Corporate News
Businessman Vimal Shah (left) with former Central Bank of Kenya governor Nahashon Nyagah at a past event. PHOTO | FILE
By BRIAN WASUNA, bwasuna@ke.nationmedia.com
In Summary
- Nahashon Nyagah claims the probe by the Directorate of Criminal Investigations into the alleged fraud is a plot hatched by Tatu City’s lead foreign investor Stephen Jennings to intimidate him.
Former CBK governor Nahashon Nyagah has moved to
court seeking to stop his arrest over alleged fraudulent transfer of
shares worth Sh5.3 billion from real estate developer Tatu City project,
as business mogul Vimal Shah separately sued foreign investors of the
company for defamation.
Mr Nyagah on Thursday filed a suit seeking to stop the
police from arresting and prosecuting him for allegedly transferring
shares worth Sh5.3 billion from one of Tatu City’s land holding
subsidiaries to his friends and relatives.
The former CBK governor claims the probe by the
Directorate of Criminal Investigations into the alleged fraud is a plot
hatched by Tatu City’s lead foreign investor Stephen Jennings to
intimidate him into abandoning his call for an audit on loans they took
using land intended for the project as security.
Justice Mumbi Ngugi granted a temporary order
stopping the police from arresting Mr Nyagah until September 21 when she
will hear the case.
“The complaints in respect of which Mr Nyagah is
being investigated arise from boardroom wrangles between two camps of
the Board of Directors of Kofinaf Limited (a Tatu City land holding
subsidiary) in which the camp allied to Mr Jennings has conspired to
take unilateral control of Kofinaf and Tatu City,” Mr Nyagah says.
He says the criminal proceedings are an attempt by
Mr Jennings to arm-twist him into abandoning a legal battle the two are
currently engaged in at the Commercial Division of the High Court.
The former CBK governor wants the court to allow
four cases in the commercial courts between him and Mr Jennings
concluded before any criminal proceedings can be instituted.
He further claims Mr Jennings has been trailing him and his family members.
“Mr Jennings and Robert Reid have misused CID
officers to trail me, my family and friends, intimidating and harassing
us under the guise of conducting investigations.
“I have reported the matter to Gigiri Police
Station after arresting a suspect who owned up to having been instructed
to trail me and monitor my movements, pay my neighbours and domestic
workers to spy on me,” Mr Nyagah says.
He also claims that Mr Jennings’ lawyers Ahmednasir
Abdullahi and Evans Monari were pushing for his prosecution through
various State agencies that he has represented in the past.
The suit comes as Bidco Oil Refineries owner Vimal
Shah and Nyagah’s co-shareholder in Tatu City has sought compensation
from the foreign investors for allegedly defaming him during a June 9
Mindspeak Forum held at the Sankara Hotel in Westlands.
Mr Shah says Mr Jennings uttered defamatory words about his involvement in the Tatu City saga.
The Bidco owner has also sued Mr Jennings’ firm
Rendeavour, CEO of financial website Aly Khan Satchu and controversial
blogger Cyprian Nyakundi
No comments :
Post a Comment