KCB has seized the luxurious English Point Marina for the second time following a June Court order that was lifted over Ksh 5.2 billion debt row.
The orders that were issued by Court of Appeal superseded those issued by Justice Dora that had blocked the bank from taking over the Hotel without issuing valid reasons.
KCB had in June moved in to seize English Point Marina but their stay lasted in a month after the owners obtained a court order halting the move.
- MPs set to table bill declaring cattle rustlers as terrorists
- NPS shortlists ten candidates to replace DCI boss George Kinoti
Even though KCB has stepped in to take over the hotel, the move will stay in place until when the case filled at the Court of Appeal is heard and determined. The three bench Court of Appeal Judges will issues their reasons on 14th October, 2022.
“We hereby give our decision granting the notice of motion dated 22nd July 2022 and issue an order staying the Ruling and Orders of the Honourable Lady Justice Dorah Chepkwony delivered on 12th July 2022, and stay any further proceedings in High Court Commercial Court, Case No. E201 of 2022, Pearl Beach Hotel Limited vs KCB Limited & Kamal Anantory Bhatt, pending the hearing and determination of the applicants’ intended appeal,”
The move by KCB comes after several attempts to recover their loaned amount granted to the English Point Marina owners Amin Kanji, his wife Leila, brother Alnoor, sister-in-law Nafisa and Nazir Jinnah between 2011 and 2018.
So far, the owners have been able to service Ksh 3.3 billion from the issued loan forcing the bank to appoint Kamal Bhatt who will in charge of raising enough funds to service the loan as well as settle creditors.
Through their lawyer Nick Ndeda, the owners seek total access to penthouses D1 and D2 where they reside pending determination of the court. Located at the harbour in Nyali, Mombasa, the hotel has 96 apartments, eight penthouses and a 26-room hotel.
The post Kcb Seizes English Point Marina for the second time over 5.2B debt appeared first on News Moto.
