Ubumwe Grand Hotel auction postponed as receiver resigns

FINAL CHANCE TO END BOARDROOM WRANGLES AS DECEMBER 10TH AUCTION DATE SHIFTED TO 24TH

(Posted 05th December 2018)

Information was received earlier today that, following the resignation of the receiver for the hotel, the planned auction of the property was moved from the 10th to the 24th of December.
The now former receiver suddenly cited a conflict of interest – better late than never – and probably wanted to avoid being sucked into a maelstrom of litigation, hence throwing in the towel.
A new receiver has already been appointed by industry regulator RDB and will have to oversee the auction, prompted by the estranged shareholders’ failure to pay KCB an 18 million US Dollar loan and interest thereon.
Being in major default, entirely blamed by pundits on the inability of the shareholders to reach a resolution, will this be their arguably last chance to find a common ground or else risk losing the property to new owners, when the auctioneer’s hammer eventually falls.

https://atcnews.org/2018/12/03/partnership-wrangles-threaten-ubumwe-grand-hotels-survival/

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