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Blow for GT Bank as high court blocks the auction of Jacaranda Hotel


A Nairobi high court has blocked the imminent sale and auction of the Jacaranda Hotel. The hotel had been put to auction by Regent Auctioneers who were acting on behalf of GT Bank.

GT Bank are demanding the repayment of Ksh 257 million loan which they had advanced to the Jacaranda Hotel. They were hoping to settle the loan from the proceeds of the sale.

The Njenga Karume trustees are relieved after successfully being granted an injunction to block the auction of Jacaranda Hotel which had been scheduled for January 22, 2020. However, the court ordered the estate of the late Njenga Karume to pay GT Bank Ksh 4.5 million as part repayment of the loan by Friday January 10,2020 failure to which the hotel will still face a public auction come January 22,2020.

Sources close to the Njenga Karume family state that the trustees had already honored part of the loan. However, the cash had not been used to settle the loan as the KRA ordered the GT Bank to redirect the payment to them in order to settle tax burden that the Hotel owed.

Hon lady Justice Wilfrida Okwany gave the direction even as she allowed all parties involved to negotiate a new loan restructuring agreement. 

The judge further stopped any placement of auction advertisement in newspapers pending the negotiations that is meant to come up with a solution by January 20th. 

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