The management of Oxford No. 1 Hotel has confirmed that the luxury property remains open for business and under its operational control, pushing back against reports that a court-appointed receiver has taken possession of the site.
In a statement issued by Kensington Residential Partners 1 Limited (KRP1 Ltd)—the operating company jointly owned by Ghanaian businessman Nana Kwame Bediako and Azad Cola—the directors clarified that they have instructed lawyers to appeal a recent High Court order and secure an injunction pending appeal.
Ownership Dispute & Legal Appeals
The statement follows a July 21 ruling by the Commercial Division of the High Court in Accra, which granted permission for the Ghana Police Service to assist receiver Nii Amanor Dodoo and UK-based Cola Holdings Limited in taking possession of the prime Osu property under the Borrowers and Lenders Act, 2020 (Act 1052).
KRP1 Ltd maintained that the court order authorizing police assistance has not taken effect, asserting that management is actively pursuing legal remedies to block Cola Holdings from seizing the asset.
“The Management of Oxford No. 1 Hotel wishes to inform the general public, staff, and other stakeholders that Oxford No. 1 Hotel remains under the control and possession of its Management and Directors,” the company stated. “Oxford No. 1 Hotel remains open for business.”
Roots of the Financial Conflict
The legal clash stems from debt-refinancing disagreements linked to the hotel’s initial development:
- IFC Loan & Pandemic Impact: KRP1 Ltd developed the boutique hotel using shareholder equity alongside a loan facility from the International Finance Corporation (IFC). Management noted that trading disruptions during the COVID-19 pandemic impaired initial cash flows and delayed debt servicing.
- Unilateral Repayment Claims: KRP1 Ltd alleged that while restructuring talks were underway with the IFC, co-director Azad Cola claimed through Cola Holdings Ltd to have personally settled the facility, subsequently demanding full reimbursement without producing transaction proof.
- Parallel Court Actions: Management emphasized that previous applications by Cola Holdings were dismissed by the High Court and remain subject to appeal, cautioning that parallel claims against Nana Kwame Bediako risk double recovery and unjust enrichment.
Management urged the public and clients to disregard claims of an operational takeover while the appellate courts review the filings.
