Malindi’s Eden Rock Hotel saved from auctioneer’s hammer - 8 months ago, 12 June 18:48
Owners of Eden Rock Hotel got a reprieve after a court stopped a bank from auctioning the renown Malindi facility over a Sh64 million loan.
SBM Bank, previously called Fidelity Commercial Bank, was barred from auctioning the hotel owned by Tropicana Hotels after the court heard that a statutory notice for sale was sent to an address different from the one indicated in a charge executed by the parties.
Environment and Land Court Judge James Olola, however, said the bank will be free to start the recovery process afresh and issue proper notices as required by law should Tropicana Hotels remain in default.
“For avoidance of doubt, save for the failure by the defendant (bank) to serve a proper Statutory Notice, I find the plaintiff’s (Tropicana) suit to be misconceived and untenable in its entirety,” said Justice Olola.
Justice Olola said that it was evident that even though there was a dispute as to ...
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