Nairobi, May 25 -- The High Court has rejected attempts to remove the Official Receiver of Cytonn High Yield Solutions (CHYS) LLP as the firm's liquidator over allegations of favouring secured lenders, mismanaging assets, operating without transparency, and mishandling the proposed sale of a Sh1 billion stake in Superior Homes Kenya.

The court dismissed claims by an unsecured creditor-Pastor Ephrahim Karangi-that the Official Receiver breached fiduciary duties and concealed financial dealings.

It had also been claimed that the official receiver unlawfully channelled rental income from Cytton's The Alma estate to SBM Bank, handpicked creditors' committees, and failed to protect unsecured investors in the collapsed Sh11 billion investment...