Management of Oxford No. 1 Hotel has dismissed media reports suggesting that the luxury hotel has been taken over by a court-appointed receiver, insisting that the facility remains under the control and possession of its management and directors.
In a press release issued by Kensington Residential Partners 1 Limited (KRP1 Ltd), the company described the reports as misleading and urged the public, staff and stakeholders to disregard any claims that control of the hotel has changed hands.
According to the company, Oxford No. 1 Hotel, located on Oxford Street in Osu, continues to operate normally and remains open for business while ongoing legal proceedings are resolved.
KRP1 Ltd explained that it is a limited liability company jointly owned in equal shares by its two directors, Nana Kwame Bediako and Azad Cola.
The company stated that Oxford No. 1 Hotel was developed and managed by KRP1 Ltd with financial support from shareholder capital and a loan facility from the International Finance Corporation (IFC).
It said although the hotel officially opened in December 2019, the outbreak of the COVID-19 pandemic the following year significantly affected business operations, making it difficult to generate sufficient revenue to service the IFC loan.
Management noted that while discussions were underway with the IFC to restructure the loan facility, Azad Cola, through his company, Cola Holdings Ltd, informed KRP1 Ltd that he had personally settled the outstanding IFC loan and demanded reimbursement from the company.
However, KRP1 Ltd argued that as a director of the company, Mr. Cola had a fiduciary duty to notify the company and obtain its approval before entering into what it described as a profit-making transaction on behalf of the company.
The company further claimed that neither Mr. Cola nor Cola Holdings Ltd has produced evidence proving that the IFC loan was actually repaid.
According to the statement, Cola Holdings Ltd subsequently secured a High Court order on July 21, 2026, appointing a receiver to take possession of Oxford No. 1 Hotel.
KRP1 Ltd acknowledged that the order authorises the Ghana Police Service to assist in enforcing possession but stressed that the order does not become effective until seven days after it was granted.
The company said it has already instructed its lawyers to file an appeal and has also applied for a stay of execution to suspend enforcement of the order until the appeal is determined.
In addition, it said it is seeking further court orders to restrain Cola Holdings Ltd and the appointed receiver from taking possession of the property while the legal process continues.
Management also revealed that two earlier applications filed by Cola Holdings Ltd in relation to the matter were dismissed by the High Court, adding that those decisions have also been appealed.
The company further alleged that Cola Holdings Ltd is pursuing separate legal proceedings against Nana Kwame Bediako personally to recover the same amount it claims to have paid to the IFC, while simultaneously seeking to recover the amount from KRP1 Ltd.
According to KRP1 Ltd, this amounts to an attempt to recover the same debt twice, expressing confidence that Ghana’s courts would not permit what it described as unjust enrichment.
Management urged the public to disregard what it called misleading media reports suggesting that Oxford No. 1 Hotel has already been taken over by a receiver.
It maintained that the hotel remains under the possession and control of Kensington Residential Partners 1 Limited and continues to welcome guests while the appeal and related court applications are pending.
The company said it remains committed to protecting its legal rights and expects the dispute to be resolved through the judicial process.
By 1960news.com
