NAIROBI, Kenya, Mar 25 – The Supreme Court of Kenya has paved the way for the auction of the 14 Riverside office complex in Nairobi after dismissing an application by Cape Holdings Limited.
In a ruling delivered yesterday, the court upheld earlier decisions, allowing Synergy Industrial Credit Limited to enforce a Sh1.66 billion arbitral award against the property.
The dispute arises from a commercial transaction over the sale of the prime Riverside Drive property (L.R No. 209/19436), which was referred to arbitration.
An arbitral tribunal ruled in favour of Synergy in 2015, awarding Sh1.66 billion plus compound interest at 18 percent annually.
Cape Holdings has since unsuccessfully challenged the award at both the High Court and the Court of Appeal.
In its latest decision, the apex court ruled it lacks jurisdiction to hear further appeals in arbitration matters determined under Section 35 of the Arbitration Act, reinforcing the finality of such disputes.
“…this Court lacks jurisdiction to determine this application,” the judges ruled.
The court also found the case to be res judicata, noting the issues had already been conclusively determined in previous proceedings.
The ruling effectively clears the way for creditors to proceed with the attachment and possible auction of the high-value property, marking a significant enforcement case in Kenya’s commercial real estate sector.
