Matooke Republic
Monday, July 7, 2025
  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos
  • Relationships
Matooke Republic
  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos
  • Relationships
No Result
View All Result
Matooke Republic
No Result
View All Result

Pearl of Africa Hotel listed for public auction after Aya fails to clear Shs614bn

Matooke Republic by Matooke Republic
September 25, 2023
in News
Reading Time: 2 mins read
18
SHARES
Share on FacebookShare on Twitter

Aya Investment’s Pearl of Africa Hotel is set to be auctioned withib 30 days if the owners fail to clear a loan that has accumulated to Shs614bn.

A sale by public auction notice was placed in the New Vision newspaper this Monday September 25,  by court bailiffs, Amstrong Limited.

This follows Aya’s failure to finance multiple credit agreements acquired from Industrial Development Corporation (IDC) of South Africa Limited between 2007 and 2017 to finance the hotel.

RELATED POSTS

Properties owned by late billionaire Aponye at risk of auction over Shs15 billion loan arrears

NUP launches probe into allegations of extortion and sexual harassment in exchange for party tickets

The initial sum lent was $81,765,318 (about Shs305b). However, by September 13, 2017, this amount had accrued to $118,817,012 (about Shs444b) due to accumulated interest.

An arbitral tribunal in South Africa, led ordered Aya to pay IDC the outstanding amount that has accumulated to Shs614b as part of the arbitral award.

IDC then sought to have the award registered as a decree of the High Court in Uganda, which would allow them to enforce it. Aya attempted to block the execution of the arbitral award by filing an application in the Court of Appeal, but this application was dismissed earlier this month, paving way for the impending auction.

The auction  notice reads:  “Upon instructions from the High Court of Uganda (Commercial Division) in Execution Misc. Application No. 275 of 2023 (arising from Arbitration Cause No. 12 of 2021 and High Court Misc. Cause No. SE1 of 2021), Industrial Development Corporation of South Africa Ltd (Judgment Creditor) vs AYA Investments (U) Limited (Judgment Debtor), and M/S MMAKS Advocates and ENS africa Advocates. Counsel for the Judgment Creditor, we shall proceed to sell the Property below together with all developments thereon by public auction pursuant to a Warrant of Attachment and Sale issued by the High Court of Uganda (Commercial Division) unless the Judgment Debtor pays to us the entire outstanding decretal sum (including interest) and our fees and costs before the fall of the hammer at the auction.”

The hotel spans 32,000 square meters and comprises 23 floors, 296 rooms, 37 suites, 2 restaurants, 3 bars, 9 meeting rooms, 15th floor executive lounges and a business centre.

Aya now has until 26th October to pay the entire sum or lose the property.

Related

Tags: Aya InvestmentsPearl Of Africa Hotel
Share7Tweet5Send
Matooke Republic

Matooke Republic

Freshly peeled info from area code 256

Related Posts

Court of Appeal rules Aya must pay Shs614b in loans and arrears borrowed from South Africa firm to set up Pearl of Africa Hotel

by Matooke Republic
2 years ago

...

Pearl of Africa Hotel stares at collapse over financial strain

by Matooke Republic
4 years ago

...

Pearl of Africa Hotel staff demonstrating.

VIDEO: Pearl of Africa hotel staff demonstrate to demand salary, say they have not been paid since the year began

by Rachael Kulanyi
5 years ago

...

Pearl of Africa Hotel and MC Kats terminate contract on ‘mutual agreement’

by Norman Mwambazi
6 years ago

...

Pearl of Africa Hotel dragged to court over failure to pay alcohol supplier

by Matooke Republic
6 years ago

...

Next Post
Jose Chameleone and Bebe Cool.

"I am ready," Chameleone tells Bebe Cool

Richard Kavuma Mulimi, a businessman in Muduuma, Mpigi district .

Mpigi businessman fakes own death to test who truly cares for him; some of his wives 'refuse' to attend

RECOMMENDED

dfcu Bank partners with Makerere University to advance research, innovation, and student support

July 6, 2025

Key Kenyan media personalities react to Bebe Cool’s Break the Chains Album

July 6, 2025
  • 643 Followers
  • 23.9k Followers

MOST VIEWED

  • Here is how to use NIRA’s new online portal to register or renew your national ID

    3830 shares
    Share 1532 Tweet 958
  • Kampala University proprietor Prof Kateregga’s wife rejects DNA results indicating one of three children is not his, demands fresh test in the United States

    90 shares
    Share 36 Tweet 23
  • DNA test confirms late MP Ssegirinya was father to only 4 of 9 children presented after his death

    90 shares
    Share 36 Tweet 23
  • Dj Karo finally wins over Cedric Babu’s heart, introduction underway

    180 shares
    Share 72 Tweet 45
  • Pastor Bugingo’s daughter Doreen Gift awarded scholarship to Arizona State University in the US

    60 shares
    Share 24 Tweet 15
Matooke Republic

Uganda's only free Newspaper. Out every Thursday. Freshly peeled info. kiwatule, Kampala, Uganda.

  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos

© Matooke Republic 2024

© Matooke Republic 2024

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.