KCB Group has taken control of the luxurious English Point Marina in Mombasa over a Sh. 5.2 billion unpaid debt.
The bank has placed Pearl Beach Hotels, the real estate firm that owns English Point Marina, under statutory management.
According to sources, KCB had previously attempted to restructure the debt to help the property managers repay it, but the efforts were unsuccessful.
As a result, the receiver-manager is expected to sell part or all of the property to raise funds to settle the amounts owed to KCB.
English Point Marina, owned by Amin Kanji and his family, features 96 apartments, eight penthouses, and a 26-room hotel.
Buyers who have purchased units at the property will not be affected by the KCB takeover, as the bank will conduct an audit to determine the status of their payments.
However, the property has faced controversy in the past, with allegations of money laundering and racism. Buyers had claimed that they were locked out of their houses despite paying Sh. 600 million for them.
