Directors and Shareholders in the multi-billion Tatu City project and Koffinaf Estates now want the National Assembly to stop any further transaction on the land.
Appearing before the Lands Committee of the National Assembly, shareholders claimed that foreign investors who own the land in the city were selling it in bits and sending the proceeds to offshore accounts in Germany, Bermuda and Mauritius.
They claimed only a total shut down of the operations of the company would be able to protect the interests of the local investors and end repatriation of money and tax evasion by foreign investors.
Further they claimed that the Tatu City board has been rendered dysfunctional as decisions made by the foreign shareholders were made outside the board and then circulated to the directors via email “to rubber stamp”.
Local shareholders Nahashon Nyaga and Stephen Mwagiru said the foreigners led by Renaissance, are engaged in fraud and tax evasion.
Renaissance was an international financial service firm based in Moscow, Russia that was used by the two directors as well as Vimal Shah as a potential financier when they wanted to acquire Tatu city.
Nyaga claimed that Renaissance representatives had continued to make unilateral decisions in regards to the business of Tatu City and Koffinaff to the exclusion of the Kenyan shareholders.
“We want a conclusion on this matter, the foreign directors including Renaissance stole from Tatu City and the local shareholders,” he said.
The local shareholders say in the petition that foreign investors are out to rob them of their hard earned investment in the project.