The management of Oxford No. 1 Hotel has urged the public to disregard reports that the facility has been taken over by a receiver following a High Court order.
In a statement issued on Thursday, July 22, 2026, the management said the hotel remains under the control and possession of its management and directors.
According to the statement, the order granted by the court has a seven-day period before taking effect and disclosed that it has instructed its lawyers to appeal the order.
“KRP1 Ltd has instructed Counsel to appeal the decision and to file the applications necessary to restrain Cola Holdings Ltd and the Receiver from taking possession pending determination of the appeal,” the statement said.
The statement clarified that reports suggesting possession of the hotel has been handed to a Receiver appointed by Cola Holdings Ltd are inaccurate.
Background
Kensington Residential Partners 1 Limited (KRP1 Ltd), owner of the hotel, is a limited liability company owned in equal shares by its two directors, Nana Kwame Bediako and Azad Cola.
According to management, Oxford No. 1, Oxford Street, was developed and is managed by KRP1 Ltd, which supplemented shareholder capital with a facility from the International Finance Corporation (IFC) to fund the development.
The hotel opened in December 2019, but the impact of the Covid-19 pandemic from 2020 prevented it from trading at a level sufficient to service the IFC facility.
Management said while it was engaging IFC to restructure the facility, Azad Cola — through his company, Cola Holdings Ltd — wrote to KRP1 stating that he had personally repaid the loan in full to IFC and demanded reimbursement from KRP1.
Management contends that as a Director of KRP1, Mr. Cola was under a fiduciary obligation to inform the company and seek its approval before entering into a profit-making transaction of that kind.
“To date, neither Azad Cola nor Cola Holdings Ltd has produced any evidence that the IFC loan was in fact repaid,” the statement said.
It said Cola Holdings Ltd subsequently applied for and obtained an order appointing a Receiver to take possession of the hotel, which was granted by the court on July 21, 2026, authorising the police to assist Cola Holdings Ltd in taking possession — but does not take effect until seven days after the date of the order.
That period, it said, has not yet expired.
The company further noted that two previous applications brought by Cola Holdings Ltd on the matter were dismissed by the High Court, a decision which is now the subject of an appeal.
Management added that Cola Holdings Ltd is separately seeking to recover the same sum it claims to have paid to IFC from Nana Kwame Bediako personally, in parallel proceedings.
“Cola Holdings Ltd is therefore pursuing recovery of the same amount from both KRP1 Ltd and Mr. Bediako individually. Management does not believe the courts of Ghana will permit such unjust enrichment,” the statement said.
It advised the public to disregard what it described as a false impression created by recent press coverage and to await the outcome of the appeal, stressing that Oxford No. 1 Hotel remains open for business.
Source: Starrfm.com.gh
