The owners of the troubled English Point Marina have been denied access to 15 bank accounts pending the hearing of a KCB Group application.
Justice Dora Chekwony restricted the directors of Pearl Beach Hotels, which owns the luxury hotel on Kenya’s coast, from accessing the bank accounts at DTB Bank, just days after the court blocked KCB’s appointed receiver-manager from taking over the troubled real estate firm for failing to repay a loan.
KCB had earlier seized the hotel, accusing the owners of the real estate firm of defaulting on Sh4.8 billion loan.
“In order to balance the Bank’s right to recover the facility with the interest to maintain the Respondent as a going concern, I exercise this court’s discretion to grant the following orders,” the judge said.
The amount of money in the 15 bank accounts was not disclosed in the court records.
The judge underlined that the status quo orders she imposed last week, which stopped the receiver, were not intended to override the bank’s authority to preserve its interests.
She said the directive was meant to preserve the property, pending the determination of the contention as to whether there was a default as claimed by KCB.
The judge said the lender can still apply to set aside or review the order. The court directed the case to be heard on June 13.
