Jillo Kadida
27 August 2008
Nairobi — A bank has been blocked from selling or transferring properties worth millions of shillings associated with businessman Kamlesh Pattni.
The order, which was first issued on August 15, was extended by the High Court on Wednesday.
It arose out of a suit filed by Mr Pattni to stop the sale of the properties over money owed Kenya Commercial Bank.
Security
The money was borrowed by Block Group of Companies and properties belonging to different companies namely Nyali Beach Hotel, United Touring Company and Block Hotels were pledged as security.
After the company failed to repay the loan, the bank appointed two receiver managers to manage the properties which are registered with businessman Ketan Somaia as director.
Mr Somaia is said to have proposed to settle the debt by disposing of some of the properties.
On realising this, Mr Pattni moved to court to stop any transfer or sale, saying there is a dispute before the court over ownership of the properties.
Be the first to Write a Comment!
Copyright © 2008 The Nation. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
