Stephen Jennings Founder & CEO, Rendeavour Louis Leakey Auditorium Nairobi, Kenya 17 September 2015 Thank you, Michael, for your generous introduction. Good evening ladies and gentlemen - Hamjambo! It’s really great to see everyone. I’ve been lucky enough to spend most of the last six months here in Nairobi because of all the activity at Tatu City. As a result, I’ve got to know and work with many wonderful Kenyans, I’ve got to know and work with many great Kenyan organisations, and I’ve got to know and make many new Kenyan friends. Huku ni kama nyumbani. We’re humbled by the level of support we’ve received from many quarters. We’re extremely grateful for your welcome. During this time, we have been able to develop a much clearer understanding of how business, the judiciary, the media and civil society work in Kenya. More than ever, we believe Kenya has all the ingredients to become a developing market super star. However, we also have a deeper appreciation of how much leadership, change and courage we all need; leadership, change and courage to achieve Kenya’s considerable potential; leadership, change and courage to deliver the full promise of Tatu City. Courage in particular is something I will return to. Today, I want to explain our vision for Tatu City and update you on the progress we’re making. We believe it could become the most important urban development in Africa.

I’ll also give you the most detailed description yet of theft, fraud and extortion undertaken by Nahashon Nyagah, his family and associates. I’ll describe how Nyagah’s partner Vimal Shah has provided him with a cloak of legitimacy to commit what is probably the largest corporate theft in Kenyan history. And I’ll explain why they are doomed to failure and disgrace.

But first, to quickly recap, what is Tatu City? Tatu City is a new visionary 2,500-acre satellite city in Nairobi for 80,000 residents and 30,000 daily visitors. The project has no government subsidies or government-provided land. And there’s a strong emphasis on large-scale affordable housing. Many units cost as little as 2.0 million Kenyan shillings. Tatu City fits with Kenya’s plan for decentralized development zones to alleviate congestion in central Nairobi. It’s a Vision 2030 private sector project, and it’s creating tens of thousands of jobs. Tatu City’s shareholders are investing over $500 million in infrastructure, including roads, water, sewerage and power that would otherwise not be built. Tatu City’s industrial park of 420 acres will be one of the largest in East Africa. Our industrial clients will invest over $750 million in large-scale, state-of-the-art facilities to service East Africa and the world. One client alone has capital expenditure plans of over $150 million.

Large areas are reserved for medical and educational facilities and many of these will receive subsidised land. Around one-third of the land is set aside for parks, playgrounds and open spaces. In effect, Tatu City is redefining the quality and scale of urban development in Kenya, and it has the potential to become a benchmark for Africa. So how did it come about? Let’s start with a little history. Socfinaf is a Belgium-owned rubber and coffee

company. From the 1960s to 2008 they owned 13,500 acres of coffee estates in Kiambu County. Today this land is collectively known as Tatu City and the Kofinaf estates. In 2007 Socfinaf attempted to sell this land to a number of prominent Kenyan landowners. They were unsuccessful. Late in 2007 Vimal Shah approached me. Shah was acting in a consortium with Nahashon Nyagah and Steve Mwagiru. He proposed that my business put up 100% of the money to buy 2,500 acres at Tatu. He also suggested we pay for an option to buy the 11,000-acre Kofinaf estates. Shah said they would ensure there was strong political and local support for our vision - building one of the largest new cities in Africa. Shah and his partners also agreed that my business should have management control of the project by appointing the majority of board members. Given that I was putting up 100% of the money this was a precondition of my participation. Shah was charming and persuasive. He promised that he and his partners would do everything possible to assist the project; he assured me that there would be no political or legal obstacles to the rapid development of Tatu City. Why else would I consider giving Shah and his partners a large shareholding when I was providing 100% of the money? Very naively, I took Shah at his word. On July 8th 2008 my company and our international partners arranged to pay $21.8 million for our investment in Tatu. The screen shows the wiring instructions. Then in March 2010 we paid $62.5 million to buy the Kofinaf Estates. Once again the screen shows the payment instructions. Nahashon Nyagah and Steve Mwagiru have invested precisely nothing. So today, over one hundred million US dollars has been invested in Tatu and the purchase of the Kofinaf estates. In 2012, a Mauritian company that we understand Vimal Shah controls invested $289,000.

This is his only investment in the project, even though he has referred to himself as a major investor in Tatu City. It represents less than 0.3% of the cost of the project. My business and international partners have paid for 99.7% of the total investment. In addition, my business gave Shah and his partners a loan of almost $11 million to enable them to participate in the purchase of Tatu City. To date, they have not repaid a single shilling. Moreover, Nyagah demanded payment for his services as a board member. You can see details on the screen of payments made to Nyagah amounting to $818,000. None of the other Rendeavour board members are paid. In short, between them, Mr Shah, Nyagah and Mwagiru have made a negative financial contribution.

This may come as a surprise to you since Nyagah and Shah claim to be major investors and controlling shareholders. They’re imposters on both counts. Others have told us that Nyagah and Shah frequently claim it is ‘their land’ or that they ‘control’ Tatu. But how can that be the case when they haven’t invested, and when Socfinaf owned the land for the previous 50 years? Now I would like to show you the real shareholding structure of Tatu City.

Shah holds his shareholding in Tatu and Kofinaf through a Mauritian investment vehicle called Red Line. Nyagah and Mwagiru hold theirs through another Mauritian entity called Black Knight. As this chart shows, Red Line and Black Knight are shareholders in a third Mauritian company called Manhattan Coffee International Holdings. Here is an excerpt from the annual report of Manhattan Coffee for the year ending 2013.

Steve Mwagiru presented these accounts to the Mauritian Supreme Court late last year. They show that, at that time, Manhattan Coffee’s shareholding in Tatu and the Kofinaf estates was 26%. Since then, it has been reduced to 23.1% through the conversion of unpaid debt into equity. Rendeavour and our international co-investors currently own about 70% of Tatu and Kofinaf estates. Any member of the public can obtain all of these figures from

the Mauritian Registrar of Companies. Meanwhile, Justice Musinga in Kenya confirmed in January 2013 that more than 99% of Tatu City and Kofinaf is owned by Mauritian companies. Given this ownership structure, it’s not surprising that the main legal agreements between shareholders of Tatu City and Kofinaf are subject to Mauritian law.

To further strengthen the role of the international courts, Tatu City and Kofinaf shareholders also agreed that shareholder disputes would be subject to the London Court of International Arbitration. Surprisingly, none of the Kenyan shareholders have taken action in either of these jurisdictions, despite their frequent claims of victimisation and shareholder abuse. Rather, they have chosen to attack us in Kenyan courts, which we believe they can try to manipulate for their advantage. The Mauritian courts also provide a key clue as to why Nahashon Nyagah is intent on extortion from Tatu City despite being a supposedly significant shareholder. In 2014, Black Knight, the investment vehicle of Mwagiru and Nyagah, made two capital calls from its shareholders to fund Black Knight’s operating expenses. Once again Nyagah didn’t put up any money. As a result his shareholding in Black Knight was reduced from 33% to 15% as you can see in this chart.

Nyagah then went to court in Mauritius twice against Mwagiru claiming that the capital increase was illegal. As you can see on this slide, the Mauritian judge threw Nyagah’s claim out of court, saying “on my

observation that the [claim] and the affidavit diverge … I set the application aside…” Given that Manhattan Coffee owns 23.1% of Tatu and Kofinaf, this means that Nyagah’s ultimate interest is now only 1.8%. This must have been a bitter pill for a man who claimed he ‘controlled Tatu’ and was ‘one of the biggest

landowners in Nairobi’. Perhaps Nyagah had even spent the money that was never his? He and his lawyer Nelson Havi soon came up with an inventive solution for this little conundrum: to use all possible extortionate means to get the land that was never rightfully theirs and for which they had paid nothing. Nyagah has also played the race card in a crude and blatant fashion. He kept saying that we are Russian and that he’s fighting the Russia mafia.

There’s a pattern to Nyagah’s lying; he doesn’t manipulate the truth or exaggerate, rather he creates an Alice in Nyagahland world of complete fantasy and expects others to believe him. Opinion leaders in Nairobi soon figured out that we are, in fact, major international investors from the US, UK, Norway and New Zealand. In their latest slur, Nyagah and Mwagiru are trying to fan the flames by spreading the idea that we’re white land grabbers. Coming from a country that was colonised, I understand how incendiary these arguments can be. But what do you call it when local

businessmen invite a foreign investor to buy land from Belgians and, at the same time, to lend them $11 million to purchase their own stake? Is that ‘land grabbing’ or is the correct phrase perhaps ‘land giving’? How about some good news? What heartens me is that Tatu City has received tremendous support from the Kenyan business community and many other groups and individuals. The first residential phase of Tatu City is called Kijani Ridge and is set over 150 acres. The Cabinet Secretary for Foreign Affairs and International Trade Amina Mohamed, US Ambassador, Robert Godec and the Governor of Kiambu County William Kobogo attended the ground-breaking ceremony for Kijani Ridge in July.

The demand for residential land has been fantastic. Transactions are underway for over 130 serviced plots. In addition, we’re at an advanced stage with three Kenyan housing developers for large-scale new housing projects. These have 5,000 units, ranging from affordable units to upmarket houses. Progress at the industrial park has been equally impressive. Buyers of large serviced industrial plots include the likes of

Dormans, Cooper-K Brands, Maxam, Kim-Fay and Bidco Africa. These Kenyan companies are now all major landowners at Tatu. Many have become strong business partners of Tatu City and buyers of multiple residential sites. We’re in discussion with more than a dozen other large industrial land buyers. Dormans has now broken ground and is building its corporate headquarters at Tatu. They’re also building processing, packaging, warehousing and trading facilities to handle more than 15,000 tonnes of coffee a year. Dormans will have 200 full-time employees. Kim-Fay will build its new corporate headquarters as well as manufacturing, distribution and warehousing facilities at Tatu City. Several multi nationals are interested in building major new state of the art industrial facilities to service East Africa and beyond. And as I said earlier, we estimate our industrial customers will invest over $750 million in new state of the art commercial and industrial facilities. We’re also in detailed discussion with several schools and hospitals interested in locating at Tatu City. Over time, they will become the major landowners at Tatu City.

There’s other good news too. Infrastructure plans for water, sewerage, power, roads and broadband are all well on track to meet the needs of the new owners and residents. Our aim is to complete all infrastructure by the end of next year. This infrastructure is one of Tatu City’s key distinguishing strengths. This simply wouldn’t have been possible without the incredible support of Kiambu County Government, Ruiru Sub-

County, Kenya Power & Lighting Company, NEMA, Athi Water services Board and Kenya Highway Authority. We’re very grateful for their commitment to modernising Nairobi and for their support at Tatu City. So what’s the really good news? We all have a dream don’t we? Well, mine involves Tatu city. My dream is to turn Tatu City into the largest and best new urban development in Africa. And it can all be done over the next five to ten years. Rendeavour has seven city-scale developments across Africa, but none has the potential of Tatu City. The World Bank has repeatedly advised that infrastructure is key to successful growth and modernisation in sub-Saharan Africa. According to World Bank estimates, infrastructure investment is responsible for about half the acceleration of GDP growth across the region. Kenya is a strong performer. Take for example the Lapsset Corridor, the standard gauge railway from Mombasa to Malaba, Olkaria – one of the largest geothermal projects in the world, the 300 MW Turkana wind power project, and the new 55.6Ksh shilling terminal at Jomo Kenyatta International Airport. Imagine if we could add Africa’s best and most-recognised new city to this mix? Tatu and Kofinaf have the land and Rendeavour has the experience and financial resources to double the size of Tatu City. Let’s call it Tatu Mega for now. Just think for a minute what this would mean:

o 40,000 affordable and middle class housing units o Up to a 5% reduction in Kenya’s housing deficit. o Tens of thousands of jobs o The largest industrial park in East Africa. Billions of dollars of modern commercial and

industrial investment from Kenyan and multi-national companies o Several new hospitals and schools o A large new city that would massively reduce congestion in central Nairobi and reverse

traffic flows between the centre and Kiambu County. In addition, there would be two huge knock-on effects. First, as with the initial phase of Tatu City, there would be many imitators in Nairobi and other cities across Kenya. Together they would create a powerful multiplier effect kick starting modern urban infrastructure development across the country.

Second, the message to the outside world would be extremely powerful: “Kenya is Africa’s leader and path breaker in urban development; Kenya has the best infrastructure on the continent for large-scale commercial and industrial investment”. As with Phase 1 of Tatu City, Tatu Mega will require considerable coordination with government planning bodies, major utilities and the Kiambu County. We’ve had tremendous support in these areas in the past. And the financial commitment from government would be precisely zero. Who would end up owning Tatu Mega? The thousands of Kenyan households, industrialists, commercial and retail businesses, and a handful of multi-nationals, that make Tatu Mega their home.

We want to make this dream a reality – but it can’t come to fruition until we’ve resolved serious issues of corruption. We’ve had the good, and the bad. I guess it’s time for the ugly. There’s no great detective case without a really bad crime. And judging by the size of the audience, it’s time to reveal it. So what is the crime and how are Nahashon Nyagah and his cronies trying to extort us? Before moving onto the details of how the fraud has been perpetrated, recall that Nyagah’s shareholding in Tatu City is tiny. When I explain this to business leaders in Nairobi they are typically disgusted. They ask me: how could a 1.8% shareholder be so selfish and greedy to disrupt a nationally critical project through repeated old school attempts at low level corruption? Nahashon Nyagah’s most serious crime is tied up with the issue of land sales. Land sales from the Kofinaf estates commenced in 2013. The Kofinaf board, including Mr Shah and Mr Nyagah, approved each land sale. The board also agreed that the proceeds would mainly be used to repay debt provided by my businesses to fund the acquisition of Kofinaf. In fact this was a legal obligation of the loan agreement signed by Nyagah and approved by the board.

Sales proceeds would also be used to finance the infrastructure build out at Tatu City. Four land sales to reputable Kenyan buyers were completed in 2013. These had the support of all board members. The buyers included Kenyatta University and Daykio Bustani, which is owned by Titus Muya. There were no objections from Shah or Nyagah. Mr Muya of Daykio enjoyed the experience of working with us so much

that he came back for a second purchase. This property of one thousand two hundred and forty two acres is located in Ruera. Kofinaf signed a sale and purchase agreement with Daykio for Rueru in December 2014. Daykio paid a deposit of 10% of the purchase price. Once again, this transaction was supported by Shah and Nyagah.

However, in March of this year, just as Kofinaf was about to close the Ruera land sale with Daykio, we uncovered the fraudulent transfer of over $100 million of land – that’s 10Khs billion – to Nyagah’s family and friends. The land transferred included Daykio’s Ruera block, plus a further one thousand and fifty three acres of adjacent land. Just to be clear, that’s more than 2,000 acres of land worth over US$100m taken for no payment. As with his lies, Nyagah’s theft was blatant and crude. The thief’s sense of impunity was such that he barely attempted to cover his tracks. I’ll focus on the theft of the Ruera land parcel that had been sold to Daykio, but Nyagah’s attempted fraud on two other land titles is identical. Nyagah simply orchestrated a fraudulent change of the directors and shareholders in the Kenyan companies to remove them from the ownership and control of Kofinaf’s parent and into structures controlled by him. It is a matter of public record that these changes purportedly took place on the 3rd of March this year. Just in time to block the land sale to Daykio. The record also identifies the new directors and shareholders of the companies purporting to own one thousand two hundred and forty two acres of prime coffee land in Ruera. You can see the individuals on this slide. They are:

o Nyagah’s cousin, Jeremy Nyagah, a farmer; o A casual labourer on Nyagah’s farm; o Nyagah’s sister, Rachel Mugo, a Nairobi lawyer; o A friend, through Nyagah’s younger brother, who is a clothes designer; o Three second hand clothes sellers from Moi Avenue who claim to be friends of Nyagah’s

sister; o A music producer and friend of Nyagah; o A guard employed at Nyagah’s house; o An employee of Nyagah’s sister; and finally o Jane Gacoka, Nyagah’s sister-in-law who works as a senior relationship manager at

Commercial Bank of Africa. None of these people have dealt before in large real estate transactions. Indeed none of them claim to have paid anything for their stake in a land parcel worth $55 million. But remember, we’re in Alice in Nyagahland, so suspend all logic. All these individuals claim that the purported land transaction was legitimate and had absolutely nothing to with Nahashon Nyagah. So we’re expected to believe that Kofinaf decided to sell land

worth $55 million for nothing and that Nyagah had nothing to do with this transaction, even though each of these individuals are closely connected with him. Well, I’m not a big believer in fairy stories. In May of this year we commenced a civil case in the High Court of Kenya. We succeeded in our request for an injunction prohibiting any further attempts to alter the ownership of the properties in question.

This morning we received a ruling in our favour preventing Nyagah’s lawyer Nelson Havi’s attempt to remove himself from this case. We believe he was intimately involved in the complicated structuring of the crime. In addition, Kofinaf filed a criminal complaint with the Directorate of Criminal Investigations on August 3rd this year concerning the theft of the Ruera land block by Nyagah. Many statements have been filed in support of our complaint. These include statements by Pius Ngugi, Titus Muya, Anthony Njoroge, the acting CEO of Tatu City, and Amyn Musa, a senior partner at Anjarwalla & Khanna. Press coverage suggests the police have interviewed 17 of the 19 individuals named in Kofinaf’s civil fraud case.

This includes Nyagah, his lawyer Nelson Havi, his sister-in-law Rachel Mugo, his cousin Jeremy Nyagah and Lucas Omariba, who was dismissed as the CEO of Tatu by the controlling shareholders. Press have reported that the in-depth police investigation has determined the case should be referred for arrest and prosecution of the suspects and that it has suffered prolonged interference from certain members of the CID, whose actions protect Nyagah from prosecution.

But in Alice in Nyagahland an open and shut police file recommending prosecution seems to count for little. Nyagah, Havi and other suspects were granted an order prohibiting the Inspector General of the National Police Service, the Director of the Criminal Investigations Department and the Director of Public Prosecutions from continuing a criminal prosecution of these individuals pending a hearing on 21st September. That’s right, the criminals went to court to block an investigation into their crimes and to prevent their arrest. That sets a handy precedent for other thieves and extortionists out there. Fortunately our legal advice on this matter is that the courts cannot usurp the constitutional authority of the police to investigate a criminal complaint. Once again, Nyagah is trying to obstruct the course of justice. Nyagah’s lawyer Nelson Havi is a party to these crimes. He has been camped out at the CID for the last few days. The police file recommending prosecution of the suspects is complete, according to press reports.

Havi is doing everything possible to block its transfer to the Public Prosecutor. Havi and his associate Wycliffe Osundwa also manipulated handwriting specialist Superintendent Muinde to write a false report on the signatures of various nominee shareholders. In general we believe our criminal complaint has been dealt with professionally and has been properly investigated by the police.

These attempts to interfere with the rule of law can slow but not stop the course of justice. We are highly confident that Nyagah and his co-fraudsters will be prosecuted, convicted and jailed.

Their sentences should reflect the scale of their crimes. This will send an incredibly strong message to the domestic and international investment community. Now you might be asking what Shah, who’s a shareholder in a business that has been defrauded, has been doing to fight this? After all, he claims to be a high-profile champion, both here and internationally, of good governance. Well, Shah hasn’t lifted a finger or uttered a word of rebuke to block Nyagah. Nor has he offered any support of any kind to the majority shareholders who have been battling day and night to recover the stolen land. Worse still, according to press reports, Shah refused to even make a statement to police when they contacted him for questioning. No international investor will make a major investment in Kenya without studying the Tatu City saga. Yet Shah, the former Chairman and a current director of the Kenya Private Sector Alliance, an organisation that aims to promote good business ethics appears to be acquiescing with one of the largest corporate thefts in Kenyan history. The problem is that Mr Shah has a conflict between his legal obligations to Tatu City and his alliance with Nyagah. From the outset Shah and Nyagah have been partners. They are both indirect shareholders in a Mauritian holding company as we’ve seen. More recently Shah and Nyagah launched a vexatious lawsuit against me and several of my colleagues. The background to this will complete your understanding. In 2014 Tatu completed only 10% of its sales budget and the project was falling way behind in its infrastructure roll out. The CEO had no previous real estate experience and was a weak leader. Management clearly needed to be strengthened. The controlling shareholders started to push for better performance. It quickly became clear that Nyagah did not properly grasp the situation. This was not surprising given that he didn’t have the high level commercial experienced required to be the Chairman of a major company. After all, he’s not a businessman. He also began acted like a prima donna, more worried about his status than results. For example, he would unilaterally close board meetings if things started to go against him. Hardly appropriate behaviour for the Chairman of East Africa’s largest urban developer. I also had growing concerns about his honesty and integrity. Then on 23 January several of my colleagues and I were unexpectedly summoned to the Immigration Department without any proper justification. We were interrogated for half a day about our work permits. We were not shown any official documents. I’m an international investor not an employee. In 25 years of investing in emerging markets this was my first experience of this form of cheap harassment. Of course there is no official file because this was a crude and corrupt shakedown. My investigations quickly led to the source of this harassment –Nyagah and one of his brothers. I now knew I was dealing with a crook; only time would show just how bad a crook. It simply wasn’t tenable to continue with an incompetent and corrupt chairman. A Chairman who wanted to be a paid a fortune but who had never invested any money in the project in the first place.

In late January all directors were notified of a board meeting to be held on the 5th of February. At that meeting, in accordance with the company’s articles of association, the majority of board voted to remove Nyagah as Chairman while retaining him as a board member. Pius Ngugi, a highly respected businessman from Kiambu was appointed as the new Chairman. In addition, Frank Mosier, my American partner in Rendeavour, was also made a board member. Nyagah, has stated publicly on numerous occasions that we ‘kicked him off the board’. This is another Alice in Nyagahland fantasy. Immediately following the removal of Nyagah as Chairman, Shah and Nyagah went to court to try to have the Tatu City project frozen. They attempted to do so on an ex parte basis, meaning for the benefit of one party and without the board’s knowledge. The sitting judge refused the application and ordered both parties to appear on 27 February to argue their respective sides. Not satisfied with this result, Shah and Nyagah approached another judge out of hours.

Judge Eric Ogola granted the freezing order on the spot. Two days before the scheduled hearing, this was highly irregular to say the least. So what are Shah and Nyagah seeking from this highly irregular court case, and what has the judge granted them on an interim basis? First, they are requesting that Nyagah remains as Chairman. Yes, that’s right. Shah is saying that the company must keep Nyagah as Chairman, in perpetuity, even though he has tried to steal land worth $100 million from it. And he is saying the majority shareholders who have funded 99.7% of

the project shouldn’t be able to appoint the Chairman even though this is what the company’s constitution requires. Second, Mr Shah and Mr Nyagah claim that my company has misappropriated monies from Kofinaf by overstating the amount payable under the loan used to fund the purchase of Kofinaf. Perhaps that’s their way of saying thank you for funding their investment? Third, they say that there should be a special audit of the loan account and that until this is complete the loan should be frozen. Critically, they are saying that the audit can only be undertaken by PWC Kenya. They also sought and were refused an order freezing the use of our bank accounts. This would have resulted in us not being able to pay employees or contractors for committed infrastructure works. Just ask yourself: Why would bonafide shareholders undertake such a destructive move? Finally, they sought to block the appointment to the board of Pius Ngugi and Frank Mosier. This was also refused by the court. Let me give you a few of the reasons why this is just another attempt to block the effective operation of the company. Shah and Nyagah have received updates on the status of the loan as the next slide shows.

Here is an email sent by our team. The subject: “Offshore loan statement”. In this and other communication, all board members were kept appraised of the loan’s status. There was never any suggestion of improper behaviour by Rendeavour until Nyagah was removed as Chairman. The lender and the borrower are both Mauritian entities and the loan agreement is governed by English law. Shah and Nyagah know they will be thrown out of court in Mauritius so haven’t even tried to use the proper legal

venues. The issue has nothing to do with the Kenyan courts, but nevertheless Rendeavour strongly supports having a special audit. In fact the board agreed to this before Shah and Nyagah went to court. This will prove that the behaviour of Shah and Nyagah is vexatious. The majority shareholders are also happy to appoint any major audit firm except PWC Kenya. We will even work with a PWC office outside of Kenya. PWC are the auditors for Bidco, Shah’s main business, so they have a conflict of interest. Several PWC partners are personally close to Shah and there are other business links. According to accepted ethics and judgement of conflict of interest, should automatically exclude them. Finally, Nyagah’s lawyer has repeatedly tried to negotiate with us to obtain a land parcel which is totally out of proportion with his1.8% shareholding. Nyagah doesn’t want an audit; he wants land that’s not his. In other words, the audit case is another crude shakedown attempt, which together with the land theft is designed to extort the investors who have financed Tatu and Kofinaf. So let me quickly summarise before moving onto some concluding comments. Between them, Shah and Nyagah have made negative financial contribution to Tatu and Kofinaf. Nyagah’s indirect shareholding is a miniscule 1.8%. As a result, he has no compunction in damaging the project. Indeed, he has fraudulently tried to steal $100 million of land. Shah has gone to court to support Nyagah remaining as Chairman. In addition, Shah and Nyagah have attempted to place an effective freeze on the Tatu project and to require a special audit of the loan account undertaken only by PWC Kenya, a firm with which they have deep ties. This special audit is a matter for the boardroom, not the courts. And even if it were a legal matter, the jurisdiction is a Mauritian rather than Kenyan court. In conclusion, many, many Kenyan’s have thanked us for taking a stand on corporate corruption. Others, have said that we’re crazy. It’s easy to point the finger at government when talking about Kenya’s sharply deteriorating corruption indicators. And remember, corruption is the biggest issue holding your country back. But what we’ve found is that a huge amount of corruption here originates in the private sector. You have incredibly skilled business people who are forced to co-exist with total crooks and thugs. These crooks are masters at using the tax, judicial and police systems to hurt their competitors and gain an unfair advantage.

They’re not good businessmen; they’re simply good at manipulating the system. They’re also adept at buying respectability and subverting high-profile institutions, both domestic and international, for their own ends. They’re shameless hypocrites. I do understand why many good people are reluctant to stand up and fight corporate corruption. The incredible sense of impunity felt by the crooks is backed by a notable climate of intimidation. We know that hard-core criminal elements have already been involved in our situation. One of our lawyers has received a chilling threat of retribution in writing. We have traced this to a member of Nyagah’s family. Someone who was helping to organise this event was told in writing by a relative to pull out because, “Vimal will send thugs to beat you up”. I don’t know whether that’s realistic, but the idea that someone would even think it’s possible is totally unacceptable. We are not intimidated, not even slightly. We won’t stop until our assets are protected and the thieves are punished. What’s more, we’re inspired by the talent and desire for change we see every day in Nairobi. We’re humbled by the encouragement you’ve given us. But change does require courage. You can’t always rely on someone else to make the first step. The potential for growth and development in Kenya is extraordinary. But it won’t happen without improved standards of corporate behaviour. We intend to make a number of tangible steps to help. We will be commissioning a senior investigative journalist to write an in-depth book on the Tatu saga. This will fully expose all of the individuals who have been involved or assisted in the efforts to steal from and extort Tatu City and Kofinaf. I encourage other corporate leaders to call out; to name and shame those guilty of corruption in your midst; to speak out with conviction. I’d like to think that our experience at Rendeavour and Tatu City could become a turning point; that it might embolden the citizens of Kenya to create a forum for change; that individuals and organisations might come together to create an independent body to fight corruption. Bullies are normally cowards. If we fight them collectively, you’ll be surprised at how quickly behaviour will change and the environment will improve. We are incredible committed to making Tatu City a shining star. A star that will help reveal Kenya’s extraordinary potential. Asante sana.