KCB Group has taken English Point Marina for a another time after court lifted a July ban blocking the bank from taking over the property over Sh5.2 billion debt.
English Point Marina is owned by Amin Kanji, his wife Leila, brother Alnoor, sister-in-law Nafisa and Nazir Jinnah. The luxury property is located by the harbour, and consists of 96 apartments, eight penthouses and a 26-room hotel.
It is one of the few private projects granted the Vision 2030 Private Sector Flagship status.
However, the court of Appeal has frozen high court orders by Justice Dora Chepkwony, that blocked KCB Group’s appointed receiver-manager Kamal Anatroy Bhatt from taking over English Point Marina without revealing the reasons.
The court papers establishes that the KCB agreed to grant the firm loans between 2011 and 2018 and charged the English Point Marina.
KCB Group seized the Mombasa luxury property in June, sparking a court fight with the owners that saw the Bank kicked out a month later.
On the other hand, Nation has established that KCB now returns to the property until the appeal against the high court ruling is heard and determined setting the stage for a long court fight and multiple suits on the property.
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“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 three bench Appeals court judges said.
“We shall give the reasons for our decision on the 14th October 2022.”
