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Tatu City shakes up board of directors amid money laundering probe

David Kippen has been appointed as the new chair of Rendeavour, the owner and developer of Tatu City.

The new development, however, follows a court ruling by Kahawa Principal Magistrate Gideon Kiage, who accepted the petition by the Director of Criminal Investigations (DCI) to probe Tatu City on suspicions related to money laundering and tax evasion offences.

According to Kiage, the DCI application to be allowed to probe Tatu City, not only demonstrated the suspicions, but also had shown that the enquiries sought by the sleuth are necessary to aid in the investigations.

Stephen Jennings, founder and CEO of Rendeavour, said they were pleased to strengthen its board with versatile emerging markets experts with experience in global finance, economic development, and security.

Jennings disclosed that David is a long-serving director. ‘In Graeme, we have a globally renowned economist, central banker and policy maker; and in Darrell, we have one of the most respected intelligence officers to have served in Africa,” Jennings said.

The company has also appointed Graeme Wheeler and Derrell M. Blocker as independent directors.

The three independent directors join Lord Ashcroft, who continues to serve as the deputy chair of Tatu City.

The changes follow an announcement made in December 2024 by the board of the directors of Africa’s new city builder that it would make changes in its leadership aimed at strengthening its board and leadership structure.

Kippen succeeds Frank Mosier, who has served as the chairperson of the organisation for nearly eight years. Mosier, who has played a crucial role in shaping the project, retired as chair, having served in that position for more than eight years.

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However, Mosier remains the largest shareholder and will continue to contribute to the project in a new role on the board of directors. Tatu City is Kenya’s first operational Special Economic Zone (SEZ).

Other organisations owned by Rendeavour include Alaro City, a partnership with the Lagos State Government in Nigeria’s Lekki Free Zone; Jigna, in Nigeria’s capital, Abuja; and Kiswishi SEZ, the first private SEZ in DRC. In Ghana, Rendeavour is building Appolonia City and King City.

Tatu City is suspected to have been filling low returns and well as being used as a conduit to siphon money into or outside the country. The investigation will, therefore, lay everything bare.

 

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