Pearl of Africa Hotel closed, to be auctioned after Aya loses again in court

27 Oct 2023

BY URN

Aya Investment Limited, which owns Pearl of Africa Hotel Kampala has again lost a bid to stay the execution of an order to auction the hotel for non-payment of loans amounting to over US$ 300 million.

Three Court of Appeal judges; Fredrick Egonda-Ntende, Monica Mugenyi, and Oscar Kihika ruled that a reference filed by Aya against his financiers Industrial Development Corporation Of South Africa Limited to stay the orders of the Court of Appeal judge Christopher Gashirabake allowing the execution orders became untanable when Aya withdrew the substantive appeal on, which the stay of execution application was based.

“We therefore find that following the withdrawal of Miscellaneous Application No. 271 of 2023, the application upon which the single judge decision referred to this Court was premised, this Reference is misconceived and improperly before this Court. We would therefore dismiss this Reference with costs to the Respondent,” the judges ruled.

According to court records, Aya Investments Limited which belongs to businessman Muhammad Hamid between 2007 and 2017, and Industrial Development Corporation of South Africa executed various Financial Credit Agreements as well as Security Agreements, to finance the construction of the Pearl of Africa hotel.  Following a breakdown in the business relationship between the parties and the supposed default by Aya on its financial obligations, his financiers instituted foreclosure proceedings under the Ugandan legal regime as provided under the Security Agreements.

Aya objected to these proceedings instead opting for arbitration as provided in the loan agreements they had signed. He also obtained restraining orders against the foreclosure proceedings until the arbitration process plays out in South Africa. He also went ahead and instituted Civil suit No. 937 of 2017 that was grounded in contempt of court and breach of contract; to which his financiers responded by filing an application that sought to refer all the matters in the said suit to arbitration.

The arbitration process ended in the favour of the financiers, who also sought orders from the High Court to execute them. This prompted Aya to file an application challenging the high court decision to allow the execution of the arbitral orders that included the closure of the hotel.  He lost the application, which was heard by a single judge of the Court of Appeal; Gasharibake hence prompting him to file a reference seeking the matter to be heard by three judges of the court.

When the matter came up for hearing in court, the lawyers representing the Industrial Development Corporation raised a preliminary point of law that the application for leave to appeal upon which the stay of execution was premised had been withdrawn, there was no legal basis for the reference. It is this objection that the court upheld.

“It follows therefore that Miscellaneous Application No. 271 of 2023 having since been withdrawn by the Applicant, the substratum of the present Reference stands removed, leaving it with no legal or procedural basis. The supposedly automatic right of appeal based on contempt of court illegality would not cure this defect as it was not pleaded either by an amendment to the original application or to the present reference,”  the court ruled.

If not appealed in the Supreme Court, this ruling means that Pearl of Africa Hotel that is located on Nakasero Hill on the land that previously belonged to the Uganda Broadcasting Corporation, the national broadcaster will indeed go up for action in order to clear the debts that its owner has accrued over the years. Hamid has already called for help from President Yoweri Museveni against what he called mafiosi aimed at dispossessing him. Museveni has not yet weighed in at least publicly on the matter.

Previously, he has bailed out businessmen stressed by loans the latest being Patrick Bitature, the owner of Protea Hotel who was also on the verge of collapse after another financier from South Africa demanded more than US$ 30 million in principal and in interest accruing from a loan that had been granted to him and failed to honor.

 

Post Views: 990

Share a story, comment or opinion

Got news or feedback about this story or others? We’d love to hear from you.

✉️ info@dailysecrets.net | 📞 Call / WhatsApp: 256726 054 858 | 💬 Message on WhatsApp

RELATED STORIES

newsday image photo

SH-ACU, NDC Anti-Corruption Debate Competition set for Friday

05 Dec 2024
newsday image photo

Vitol, UNOC now accused of failure to protect petroleum products from adulteration, siphoning

05 Aug 2025
newsday image photo

Kampala Lawyer Nalukoola Wins NUP Flag

12 Feb 2025
222 comments

  5. This design is spectacular! You most certainly know how to keep a reader entertained. Between your wit and your videos, I was almost moved to start my own blog (well, almost…HaHa!) Fantastic job. I really enjoyed what you had to say, and more than that, how you presented it. Too cool!

    https://betterbranddesigner.com/

  9. Hello! Would you mind if I share your blog with my facebook group? There’s a lot of folks that I think would really enjoy your content. Please let me know. Thanks

    https://www.location.uy/

  10. Hi, Neat post. There is a problem with your site in internet explorer, would test this… IE still is the market leader and a big portion of people will miss your wonderful writing due to this problem.

    https://tfgarquitectura.com

  12. can you play online pokies in united states for real money, new zealandn poker online free
    game and online gambling united states poker, or $10
    deposit usa casinos

    Feel free to surf to my web site; six line roulette

  14. I’m impressed, I have to say. Actually hardly ever do I encounter a weblog that’s both educative and entertaining, and let me let you know, you’ve got hit the nail on the head. Your concept is outstanding; the difficulty is something that not sufficient people are speaking intelligently about. I am very glad that I stumbled throughout this in my seek for one thing relating to this.

    https://www.gorillasafariscompany.com/

  21. I as well as my buddies happened to be examining the good secrets found on the website and then immediately got an awful feeling I never expressed respect to the site owner for those techniques. Most of the guys became totally joyful to read them and already have seriously been enjoying those things. Thank you for actually being considerably kind as well as for picking out this kind of excellent subject areas most people are really desirous to be informed on. My sincere apologies for not expressing appreciation to you earlier.

    https://buffsports.io/watch-formula-1

  23. Hi, Neat post. There is a problem with your website in internet explorer, could test thisK IE still is the marketplace leader and a big element of people will leave out your wonderful writing because of this problem.

    https://cracksports.me/epl-streams

  24. Pretty section of content. I just stumbled upon your website and in accession capital to claim that I get in fact enjoyed account your weblog posts. Any way I’ll be subscribing on your augment and even I achievement you get admission to constantly rapidly.

    https://cracksports.me/

  25. Unquestionably believe that which you stated. Your favorite justification seemed to be on the internet the simplest thing to be aware of. I say to you, I certainly get irked while people consider worries that they plainly do not know about. You managed to hit the nail upon the top and also defined out the whole thing without having side effect , people could take a signal. Will probably be back to get more. Thanks

    https://mlbbox.me/baseball-streams

  55. netent casino list usa, are is there a casino in Venice italy (i9energia.ind.br)
    casinos in saskatchewan united kingdom and new casino sites uk no deposit
    bonus, or canadian online slot machines

  57. fair go casino united kingdom, are there casinos in saskatchewan united
    kingdom and poker stars uk offers, or gambling age in the
    usa

    Here is my site … genuine buddy blackjack for sale (Eli)

  58. You can shelter yourself and your ancestors by way of being cautious when buying pharmaceutical online. Some druggist’s websites manipulate legally and offer convenience, privacy, sell for savings and safeguards over the extent of purchasing medicines. buy in TerbinaPharmacy https://terbinafines.com/product/synthroid.html synthroid

  59. free poker sites uk, best no deposit bonus casino usa and online morris suite saratoga casino (Francesca) usa free bonus no deposit, or dollar 5 deposit
    online casino united kingdom

  60. native american casino documentary, Jim, sites uk no deposit bonus,
    are there any legal online poker sites in australia and play online bingo for real money canada, or bingo united
    kingdom on gsn

  62. ausaa ca jeju shinhwa world casino (Katja), mini
    slot machine united states and new zealand bingo how to play, or top online pokies and
    casinos united statesn league

  78. I am so happy to read this. This is the type of manual that needs to be given and not the random misinformation that’s at the other blogs. Appreciate your sharing this greatest doc.

    https://jzhailian.com/

  93. kuwin sở hữu kho game đa dạng từ slot đến trò chơi bài đổi thưởng, mang đến cho bạn những giây phút giải trí tuyệt vời.

  95. kuwin sở hữu kho game đa dạng từ slot đến trò chơi bài đổi thưởng, mang đến cho bạn những giây phút giải trí tuyệt vời.

  96. iwin – nền tảng game bài đổi thưởng uy tín, nơi bạn có thể thử vận may và tận hưởng nhiều tựa game hấp

  99. Hey! Quick question that’s totally off topic. Do you know how to make your site mobile friendly? My blog looks weird when browsing from my apple iphone. I’m trying to find a template or plugin that might be able to resolve this problem. If you have any suggestions, please share. Appreciate it!

    https://allthatjazzuk.com/

  103. iwin – nền tảng game bài đổi thưởng uy tín, nơi bạn có thể thử vận may và tận hưởng nhiều tựa game hấp

  105. Thank you for some other informative site. The place else may I get that kind of information written in such a perfect approach? I have a undertaking that I am just now running on, and I’ve been at the look out for such info.

    https://buffsports.io/watch-hockey

  106. iwin – nền tảng game bài đổi thưởng uy tín, nơi bạn có thể thử vận may và tận hưởng nhiều tựa game hấp

  107. Khám phá thế giới giải trí trực tuyến đỉnh cao tại MM88, nơi mang đến những trải nghiệm cá cược thể thao và casino sống động.

  108. I beloved up to you’ll receive carried out proper here. The sketch is attractive, your authored subject matter stylish. nevertheless, you command get bought an edginess over that you want be turning in the following. sick no doubt come more in the past again since exactly the similar just about a lot ceaselessly inside of case you shield this increase.

    https://www.gorillasafariscompany.com/

  119. ORBS Production https://filmproductioncortina.com is a full-service film, photo and video production company in Cortina d’Ampezzo and the Dolomites. We create commercials, branded content, sports and winter campaigns with local crew, alpine logistics, aerial/FPV filming and end-to-end production support across the Alps. Learn more at filmproductioncortina.com

  120. Хочешь развлечься? купить гашиш федерация – это проводник в мир покупки запрещенных товаров, можно купить гашиш, купить мефедрон, купить кокаин, купить меф, купить экстази, купить альфа пвп, купить гаш в различных городах. Москва, Санкт-Петербург, Краснодар, Владивосток, Красноярск, Норильск, Екатеринбург, Мск, СПБ, Хабаровск, Новосибирск, Казань и еще 100+ городов.

  123. Khám phá thế giới giải trí trực tuyến đỉnh cao tại MM88, nơi mang đến những trải nghiệm cá cược thể thao và casino sống động.

  125. Khám phá thế giới giải trí trực tuyến đỉnh cao tại MM88, nơi mang đến những trải nghiệm cá cược thể thao và casino sống động.

  134. Технологически продвинутая платформа кракен официальный сайт использует луковую маршрутизацию Tor через минимум шесть узлов с многоуровневым шифрованием для анонимности.

  139. It’s a shame you don’t have a donate button! I’d certainly donate to this excellent blog! I guess for now i’ll settle for book-marking and adding your RSS feed to my Google account. I look forward to new updates and will share this website with my Facebook group. Chat soon!

    https://youtu.be/cvZbYEtcFE0

  142. Free video chat beta emerald chat find people from all over the world in seconds. Anonymous, no registration or SMS required. A convenient alternative to Omegle: minimal settings, maximum live communication right in your browser, at home or on the go, without unnecessary ads.

  148. Нужна работа в США? курсы диспетчера в сша : работа с заявками и рейсами, переговоры на английском, тайм-менеджмент и сервис. Подходит новичкам и тем, кто хочет выйти на рынок труда США и зарабатывать в долларах.

  152. Децентрализованная инфраструктура позволяет кракен маркет даркнет работать через распределенные серверы в множестве юрисдикций с полным шифрованием баз данных и микросервисной архитектурой.

  153. Официальный kraken onion адрес версии v3 содержит 56 символов для максимальной криптографической защиты соединения внутри распределенной Tor сети анонимизации.

  154. Hi my family member! I want to say that this article is amazing, great written and include approximately all important infos. I’d like to see more posts like this .

  156. Howdy would you mind letting me know which web host you’re working with? I’ve loaded your blog in 3 different internet browsers and I must say this blog loads a lot faster then most. Can you suggest a good web hosting provider at a fair price? Cheers, I appreciate it!

    https://cracksports.me/la-liga-streams

  162. Verified platform here invites business owners into the comprehensive database of virtual goods. A key benefit of this platform is the availability of an extensive educational hub, where you can find working tutorials regarding SMM. Inside the guides, our team shares tips regarding anti-detect browsers to boost results in your marketing efforts. Our inventory features pages for FB, Insta, Telegram for all needs: from freshly registered to farmed business managers with cookies.

  163. Great blog here! Also your site loads up very fast! What web host are you using? Can I get your affiliate link to your host? I wish my website loaded up as fast as yours lol

  165. Somebody essentially help to make seriously articles I would state. This is the first time I frequented your web page and thus far? I surprised with the research you made to make this particular publish amazing. Wonderful job!

    https://thenoblehackers.com/

  167. Top marketplace https://forum.reallusion.com/Users/2943295/Forum545.aspx welcomes webmasters into our huge catalog of marketing tools. The core value of our service lies in the availability of an private educational hub, filled with fresh guides about social media marketing. We cover methods to launch campaigns properly and how to avoid bans when using social networks. Buying here, you get more than just valid accounts, as well as responsive customer service, guarantees plus affordable prices in the industry.

  173. Surprisingly good post. I really found your primary webpage and additionally wanted to suggest that have essentially enjoyed searching your website blog posts. Whatever the case I’ll always be subscribing to your entire supply and I hope you jot down ever again soon!

  179. Quel est le meilleur casino en ligne France pour jouer en toute sécurité en 2025 ? Il faut dire qu’aujourd’hui, trouver un site de casino en ligne fiable n’est pas une mince affaire. Il est très facile de se perdre parmi l’offre grandissante des casinos français en ligne. Mais pas de panique, nous sommes là ! Dans ce guide, nos experts vous présentent un classement complet pour vous aider à choisir le casino en ligne gratuit ou en argent réel qui correspond à vos attentes à 100 %. Chez nous, pas d’embrouille ni de coup fourré. Notre credo ? Vous faire découvrir les meilleurs casinos en ligne France du moment pour vous faire profiter pleinement de vos jeux de casino favoris. Suivez le guide !

  180. Fort de l’essor croissant des sites de casino en France, vous recherchez certainement le meilleur casino en ligne sécurisé et offrant des retraits rapides. Consciente de cela, notre équipe a pris le soin d’évaluer plusieurs casinos pour ne retenir que les meilleurs pour 2025, comme Unibet, Betclic ou Winamax. Nous avons analysé chaque casino en ligne en France selon les critères suivants : licence, sécurité, paiement, offres de bonus et jeux. Découvrez nos meilleures recommandations dans ce guide.

  181. Déterminer quel casino en ligne est réellement adapté pour miser de l’argent véritable s’avère bien plus délicat qu’on pourrait le penser. En 2025, le secteur français des jeux virtuels connaît une croissance rapide, mettant à disposition plus de 200 plateformes certifiées accessibles aux joueurs nationaux. Cette multitude d’options rend la sélection d’un site fiable et agréable encore plus exigeante.C’est pour cette raison que notre classement s’appuie sur une analyse rigoureuse. L’ensemble des casinos en argent réel mentionnés ici ont été examinés en détail avant d’être ajoutés. La sécurité des utilisateurs demeure au cœur de nos priorités, et notre objectif est de vous éviter les dangers associés aux sites non fiables, de plus en plus nombreux sur le web.

  182. Vous recherchez un casino en ligne France à la fois fiable et divertissant ? Découvrez notre liste des meilleurs sites de casino où jouer ! Notre équipe évalue chaque plateforme selon des critères précis : la licence, la variété de jeux, la rapidité des paiements et l’expérience utilisateur. Après analyse, le meilleur casino en ligne reste Winamax, reconnu pour sa sécurité et sa régulation exemplaire. Notre classement de 2025 réunit les casinos en ligne les plus adaptés aux joueurs français, garantissant confiance, transparence et plaisir de jeu responsable.

  184. La plateforme xbet burkina: paris sportifs en ligne, matchs de football, evenements en direct et statistiques. Description du service, marches disponibles, cotes et principales fonctionnalites du site.

  185. Site web 1xbet rdc apk – paris sportifs en ligne sur le football et autres sports. Propose des paris en direct et a l’avance, des cotes, des resultats et des tournois. Description detaillee du service, des fonctionnalites du compte et de son utilisation au Congo.

  186. La plateforme en ligne 1xbet burkina apk: paris sportifs en ligne, matchs de football, evenements en direct et statistiques. Description du service, marches disponibles, cotes et principales fonctionnalites du site.

  188. With CatchON TV, you’ll enjoy the ultimate TV experience — access over 24000 live channels and 90000+ movies and series. Stream everything you love, …

  189. Современная Стоматология в Воронеже лечение кариеса, протезирование, имплантация, профессиональная гигиена и эстетика улыбки. Квалифицированные специалисты, точная диагностика и забота о пациентах.

  194. I think this is among the so much vital info for me. And i’m happy reading your article. But wanna remark on few common issues, The site style is wonderful, the articles is really excellent : D. Just right job, cheers

  196. Ho88 là một trong những nhà cái uy tín hàng đầu tại Việt Nam, cung cấp đa dạng các dịch vụ cá cược như thể thao, casino trực tuyến, và xổ số.

  199. Simply want to say your article is as amazing. The clarity in your post is just great and i can assume you’re an expert on this subject. Fine with your permission allow me to grab your feed to keep up to date with forthcoming post. Thanks a million and please keep up the gratifying work.

  202. That’s some inspirational stuff. Never knew that opinions might be this varied. Thanks for all the enthusiasm to supply such helpful information here.

  203. Greetings, have tried to subscribe to this websites rss feed but I am having a bit of a problem. Can anyone kindly tell me what to do?’

  204. I have been exploring for a little for any high quality articles or blog posts on this kind of house . Exploring in Yahoo I ultimately stumbled upon this site. Studying this information So i’m satisfied to show that I have an incredibly excellent uncanny feeling I found out exactly what I needed. I such a lot indisputably will make certain to don’t forget this site and give it a glance regularly.

    https://www.fdertolmrtokev.com

  205. Hiya, I’m really glad I’ve found this information. Nowadays bloggers publish only about gossips and net and this is really irritating. A good site with interesting content, this is what I need. Thanks for keeping this website, I’ll be visiting it. Do you do newsletters? Cant find it.

    https://www.fdertolmrtokev.com

  210. заказать растение кока

    Травяные смеси для ароматерапии помогают расслабиться и сосредоточиться. Натуральные компоненты, такие как мята, шалфей и лаванда, создают приятный аромат, способствуют спокойствию и гармонии. Их удобно использовать дома или на природе, они безопасны и легальны. Регулярное использование помогает снять стресс, улучшить настроение и зарядиться энергией. Это отличная альтернатива вредным привычкам для заботы о себе и окружающих

  212. kraken оригинальная ссылка

    Травяные смеси для ароматерапии помогают расслабиться и сосредоточиться. Натуральные компоненты, такие как мята, шалфей и лаванда, создают приятный аромат, способствуют спокойствию и гармонии. Их удобно использовать дома или на природе, они безопасны и легальны. Регулярное использование помогает снять стресс, улучшить настроение и зарядиться энергией. Это отличная альтернатива вредным привычкам для заботы о себе и окружающих

  215. kraken vk01 xyz

    Травяные смеси для ароматерапии помогают расслабиться и сосредоточиться. Натуральные компоненты, такие как мята, шалфей и лаванда, создают приятный аромат, способствуют спокойствию и гармонии. Их удобно использовать дома или на природе, они безопасны и легальны. Регулярное использование помогает снять стресс, улучшить настроение и зарядиться энергией. Это отличная альтернатива вредным привычкам для заботы о себе и окружающих

  216. kraken darknet marker ссылка

    Травяные смеси для ароматерапии помогают расслабиться и сосредоточиться. Натуральные компоненты, такие как мята, шалфей и лаванда, создают приятный аромат, способствуют спокойствию и гармонии. Их удобно использовать дома или на природе, они безопасны и легальны. Регулярное использование помогает снять стресс, улучшить настроение и зарядиться энергией. Это отличная альтернатива вредным привычкам для заботы о себе и окружающих

  217. кракен онион

    Травяные смеси для ароматерапии помогают расслабиться и сосредоточиться. Натуральные компоненты, такие как мята, шалфей и лаванда, создают приятный аромат, способствуют спокойствию и гармонии. Их удобно использовать дома или на природе, они безопасны и легальны. Регулярное использование помогает снять стресс, улучшить настроение и зарядиться энергией. Это отличная альтернатива вредным привычкам для заботы о себе и окружающих

  218. шаманское рапэ

    В глубинах холодного моря жил древний Кракен, охранявший зеркала памяти. Эти зеркала не отражали лица — они показывали страхи, мечты и забытые решения каждого, кто осмеливался взглянуть в их гладь. Когда шторм поднимался, щупальца Кракена тянулись к поверхности, защищая зеркала от жадных глаз. Моряки верили: если зеркало треснет, море потеряет равновесие. Поэтому легенда учила уважать тайны глубин и помнить, что не каждое отражение стоит искать.

  219. семена психоделиков

    В глубинах холодного моря жил древний Кракен, охранявший зеркала памяти. Эти зеркала не отражали лица — они показывали страхи, мечты и забытые решения каждого, кто осмеливался взглянуть в их гладь. Когда шторм поднимался, щупальца Кракена тянулись к поверхности, защищая зеркала от жадных глаз. Моряки верили: если зеркало треснет, море потеряет равновесие. Поэтому легенда учила уважать тайны глубин и помнить, что не каждое отражение стоит искать.

  220. Very nice post. I just stumbled upon your blog and wanted to say that I’ve really enjoyed browsing your blog posts. In any case I’ll be subscribing to your rss feed and I hope you write again soon!

  221. Spot on with this write-up, I actually assume this website needs far more consideration. I will in all probability be once more to learn rather more, thanks for that info.

Leave a reply

NEWSLETTER

Enter your email address below to subscribe to my newsletter

CONNECT & FOLLOW
Politics