Management of Oxford No. 1 Hotel has dismissed reports that the facility has been taken over by a receiver appointed by Cola Holdings Ltd, insisting that the hotel remains under the possession and control of Kensington Residential Partners 1 Limited (KRP1 Ltd).

In a statement issued on Thursday, July 23, management said the hotel continues to operate under its directors and management, urging staff, customers and the general public to disregard claims that a receiver has assumed control of the facility.

According to the statement, Oxford No. 1 Hotel was developed and is managed by KRP1 Ltd, a company jointly owned by its directors, Nana Kwame Bediako, popularly known as Cheddar, and Azad Cola.

Management explained that the project was financed through shareholder capital and a loan from the International Finance Corporation (IFC), but the COVID-19 pandemic disrupted operations after the hotel opened in December 2019, affecting its ability to service the facility.

Management alleged that while KRP1 Ltd was negotiating with the IFC to restructure the loan, Mr Cola, through Cola Holdings Ltd, informed the company that he had personally settled the outstanding debt and subsequently demanded reimbursement.

It argued that as a director of KRP1 Ltd, Mr Cola had a fiduciary duty to obtain the company's approval before taking such action and further claimed that neither he nor Cola Holdings Ltd had produced evidence showing that the IFC loan had been fully repaid.

The statement said the dispute escalated after Cola Holdings Ltd secured a High Court order on July 21, 2026, appointing a receiver to take possession of the hotel.

However, management maintained that although the order authorises the Ghana Police Service to assist with enforcement, it does not take effect until seven days after it was granted.

KRP1 Ltd said it has instructed its lawyers to appeal the decision and seek an injunction restraining Cola Holdings Ltd and the appointed receiver from taking possession of the hotel pending the determination of the appeal.

It added that two earlier applications filed by Cola Holdings Ltd had been dismissed by the High Court and remain under appeal.

Management further alleged that Cola Holdings Ltd has instituted separate legal proceedings against Nana Kwame Bediako personally to recover the same amount it claims to have paid to the IFC while simultaneously seeking repayment from KRP1 Ltd.

According to the statement, this amounts to an attempt to recover the same debt twice, which it believes the courts will not permit.

Oxford No. 1 Hotel assured customers and stakeholders that its operations remain uninterrupted and urged the public to await the outcome of the ongoing legal proceedings.