)
Pulse Uganda has learnt that Aya Investments Uganda Limited has up to 30 days to clear the debt if they are to save the Nakasero Hill Road-based hotel from public auction.
According to sources this website has been able to talk to, Aya Investments owes money to the Industrial Development Corporation (IDC), a South African firm.
An advertisement in one of the dailies that ran on Monday, September 25, 2023, indicated that Armstrong Limited, government court bailiffs, auctioneers, and debt collectors ordered M/S MMAKS Advocates and ENSafrica Advocates to put the hotel up for auction in order to recover the money.
The advert read, “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. 58 of 2021) Industrial Development Corporation of South Africa Ltd (Judgment Creditor) vs AYA Investments (U) Limited (Judgment Debtor), and M/S MMAKS Advocates and ENSafrica 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 32,000-square-meter Pearl of Hotel has 23 storeys, 296 rooms, 37 suites, 2 restaurants, 3 bars, 9 meeting rooms, executive lounges on the 15th level, and a business centre, all of which provide first-rate 5-star services.
The order to sell by public auction took effect after the Court of Appeal in Kampala ordered AYA Investment Uganda to pay the money.