High Court grants police assistance order for Receiver to take possession of Cheddar’s No. 1 Oxford Street Hotel

The Accra High Court has reportedly authorized the police to assist a Receiver in taking possession of No. 1 Oxford Street Hotel, following a $14.9 million judgment debt reportedly owed by Kensington Residential Partners 1 Ltd to Cola Holdings Limited.

The luxury property is said to have been provided as mortgaged collateral. However, businessman and 2024 presidential candidate Nana Kwame Bediako, popularly known as Cheddar, maintains that the loan is a corporate obligation and not a personal debt.

The development has sparked fresh discussions about the businessman’s financial and legal affairs.

The order, made by Justice Samuel Faraday Johnson on July 21, followed an application by Cola Holdings and the Receiver after they informed the court that they had been unable to obtain possession of the property peacefully.

In its ruling, the court held that Cola Holdings had registered its security interest over the property at the Collateral Registry and had obtained a Memorandum of No Objection to realise its security.

Justice Faraday Johnson further held that, under the Borrowers and Lenders Act, 2020 (Act 1052), the company was entitled to seek police assistance after it was unable to obtain possession of the property without resistance.