K’Osewe’s main asset auctioned for 330 million shillings loan

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K’Osewe’s main asset auctioned for 330 million shillings loan


K’Osewe Ronalo Foods owner William Guda Osewe leaves Milimani courthouse on September 27, 2021. NMG PHOTO

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Summary

  • An auctioneer has put up for sale a prime commercial property owned by prominent restaurant owner K’Osewe with a 330 million shillings loan owed to GT Bank.
  • In a newspaper ad, Garam Investments invited buyers interested in acquiring the commercial / residential apartment in southern Nairobi later this month.
  • The five-story building owned by William Osewe Guda, popularly known as K’Osewe, is located along Five Star Road and has five shops and two-bedroom houses.

An auctioneer has put up for sale a prime commercial property owned by prominent restaurant owner K’Osewe with a 330 million shillings loan owed to GT Bank.

In a newspaper ad, Garam Investments invited buyers interested in acquiring the commercial / residential apartment in southern Nairobi later this month.

The five-story building owned by William Osewe Guda, popularly known as K’Osewe, is located along Five Star Road and has five shops and two-bedroom houses.

Mr Osewe has been battling auctioneers since 2018 over a 330 million shillings loan he borrowed from Guaranty Trust Bank (GT Bank), obtained using an unfinished hotel in Kisumu and the surrounding areas. South C apartments, but did not honor the loan.

According to the auctioneer, the apartments bring in a monthly rent of 830,000 shillings and title to the land has been on lease for 99 years since 1986.

“Running water, electricity and main sewer services are connected to the property in question. An additional water storage tank is available to supplement the water from the network, ”says the advertisement.

In February, the appeals court barred the lender from auctioning off the property and its four-star hotel in Kisumu on condition that it deposits 25 million shillings in court in 45 days.

“We have examined the request and find that the grounds invoked by the applicants are arguable and cannot be characterized as frivolous to the point of being dismissed as unfounded. Their properties risk being sold and if this request is not accepted, they risk suffering a colossal loss if they are transferred to third parties because of the value in question, and the appeal would be rendered useless ”, have declared Judges Hannah Okwengu, Patrick Kiage and Jamila Mohammed.

The stranded seven-story hotel in the upscale Milimani Estate, set on 1.3 hectares, was due to be sold in January after Mr Osewe failed to persuade High Court Judge Thripsisa Cherere to prevent the bank from auctioning it off.

But he rushed to the court of appeal, arguing that he had continued to repay their loan despite the disruption caused by the Covid-19 pandemic.

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