In our last update on the KEEF situation, we informed you that MYC4, through its lawyer applied to the High court of Kenya for orders to take the dispute to arbitration since this was provided for in the Loan provider and Admnistrator Contract signed between MYC4 and KEEF. In this post we seek to update you on the developments since the application for arbitration.
The court granted MYC4 the orders and referred the matter for arbitration irrespective of the ongoing court case, as the Arbitration law provides for such. Effectively, the arbitration process causes stay of other proceedings concerning/related to the same dispute.
MYC4 through its lawyer wrote to the Chairman of Kenya Arbitration Council informing him of the court decision and requesting for appointment of an arbitrator. The Chairman indeed acknowledged receipt of the same and confirmed that he will appoint an arbitrator. The Chairman appointed an arbitrator for the matter.
Upon appointment as arbitrator of the MYC4/KEEF dispute, the arbitrator, in writing, invited both parties for a meeting with him on 25/6/2015 (today) to take direction on how to proceed with the process.
KEEF did not appear for the first arbitration meeting today. MYC4 expressed their concern about the delay tactics of the other party. The arbitrator will inform both KEEF and MYC4 in writing about the next meeting to be convened in seven days. Since there have been no court orders staying the arbitration, MYC4 expects that the proceedings will continue uninterrupted, regardless of KEEF’s position.
We shall update you on any new developments. Thank you for your continued support.