Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Commercial Court Judge Justice Daniel Musinga, refused to allow the petitions filed by Tatu City's minority shareholders to have the company wound up or they be bought out by the majority shareholders/FILE

Kenya

Tatu City project now set to kick off

Commercial Court Judge Justice Daniel Musinga, refused to allow the petitions filed by Tatu City's minority shareholders to have the company wound up or they be bought out by the majority shareholders/FILE

Commercial Court Judge Justice Daniel Musinga, refused to allow the petitions filed by Tatu City’s minority shareholders to have the company wound up or they be bought out by the majority shareholders/FILE

NAIROBI, Kenya, Jan 18 – Construction of Tatu City, a multi-million dollar satellite town planned on the outskirts of Nairobi is now on full gear following the conclusion of a winding up petition that has held back the development for two years.

On Friday, Commercial Court Judge Justice Daniel Musinga, refused to allow the petitions filed by Tatu City’s minority shareholders to have the company wound up or they be bought out by the majority shareholders.

In his ruling, Justice Musinga said minority shareholders had acted unreasonably in petitioning the court to wind up the company when there was an alternative remedy available to them, through sale of their stake to the other shareholders.

“We are grateful that the High Court has finally heard and determined the winding up petitions. We are even more grateful that justice has been served and this ruling will assist in restoring investors’ confidence in the judicial system in Kenya,” the acting CEO Tatu City Arnold Meyer said.

The minority shareholders including Rosemary Wanja and Stephen Mwagiru had accused the directors and the majority shareholders of excluding them from the affairs of Tatu City.

They filed the petition in 2010 seeking to dissolve Tatu City Ltd.

The projects targets to attract residents, companies and retailers who wish to live, work and play in a modern, well-planned urban development in East Africa.

It covers over 1,000 hectares and will comprise over 22,000 residential units and approximately 2 million square metres of office, retail, light industrial spaces as well as community facilities including, public service transport interchanges, health facilities and recreational parks.

With the conclusion of the court case, the actual construction work is set to move with speed including the installation of services for the city along with the road finishes, pavements and landscaping.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...