Sharp Daily
No Result
View All Result
Wednesday, July 9, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

KCB Places English Point Marina Under Statutory Management Over Ksh5B Debt

Editor SharpDaily by Editor SharpDaily
June 1, 2022
in News, Real Estate
Reading Time: 1 min read
English Point Marina

English Point Marina. [Photo/ Courtesy]

KCB Group has placed Pearl Beach Hotels, the firm that owns Mombasa’s luxury property English Point Marina, under statutory management over a Ksh5.2 billion debt.

“I can confirm that KCB bank has taken over English Point today(Tuesday, May 31, 2022),” a source at the Business Registration Services (BRS) told a local daily.

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.

Read: Uhuru’s Cousin Ngengi Muigai Loses Fight Over 443-acre Land In Thika

RELATEDPOSTS

KCB

KCB bank lowers base lending rate following CBK adjustments

February 11, 2025

KCB, Cooperative, and Absa lead in Kenya’s sustainable finance awards

November 21, 2024

The receiver-manager is expected to sell part or all of English Point Marina to settle KCB’s debt which has taken years to repay. Despite several trials to restructure the debt, the owners of the luxury hotel have been unable to meen their financial obligations.

The administrative receiver is tasked with the duty to realise enough of the company’s assets to pay the debenture holder and where possible, other creditors too. The appointment of an administrative receiver automatically ends at the end of 12 months from and including the date on which it took effect.

KCB’s takeover of English Point Marina came after the developer fell out with buyers who claim they have not taken ownership of the houses they bought at a cost of Ksh600 million.

It is also reported that English Point Marina has blocked buyers from renting out their apartments, contrary to the purchase agreement in which the management undertook to assist in sub-letting in exchange for 30 percent of revenue collected.

The buyers who already own units will not be affected by the takeover.

Read: KEBS Moves To Strengthen Destination Inspection

Previous Post

Here’s Safaricom’s New Trick To Keep SIM Swap Scammers At Bay

Next Post

Catherine Muraga Appointed To Head Microsoft’s ADC

Editor SharpDaily

Editor SharpDaily

The latest in business, real estate, education, investments, tech and entrepreneurship, brought to you daily. Reach us through thesharpdaily@gmail.com

Related Posts

Business

Del Monte foods files for bankruptcy in USA

July 3, 2025
News

Private vs Public Pension Funds in Kenya

June 30, 2025
Crime

Why Athi River deserves your investment

June 24, 2025
Investments

Investor shift to long term bonds drives oversubscription in CBK’s reopened auction

June 19, 2025
News

The real price of Israel – Iran Conflict for Kenya.

June 19, 2025
Economy

Resilient but strained: Kenyan firms speak out in May 2025 CEO survey.

June 19, 2025

LATEST STORIES

The importance of Investment Policy Statements (IPS) for pension schemes in Kenya

July 4, 2025

Understanding Life Cover as an Additional Benefit in Retirement Benefit Schemes

July 4, 2025

Del Monte foods files for bankruptcy in USA

July 3, 2025

Lessons from the Kuramo-TransCentury fallout

July 3, 2025

Private vs Public Pension Funds in Kenya

June 30, 2025

The mechanics of currency manipulation

June 27, 2025

Understanding how to access your pension savings in Kenya.

June 27, 2025

What happened to president Ruto’s economic dream?

June 27, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024