Firms registrar kept in the dark on Sh240bn Tatu City project dispute

The office of the Registrar of Companies has revealed in court that it would not have effected changes in three firms associated with the Sh240 billion Tatu City project if it had been made aware of a dispute between shareholders.

The registrar says in an affidavit that the changes were made before one of the shareholders, Stephen Jennings, objected to the move. Mr Jennings’ objection was filed a day after the changes were made, and said the changes had been lodged fraudulently by a section of the board.

Changes made in Gunga Properties, Jojoja Properties and Purple Saturn Limited are at the centre of a vicious battle for control of the project, pitting local against foreign shareholders.

The three firms hold massive tracts of land worth billions of shillings intended for the Tatu City project.

Mr Jennings claims the shareholding changes are part of a scheme by former Central Bank of Kenya Governor Nahashon Nyagah and businessman Vimal Shah to fleece land worth billions from Tatu City.

But the local investors have accused the foreign shareholders of mismanaging the project. The battle for control of the project has seen multiple suits filed by both the local and foreign shareholders.

SOURCE: BUSINESS DAILY