The High Court has temporarily stopped the planned auction of Nairobi’s 14 Riverside Drive property complex after its owner, Cape Holdings Ltd, raised concerns over alleged undervaluation, procedural irregularities and opaque sale arrangements.
In court filings, Cape Holdings accused Synergy Industrial Credit and auctioneers of pursuing a flawed sale to recover a Sh1.66 billion arbitral award that has ballooned to more than Sh9 billion through accrued interest.
