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Kenya: Hotel Not Yet Sold, Says CBK
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The East African Standard (Nairobi)
24 April 2008
Posted to the web 23 April 2008
John Njiraini
Nairobi
The Central Bank of Kenya (CBK) has denied claims that it sold the Grand Regency Hotel for a song only days after Goldernberg architect, Mr Kamlesh Pattni, surrendered it.
CBK Governor Prof Njuguna Ndung'u, however, maintained the regulator was keen to immediately dispose of the hotel.
"The mandate of the Central Bank does not extend to the running of commercial business and hence CBK will dispose of the hotel," read in part the governor's statement.
Ndung'u said on Wednesday the hotel was still in CBK's possession and had appointed audit firm Ernst and Young as receiver managers.
The amount at which the hotel would be sold would be based on valuation by two independent companies the bank had engaged early this year.
The last time the hotel was valued was in 1997 and it had a market value of Sh2.1 billion.
"Allegations to the effect that the hotel has been sold for Sh1.6 billion or any other amount for that matter are misplaced and speculative," said Ndung'u.
He accused individuals who had turned the hotel to a milking cow over the years of staging a vicious fight back against the hand-over.
On April 9, Pattni surrendered the hotel to the CBK governor at a ceremony that was attended by Kenya Anti Corruption Commission Director, Mr Aaron Ringera.
However, on Tuesday, Attorney General Amos Wako said he was not consulted for legal advice during the transaction, something that cast a dark shadow on the deal.
Ndung'u maintained the handing over was above board and was not based on any conditions.
Imenti Central MP Imanyara Gitobu has alleged that the CBK paid Pattni Sh1 billion and promised him immunity from prosecution.
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"Central Bank cannot in law give immunity to Kamlesh Pattni or any other person as alleged and indeed has no control whatever over criminal matters facing Kamlesh Pattni," said Ndung'u.
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