BusinessCrime WatchHomeMain StoryNational NewsNewsPoliticsWorld

Top 25 companies in Japan visit Tatu City amid fraud, money laundering probe

This Japan’s commitment to fostering economic partnerships that align with Kenya’s development goals and the strategic role of SEZs in driving economic growth.

Top 25 companies in Japan have visited Tatu City in a bid to explore opportunities for investment and collaboration in Kenya’s Special Economic Zones (SEZs) barely a month after the Directorate of Criminal Investigations (DCI) secured court approvals to probe Tatu City against alleged massive fraud and money laundering schemes.

In a recent ruling, Principal Magistrate Gideon Kiage at Kahawa Law Courts dismissed a challenge by Tatu City Ltd and Kofinaf Company Ltd aimed at nullifying an earlier court order. This order had permitted the DCI to seize documents pertinent to their investigation back in August.

The two companies had argued that they were denied their right to fair action when the court issued orders allowing the seizure of the documents in August, following an application by the DCI.

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.

In a separate, but related ruling, the magistrate has allowed the DCI to also seize some documents from Lutta & Company Advocates which relate to various transactions involving the Tatu City project.

Tatu City Ltd and Kofinaf Company Ltd filed an application arguing that the documents sought from the law firm are protected by advocate-client privilege.

Magistrate Kiage held that the cited privilege does not act as a shield against criminal activities, hence investigators can be granted access to documents if there is suspicion that they could aid in prosecution.

Tatu City Ltd and Kofinaf Company Ltd argued that orders seeking warrants should only be issued after hearing from both sides and only after authorities have notified the subject of the ongoing investigation.

See also  Clerical officer charged over Sh2500 bribe demand

But Magistrate Kiage in his ruling held that notifying a subject of the investigation before applying for warrants in courts opens the risk of jeopardizing evidence.

The magistrate added that Tatu City’s case was an attempt to reopen the August application by the DCI, which initially gave way for detectives to investigate 10 companies behind the multibillion-shilling project.

Recently, Tatu City also did a board shake up and appointed David Kippen as the new chair of Rendeavour, the owner and developer of Tatu City.

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

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.

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.

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).

See also  Tatu City secrets revealed; How Stephen Jennings conned Kenyan investors

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.

Led by the Japan Ministry of Foreign Affairs, the visiting delegation comprising 40 company executives, represented diverse business sectors, including manufacturing, technology and innovation, automotive and machinery, renewable energy, healthcare, agriculture, finance and banking, and infrastructure development.

Group Chief Operations Officer (COO) Rendeavour and Country Head, Tatu City, Preston Mendenhall, said Tatu City was honoured to host this distinguished delegation from Japan.

He said as Kenya’s flagship SEZ and Rendeavour’s pioneer city in Africa, the group provide a world-class platform for global businesses with unparalleled infrastructure, streamlined processes, and a vibrant community.

“The interest from these leading Japanese corporations underscores the immense potential of SEZs in Kenya as gateways to regional and global markets,” Mendenhall said.

“Japanese companies are highly interested in doing business in Kenya. Indeed, Kenya is ranked number one among African countries in a survey of Japanese companies’ interest,” Tatsunori Ishida, a Senior Regional Coordinator, Ministry of Foreign Affairs of Japan, said.

The delegation visited several businesses within Tatu City, including the CCI Global, a 5,000-seat call centre in Tatu Central, the business and living district of the city.

In Tatu Industrial Park, the delegation visited Freight Forwarders Solutions, an end-to-end logistics services company covering East and Central Africa, Dormans Coffee, a premier coffee roaster and exporter representing Kenya’s rich coffee heritage and Dr Mattress, East Africa’s pioneer of mattress and furniture technologies.

See also  Canadian oil firm, Africa oil suffer Sh22billion assets hit

In Tatu City, 88 companies are operational or under development, employing over 25,000 people and representing over Ksh 400 billion of investment. These investments come from groups based in Kenya, China, the United States, and the United Kingdom.

Others include Norway, New Zealand, Switzerland, Spain, Germany, the Netherlands, and South Africa, as well as international funding organisations such as the International Finance Corporation, British International Investment, Soros Fund for Economic Development, Finnfund, Grand Challenges Canada and the U.S. International Development Finance Corporation.

Tatu City is a flagship Vision 2030 private sector development and a Special Planning Area (Gazette Notice 4975 of 7 June 2019). Tatu City is designated as a project of Strategic National Importance pursuant to the Physical and Land Use Planning (Classification of Strategic and Inter-County Projects) Regulations, 2019.

 

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
error: Content is protected !!