Court saves K’Osewe from auction in Sh330m debt dispute
Wednesday February 17 2021
By SAM KIPLAGAT
Summary
The Osewes owe Guaranty Trust Bank more than Sh330 million, secured using the Kisumu hotel and the block of apartments in Nairobi’s South C.
The bank has been trying to auction the property since 2018 amid multiple suits before the High Court judge Thripsisa Cherere cleared the forced sale in January.
But Justices Hannah Okwengu, Patrick Kiage and Jamila Mohammed reckon that the family has valid reasons challenging the High Court judgment.
The auction of the stalled four-star Bluewater Hotel in Kisumu belonging to the family of businessman William Osewe Guda has been put on hold on condition that they deposit Sh25 million in court within 45 days.
Nairobi Tycoon Saved From Losing Ksh2B Hotel
Design of the Blue Water Hotel in Kisumu which is under construction
File
Nairobi businessman William Osewe, the owner of the popular K Osewe Ranalo Foods Restaurant, has been offered reprieve after the Court of Appeal blocked the forced sale of his Ksh2 billion property which includes the stalled four-star Bluewater Hotel in Kisumu and an apartment in Nairobi’s South C estate.
The High Court had given a local bank the green light to auction the property over a Ksh 330 million loan but the Court of Appeal has ruled that the family had substantive arguments to stop the process.