The High Court in Accra has reversed the takeover of the Oxford No.1 Hotel, owned by businessman and New Force leader Nana Kwame Bediako, popularly known as Cheddar.
The court ruled that the takeover of the Osu-based hotel was carried out in breach of relevant court procedures and has ordered Cola Holdings and its appointed receiver to immediately return the keys to the property.
The case stems from an alleged $14.9 million debt linked to the Oxford Street Hotel.
Cola Holdings had moved to take over the property as part of recovery proceedings relating to the debt claim after the High Court granted the company and its appointed receiver in Ghana, Nii Amanor Dodoo, a warrant for police assistance.
Cheddar’s legal team, led by lawyer Bobby Banson, subsequently filed an appeal challenging the enforcement of the $14.9 million judgment debt.
The appeal was dismissed by the High Court, paving the way for the takeover of the hotel by the UK-based company.
However, in the latest development, the court has found that the manner in which the takeover was executed did not comply with the applicable court rules.
The ruling has consequently reversed the receivership action and directed the receiver to hand back the keys to the Oxford No.1 Hotel with immediate effect.
The decision restores possession of the property to Cheddar’s side as the wider dispute over the alleged $14.9 million debt continues.
