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Tatu City Delayed Since 2010

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Tatu City Delayed Since 2010

Tatu city, the real estate heaven.

Sitting on 2,400 acres in Kiambu County, the Sh240 billion real estate investment — Tatu City — would see the construction of a modern city, home to about 70,000 residents. The city would boast a well-planned environment of office blocks, shopping malls, industrial parks and homes with manicured lawns.

It almost sounds too good to be true, that’s because it is.

Before the project had chance to begin, Renaissance Group—the majority share holder —was taken to court by Mr Nahashon Nyagah and Mr Vimal Bhimji, the projects local share holders. Apparently Renaissance Group is frustrating the project and has failed to account for the money raised since the project started.

Mr Nyagah said in court documents that these actions are being undertaken by the foreign investors to give them exclusive control over the affairs of Tatu City Ltd and Kofinaf, a coffee company on whose land the project sits, so that they “may continue pilfering the capital and income of the company and its assets”.

The case delayed the project until early 2013, when Justice Daniel Musinga ruled that the two were “acting unreasonably by seeking to wind up the companies to force a buy-out” on their terms.

source:nation

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