Nairobi’s popular K’Osewe restaurant has been facing debt issues and is said to have Sh328 million debts with GTB
The restaurant was started in the early 1970s when Mr. Osewe sold mshikaki to Kaloleni locals. Hawking of the mshikaki turned to an eatery under a tree in Kaloleni. It then evolved to Ranalo foods at the Kenya Railways Central station. He moved to the former Cameo cinema on Kenyatta Avenue and later settled at Kimathi Street. K’Osewe opened up other branches in the Upperhill and Kisumu area.
The restaurant owner, William Guda Osewe, has grown into one of the top most recognized restaurants located in the city Centre, Nairobi. Politicians, tourists, and citizens fill up the main branch, at Kimathi Street, to enjoy their meals.
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Unfortunately, the well-known restaurant is drowning in debt. The High Court Judge, Thripsisa Cherere, authorized Guaranty Trust Bank (GTB) to sell Bluewaters Hotel. He opened the Bluwaters hotel in Kisumu, to which his wife and children are shareholders.
High Court Judge Thripsisa Cherere on Friday allowed Guaranty Trust Bank to sell Bluewaters Hotel, becoming the family’s second run-in with auctioneers in just two months. Bensure Auctioneers sold hundreds of items at Ranalo Foods Upper Hill; this brought an end to the branch.
The judge had lifted an order two days before the Auctioneers arrived. She made the GTB stop from selling the Bluewaters hotel and the South C building.
The Osewe’s disagreement with the GTB bank has caused constant court visits. They owe the bank more than Sh328 million. This has been secured using the Bluewaters hotel and the South C building. The Guaranty Trust Bank has been trying to auction the properties since 2018.
William Guda Osewe and his wife sued the bank to stop it from selling their property. They made a statement saying they have been servicing the loan. The Osewes made an argument that the property is worth more than the loan they have with the bank. They went ahead to add that the Bluewater hotel is on a prime beachfront and would be nearly impossible to replace if the auction proceeds.
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The GTB however insisted that the Osewe’s have not yet paid any amount of the loan owed but are only buying time with a different court order barring the auction. The bank stated it was not a party to the agreements the court had previously made.