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Headline : Pinewood Beach Resort appeals to block KCB takeover

Read more from the original article on here at www.businessdailyafrica.com.





Tags : #pinewood #beach #resort #appeals #block #kcb #takeover


No. of Paragraph 22

The proprietor of Pinewood Beach Resort and Spa has moved to the Court of Appeal to block a KCB Bank-appointed receiver manager from taking over the establishment in Kwale.

In an application on May 3, ITCO Investments Ltd, which runs the hotel, said there was a real risk that its intended appeal would be rendered nugatory unless the injunction sought is granted.

The company maintained that Pinewood Resort and Spa is not an asset charged under the debenture by KCB.

KCB appointed Mr Kamal Anantroy Bhatt as the receiver manager of the hotel after the lifting of a court order obtained by ITCO in November last year, blocking the takeover bid.

Read more from the original article on here at www.businessdailyafrica.com.


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