamiah’s contradictory positions on Private Offers / Unregulated products, but I decided to first demonstrate that he seems to lack a good grasp of capital markets, hence probably does not understand private offers.

When asked by Adan Duale, MP: “What is the total number of all the unregulated capital markets products in the country and the number of investors in the said products?”

Shamiah’s response on page 13 of the July 6th, 2021 report to the Parliamentary Finance Committee was that “most unregulated products are operated in obscurity and therefore it is impossible for CMA to maintain a record of such.”

I read that and just imagined what Atwoli would say, “You mean all these guys are operating in obscurity? Alaar!”

Just do a simple google search on unregulated investment products in Kenya, you will find a list of those products. And get this, the biggest packager and distributor of unregulated products is a licensee of CMA, I won’t name them out of courtesy.

Below is a list of some unregulated products, an industry that CMA purports to be operating in obscurity. It appears the aim was to try and mislead the committee that only Cytonn sells unregulated investment products.

  1. Car & General Short Term Note Program
  2. ASL Credit Short Term Note Program
  3. KK Security Short Term Note Program
  4. Premier Credit Note Program
  5. Watu Credit Note Program
  6. My Credit Note Program
  7. Maiyan Holdings
  8. Heri Homes Capital LLP
  9. Cytonn Projects Notes (CPN)
  10. Two Rivers Development CP Programme
  11. Meru Greenwood City Equity
  12. Cytonn High Yield Solutions (CHYS)
  13. Britam Wealth Management Fund LLP

Collectively, they manage more funds than the regulated Collective Investments Schemes, how can they be obscure?

A competent CEO of a Capital Markets Authority ought to know that Private Offers are legal and constitutional (debate for another day), hence focus on disclosure and transparency. To try and project them as illegal simply to discriminate against some players just reinforces Part 2, it’s a discriminative agency.

The man does not understand capital markets, he is a clear and imminent danger to our capital markets, and he must go home; not because I said so, but purely on the merit of the facts. It’s just a matter of when and how.


Edwin H. Dande



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