Kenyan billionaire and Bidco Africa chairman, Vimal Shah and former Central Bank of Kenya Governor Nahashon Nyagah have effectively lost their long-running fight to retain a stake in Tatu City, handing developer Stephen Jennings a major victory in one of East Africa’s most consequential corporate disputes.
The setback follows a ruling by Mauritius’ highest court that dismissed a legal challenge linked to shares held through the offshore investment structure used by the Kenyan investors to own part of the multibillion-dollar project.
The decision brings to a close a battle that has stretched across Kenya, England and Mauritius for nearly two decades, involving allegations of fraud, international arbitration proceedings and competing claims over one of Africa’s most ambitious private urban developments.
At stake is Tatu City, the 5,000-acre mixed-use Special Economic Zone outside Nairobi that has evolved into one of Kenya’s largest private investment hubs, attracting billions of dollars in commitments from manufacturers, logistics firms, schools, retailers and property developers.
Court hands Jennings key victory
