The struggling owners of the opulent English Point Marina in Mombasa has failed to repay a Sh5.2 billion loan. Noow, KCB Group has taken control of a second hotel that belonged to them.

On Wednesday, the bank named Kamal Anatroy Bhatt as the receiver manager for the Kanji family-owned Pinewood Beach Resort and Spa in Diani.

“The lender has extended various facilities to the company and/or the borrower, which said facilities were granted on the basis of various securities held in favour of the lender including charges over various parcels of land registered in the name of Pearl Beach Hotels Limited,” said KCB in a deed of appointment of a receiver.

The loan secured to build the fully equipped, five-star English Point Marina used Pinewood as security.

The Court of Appeal approved KCB’s request to take over the mixed-use complex in October of last year despite the bank’s non-performing loans (NPLs) being above industry averages.

In June of last year, the bank had taken control of English Point Marina and put its real estate owner, Pearl Beach Hotels, under statutory administration.

The Pearl Beach Hotel received a loan, which was paid back between 2010 and 2016.

There were 96 opulent residences for sale at the English Point Marina, a project included in Kenya’s long-term development blueprint, Vision 2030.

However, despite multiple concessions from KCB, Pearl Beach was unable to repay the loan once the mixed-use development in Mombasa was finished in 2017.

Personal guarantees for the loan were also provided by the directors.

Amyn Kanji, his wife Leila, brother Alnoor, sister-in-law Nafisa, and Nazir Jinnah are the owners of English Point Marina.