Ratio Magazine :: The Inside Track to East Africa’s Economies - Kenya: Press Releases: Tatu City Development on Schedule after Court Ruling

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Kenya: Press Releases: Tatu City Development on Schedule after Court Ruling

Wednesday, 20 April 2011

Nairobi, 20 February 2011 --- Africa’s first privately funded, managed and developed mixed use city, Tatu City, is on course to break ground for infrastructure development in the third quarter of this year.

While confirming this, Tatu City Ltd Director and Renaissance Partners' Vice President, Josphat Kinyua, said that the project whose masterplan was launched in October 2010 was at an advanced stage in acquiring all the required approvals: “A project of this magnitude requires approvals in physical planning, water and sewage, roads, energy and environment amongst others. We have not only met the required local and international standards in our application process, but have gone the extra mile to set best practice standards locally.”

He added while the shareholder’s dispute was still a matter in court, the project’s shareholders were confident in the legal system and were content with the judge’s ruling on Tuesday this week that dismissed an application filed by defendants Rosemary W Njau, Josephine Mwagiru and Anne Walker against Tatu City Limited and Kofinaf Limited to stay proceedings on illegally placed caveats on lands belonging to Tatu City Ltd and Kofinaf Ltd.

In his seven-page court ruling delivered at the High Courts, Judge Aggrey Muchelule ruled that the defendants failed to demonstrate that were the court to proceed to hear the caveats case would render their intended appeal useless.

“We have always been confident in the court process and yesterday’s ruling only reinforces the reality that is Tatu City. We now await direction from the court on when the the case regarding the illegality of the caveats will be heard. The courts have also set the 17 and 19 May 2011 as the dates for the definitive hearing of the maliciously filed winding up case. We are confident that justice will prevail.”

In August 2010, the defendants irregularly placed caveats on lands predominantly belonging to Tatu City's related sister company, Kofinaf Company Ltd, based on the false claim that they were directors and shareholders of the companies and using falsified company registry documents to support this claim. There is currently an ongoing criminal case in this regard.

Renaissance Partners, the lead shareholders in Tatu City development, have partnered with CDP Investments, a land investor and tourism company, to develop Roma Park, a 104-hectare multi-million-dollar mixed-use residential and commercial development, in Lusaka. The event marking the launch was officiated by Zambian President Rupiah Bwezani Banda, who commended Renaissance Partners and CPD Properties for their long-term investment and leadership in efforts to diversify Zambia’s growing economy.

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