In a significant step toward compensating thousands of aggrieved investors, the Kenyan government, through the Business Registration Service (BRS), has officially invited bids for the disposal of properties belonging to two collapsed Cytonn investment vehicles.
The National Open Tender marks a critical phase in the liquidation of Cytonn High Yield Solutions LLP (CHYS) and Cytonn Real Estate Project Notes LLP (CPN). Both entities were placed under liquidation following systemic defaults on financial obligations to their clients.
This court-sanctioned auction is part of a broader effort to recover an estimated Ksh. 11 billion owed to over 3,000 investors who saw their savings locked in the firm’s high-interest products.
The road to this liquidation has been marked by intense legal battles. The process moved forward only after Cytonn Investments lost all 19 appeals aimed at challenging the liquidation orders, clearing the way for the Official Receiver to begin the asset disposal process.
According to the official notice (Tender No: BRS/OR/OT/009/2025-2026), the sale is subject to a reserve price. To ensure the credibility of the bidding process, the government has set strict participation criteria:
- Refundable Deposit: Interested bidders are required to submit a 10% refundable deposit of the reserve price in the form of an irrevocable Bank Guarantee.
- Submission Deadline: The tender window closes on April 30, 2026, at 10:00 AM.
- Location: Bids must be manually delivered to the BRS Tender Box located on the 17th Floor of 316 Upper Hill Chambers, Nairobi.
The Official Receiver, established under the Insolvency Act (Cap 53), is overseeing the process to ensure transparency. Tender documents are available for free on the government’s digital portals (tenders.go.ke and brs.go.ke), and the opening of bids will take place immediately after the deadline in the presence of creditors and promoters.