By Vincent Agoya
The High Court has extended interim orders restraining local minority shareholders from transferring more than 2,000 acres of land valued at Sh5.3 billion in Tatu City.
Justice Charles Kariuki on Thursday ruled that in the interest of justice the status quo should remain, pending the hearing and determination of a petition seeking to throw out the minority shareholders.
Foreign investors accuse their Kenyan counterparts of attempting to alienate and sell the expansive land in Kiambu County “in a deliberate attempt to deprive us of ownership of the lucrative properties before the dispute is heard and determined”.
Lawyer Ahmednassir Abdullahi asked the judge to reinstate the earlier injunction slapped against former Central Bank of Kenya Governor Nahashon Nyagah and his associates on May 12, 2015, which stopped them from interfering with the expansive property.
“The conservatory orders lapsed on March 15, when the matter was mentioned before the deputy registrar without the knowledge of representatives of the international businessmen,” Mr Abdullahi said. He added that there was a high likelihood of the property changing hands illegally if the court did not reinstate the order.
“It is hereby ordered that the status quo be maintained pending the hearing on April 20,” Judge Kariuki said.
The foreign investors said they had already sold the prime land to a local developer — Daykio Plantations — but were unable to transfer ownership upon discovery that their local rivals had unlawfully secured possession of the property through Purple Saturn Properties Ltd.
Meanwhile, the foreign investors want Mr Nyaga’s sister, Ms Jane Wambui Gacoka and her associate, Mr Samuel Ojoro Malaki, punished for allegedly disobeying orders restraining local shareholders from convening meetings relating to the business affairs of Tatu City Ltd.
Source: All Africa