News
Njenga Karume’s Jacaranda Hotel To Be Auctioned Over Sh258 Million
The Jacaranda Hotel in Nairobi, which is owned by the family of the late Cabinet minister and business tycoon Njenga Karume, was on Monday put up for auction by Guaranty Trust Bank (GTB) in a bid to recover a Sh257.6 million defaulted loan.
Trustees of late tycoon quickly moved to court on Tuesday where they received a major blow after the court declined to stop the auction of the four-star hotel.
The estate trustees now have up to January 9th, 2020 to pay at least Sh4.5 million to GTB to salvage Jacaranda Hotel from the auction.
Justice Wilfrida Okwany ordered the facility to pay the Sh4.5 million to GTB directly to the bank and not via any other third parties including the Kenya Revenue Authority (KRA) by Friday this week.
Target shy KRA is also eyeing a piece of the estate seeking to recover taxes it is owed by the four-star hotel. The taxman had also gone after the hotel first over a Sh95 million tax arrears demand, sending auctioneers to recover the amount in 2019 prompting the trustees to seek court’s intervention.
Regent Auctioneers had in June notified the management of Jacaranda Hotel of the impending auction. The family had opted to sell one of its huge tracts of land under Karume’s name to clear the bank loan.
The four-star hotel, located in the Westlands suburb, has 128 bedrooms and sits on 3.5 acres of prime land. The auction has been set for January 22. “Duly instructed by our clients, we shall sell … very prime property in Westlands by public auction,” Regent Auctioneers said in a notice
Kenya Insights allows guest blogging, if you want to be published on Kenya’s most authoritative and accurate blog, have an expose, news TIPS, story angles, human interest stories, drop us an email on [email protected] or via Telegram
KETRACO CEO Advert Marred By Controversies As Fears Grow That Kipkemoi Kibias Is A Predetermined Candidate
I Will Bribe Every Judge in Town- MP Jack Wamboka
KNH ON THE BRINK: How Corruption, Revenue Plunder and State Neglect Are Destroying Kenya’s Flagship Hospital
Receivers In TransCentury Sh6B KRA Tax Arrears Are Biased And Must Be Removed, COFEK Claims
The Man Behind the Badge: How Prof. Erastus Kanga Turned Kenya’s Premier Wildlife Agency into a Theatre of Corruption, Fear and Impunity
City Lawyer Conrad Maloba Arrested Over Fake Ambulance Fraud
How Little Known KwikBet Leveraged Stolen Kenyans Data To Build Its Empire
THE FIXER IN THE FILE ROOM: How Parliamentary Health Committee Clerk Adan Gindicha Cleared Mediheal Hospital of Organ Harvesting Claims Despite Mounting Evidence
Nairobi Freezes Binance Accounts in Sweeping Anti-Fraud Crackdown as Global Scandal Record Haunts World’s Largest Crypto Exchange
EXCLUSIVE: Odibets Bought Stolen Data From Millions Of Kenyans
Forged Legacy: How Kaplan and Stratton’s Peter Gachuhi Is Accused of Faking a Top AG’s Will as State Claims Damning Evidence
Inside Details Of Sh78 Billion Fraud in KPC’s Mombasa-Nairobi Line 5 Pipeline Project That Has Continued To Bleed The Country
The Lawyer at the Centre of Kenya’s State Machine: Eric Gumbo, the AG’s Bypassed Office, and the Half-Billion-Shilling Question
Sold And Abandoned: How Diageo and Asahi Are Locking Kenya’s EABL Minority Shareholders Out Of East Africa’s Biggest Corporate Heist
Poison at the Pump: How Kenya’s Fuel Marking System May Be Exposing Millions to Cancer-Causing Chemicals
How Firm Linked To Mombasa Tycoon Jaffer Was Allowed To Import Fuel At Bloated Price And Set To Make Billions In Profits From Iranian War Crisis In Kenya
THE ZAKHEM-ECOBANK MACHINE: How Kenya’s Courts Were Weaponised to Drain a State Corporation of Over KES 78 Billion
The Teflon Company: How Gulf Energy’s Insiders Built Billions on Kenya’s Fuel, and Walked Away Clean
The Debt They Would Not Pay: How Standard Group Ducked Sh50 Million In Regulatory Fee For Years, Then Called It A Witch-Hunt
Mombasa Lawyer Exposed In Sh600 Million Alleged Double-Dealing Diani Property Transaction
-
Business2 weeks agoKenyan Motorists Stare At Possible Engine Damage And Heavy Losses As Report Confirms Substandard Fuel In Circulation
-
Business1 week agoTHE FUEL CABAL: How Mohamed Jaffer, a KPC Insider, and a Ministry Official Are Alleged to Have Manufactured Kenya’s Worst Petroleum Crisis in Three Years, While Kenyans Burned
-
Business2 weeks agoGetting Away With It: How Kenya’s Most Politically Connected Fuel Company Gulf Energy Is Pocketing Billions While Rival Firms Face Public Wrath
-
Business2 weeks agoHow Safaricom Could Sell You Out To KRA
-
Business5 days agoNairobi Freezes Binance Accounts in Sweeping Anti-Fraud Crackdown as Global Scandal Record Haunts World’s Largest Crypto Exchange
-
Investigations5 days agoEXCLUSIVE: Odibets Bought Stolen Data From Millions Of Kenyans
-
Business2 weeks agoSugar Empire in the Dock: How Kibos’s Mombasa Refinery Landed 1,481 Phantom Tonnes at the Port — and Why Nine Government Agencies Are Now Watching Its Every Move
-
Investigations6 days agoTHE BRAZEN RETURN: Triton Thief Yagnesh Devani, Who Pillaged Kenya of Sh7.6 Billion and Fled, Now Asks the Same Courts He Escaped to Restore His Stolen Wealth