Quote:
Originally Posted by mak&emoto
originally posted by standard newspaper article of july 3rd 2008 pattni and his lawyers agreed with kacc officials on april 19 that all suits against him be discontinued and terminated. Kacc has powers to recover property believed to have been acquired irregularly. The settlement was later registered in the high court under section 56b(2) and (4) of the kacc and economic crimes and agreed that: pattni and uhuru highway development limited relinquishes, assigns, reconveys or otherwise transfers ownership and all rights and interest in the property known as land reference no 209/9514 to the central bank. The two were to give efforts to the transfer and in default the deputy registrar of the high court would execute such instruments. The joint receiver managers appointed pursuant to a consent order dated may 31, 2004 were discharged forthwith and the ownership and management of the assets transferred to cbk accounts held by any bank in the name of joint receivers/receiver together with funds held therein be transferred to cbk. Kacc discontinues civil suit no 1111 of 2003 and pending applications. Cbk was to abandon other claims against defendants. Mrs fathuma sichale of kacc signed the agreement..
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good job this high court settlement ought to put to rest this argument of the gr being held as security. The consent order are clear - cbk assumed ownership of the the hotel as of that date