Credit Bank, a Nairobi lender partly owned by the family of the late politician and businessman Simeon Nyachae, has secured court approval to auction a parcel of land in the Upper Hill district to recover a loan of more than Ksh2 billion 15.5 million. The property was once earmarked for a skyscraper that had been billed as Africas tallest building.
The Court of Appeal declined to halt the planned sale after One Upperhill Towers Ltd asked the judges to suspend the banks move. With the appeal dismissed, Credit Bank is now cleared to proceed with the auction. The dispute centers on the lands foundation works, which began several years ago before financing problems stopped the project.
Court greenlights Credit Bank sale
