Part 1: High Court Civil Case No. 46 of 2015. Tatu City Case.

Part 1

High Court Civil Case No. 46 of 2015: The Tatu City case that Jennings and his Rendeavour cohorts are fighting tooth and nail to withdraw from court.

By Kipkemboi Kemboi

This is the concise report. A case that led to our website being hacked by @Kazura. People we believe are from Japan contracted by powerful people who don’t want the truth to be out there. We will re-post exactly what we had reported on part one of the case. Follow the events here.

12_0KENYAN HERALD has been bringing you the syndication of the stories behind TATU CITY. Previously we told you about the history and background of TATU CITY [Refer to our previous articles] and today we start the syndication of the famous case No 46 of 2015. KENYAN media have been awash with all manner of articles and reports on TATU CITY but since KENYAN Herald started on the syndication of the stories, we are confident that KENYANS at large have heard an opportunity to get the true story behind TATU CITY.


The suit challenges the opaqueness of a USD$62.5 million loan account which was jointly procured by the Kenyan investors and Jennings team to facilitate the acquisition of Kofinaf Co. Ltd (“Kofinaf’’). The said loan had been jointly secured by CedarSoc, the Mauritian holding company for Kofinaf, from a consortium of offshore third parties (not Renaissance as has been repeatedly claimed by Stephen Jennings) to facilitate the purchase of kofinaf.

Civil case No. 46 of 2015 filed by Tatu City, Kofinaf, Vimal Shah and Nahashon Nyagah against Jennings and his associates in their personal capacities, sought for a forensic in-depth audit of the financial mess that Jennings and his associates have presided over since inception. This course of action having been unanimously agreed by all directors of Kofinaf previously and directed that an in-depth audit of both Kofinaf and Tatu City Co. Ltd (“Tatu City’’) loan accounts be undertaken by PricewaterhouseCoopers, Kenya (“PwC”). In the same suit, Jennings and his associates are accused of fraud, misrepresentation and breach of fiduciary duty and trust thereof.

The Kenyan investors had been calling for detailed information on the status of the loan account since 2011 but the same was not forthcoming from the loan managers who are Renaissance Partners Investment Limited (“RPIL’’), an associate company in the Jennings stable.  Over the years, the only availed info was a one to two page(s) spreadsheet that simply did not contain any supporting documentation or explanation of the entries thereof.  Out of frustration, Nyagah and Vimal escalated the issue by demanding for an in-depth audit of the said loan. In the meeting of the Board of Directors of Kofinaf held on January 28th 2015, deliberations on the issue of the claimed outstanding loan were finally considered for the first time since 2010. The directors unanimously agreed to appoint PricewaterhouseCoopers, a firm of Certified Public Accountants to undertake a forensic audit of the loan accounts. The High Court too has made orders for the in-depth audit to be expedited but Jennings and his associates have sworn never to allow it.

The civil case also challenges the unlawful and unilateral appointment of Frank Moiser and Pius Mbugua Ngugi as additional directors. The two individuals do not hold a single share in Tatu City or Kofinaf as the registers of the two companies reveal. 


  1. On 5th February 2015, Jennings and his other foreign directors in Tatu City and Kofinaf attempted to make a forceful and unlawful take-over of the two companies by passing an unilateral board resolution which among other things: attempted to remove the chairman of the two boards (Nyagah); take control of the companies bank accounts by changing the signatories thereof in their favour; appoint additional two directors in their favour; and, sack the CEO of Tatu City and CFO and replace them with their own employees.
  1. The next day, being 6th February 2015, Tatu City and Kofinaf together with directors Nyagah and Vimal Shah instituted case Hccc 46 of 2015 against Jennings and his associates. The suit aims to remedy the arbitrary actions the Jennings team had attempted to entrench at the board meetings of 5th February 2015.
  1. In respect to the in-depth audit of the loan accounts specifically, the suit targets to compel Jennings’ company, RPIL as the appointed Facility Agent, to release the Tatu City and Kofinaf securities which are being held by them in the pretext that the loan remains outstanding. Jennings continued to misrepresent the status of the loan, bind the local companies on further obligations to repay the already repaid loan since December 2013 and to make demands on the same to justify further sales of Kofinaf land and other properties.
  1. From the documents filed in court, Tatu City and Kofinaf have been able to demonstrate incidences of massive fraud and theft, which has taken place over the years, courtesy of Jennings and his associates. Kenya Herald has seen a catalogue of documents outlining a number of financial transactions where such funds have ended up being misappropriated and put to personal use. As an example, in two incidences it has been demonstrated how funds have been misappropriated by Jennings and his associates:
  • On 14th September, 2012, Jennings and his associates appropriated USD2,215,000 to their personal use or use by third parties associated with them; and,
  • On 7th November, 2012, Jennings and his directors requisitioned USD5,800,000 on behalf of Tatu City but remitted USD300,000.00 only and appropriated USD5,500,000 to their personal use or use by third parties associated with them.


KENYAN HERALD will demonstrate how STEPHEN JENNINGS and his foreign partners have been coning the Kenyan partners all in the while painting himself as a shrewd businessman. Here is the hard copy evidence of how he participated in the wider scheme of things in a bid to defraud the Kenyan partners. From our sources in his office in Nigeria, We have obtained copies of financial documents that STEPHEN JENNINGS has been keeping a secret for a long time.

According to the account statement dated 01/01/2010 to 20/03/2013 and seen by Kenyan Herald, STEPHEN JENNINGS through      Renaissance Partners Investment Limited as a facility agent borrowed a tranche D loan of a total of USD 5,800,00 on behave of Tatu City [Without the knowledge of Local partners] and submitted USD 5,500,000 of the money to a hidden foreign account address:

CYPRUS POPULAR BANK PUBLIC Co Ltd, international business center



TEL: +35722363737





This money was wired to this foreign account without the local partners knowing what was going on but it was added to the amount of the loan that TATU CITY shall repay.


USD 300,000 of the remaining amount was wired to

NIC BANK WESTLANDS to the Tatu City Bank account.

Account No: 1201000472

Swift code: 041

Branch code: 105


Kenyan herald has in its possession the Utilization request drafted by STEPHEN JENNINGS friends to acquire the loan even the authorization of the payment procedure.

The USD5,500,000 that STEPHEN JENINGS wired to his personal account in a foreign country without the knowledge of local partners was distributed as follows:

USD 3.750.207,80 was wired to Renaissance partners on 09/11/2012 [same date it was banked] and the remaining USD1.579.861,85 was wired to Renaissance Partners on 13/09/2011 [4 days after the money was banked] This information was not briefed to the local partners till recently when they instituted a court case against STEPHEN JENNINGS.



  • Kamau Charles

    December 7, 2015 at 12:03 pm Reply

    Where is part 2?

  • Cinderrella

    December 7, 2015 at 12:04 pm Reply

    I am following keenly

  • John

    December 7, 2015 at 12:04 pm Reply

    Any way we can get Jennings Out of Kenya? ama ako connected to state house?

  • Ruth misigo

    December 7, 2015 at 12:05 pm Reply

    I realize that indeed there is a problem with the Kenyan media reporting. Kenyan herald thanks for this insightful piece.

  • Robert Kyalo

    December 7, 2015 at 12:05 pm Reply

    How is Tatu city going to help a common man? That is a place for the rich

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