The English Point Marina in Mombasa has been seized by the Kenya Commercial Bank (KCB) due to an unpaid loan of Sh5.2 billion.
The Business Daily reported that KCB placed Pearl Beach Hotels, the mother company of English Point Marina, under statutory management after several attempts to restructure the loan failed.
According to a source at the Business Registration Services (BRS), KCB tried to restructure the loan multiple times but Pearl Beach Hotels still failed to service the loan.
A receiver-manager has been appointed to run the property and raise funds through the sale of part or all of the property to settle the amounts owed to KCB.
English Point Marina is owned by Amin Kanji, his wife Leila, brother Alnoor, sister-in-law Nafisa, and Nazir Jinnah.
