Auctioneers have criticized the Central Bank of Kenya for insisting that the Grand Regency Hotel would not have fetched a good price if it was sold through an auction.

Instead, the National Association of Kenya Auctioneers (NAKA) said that a public auction was the best option that would have yielded the best price.

Kenyan Finance Minister Amos Kimunya is stepping down during an investigation into the controversial sale of the Nairobi hotel.

Speaking to the Nation in Nairobi Sunday, NAKA members, led by chairman James Josiah, said the claim by CBK did not hold any water.

Mr Josiah said a public auction was the best way to fetch a high price for any kind of property as it was guided by a set reserve price.

“History in public auctions has shown that a property can be disposed for twice as much the reserved price,” said Mr Josiah.

The hotel was allegedly sold for about $45 million, instead of its recorded valued of $115 million.

Posted: 07|8|08 at 9:25 am. Filed under: Africa.