{"id":48207,"date":"2023-04-26T10:11:52","date_gmt":"2023-04-26T10:11:52","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/all-news\/10-creditors-file-claims-at-ursb-to-recover-their-money-from-aya"},"modified":"2023-04-26T11:47:47","modified_gmt":"2023-04-26T11:47:47","slug":"10-creditors-file-claims-at-ursb-to-recover-their-money-from-aya","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/10-creditors-file-claims-at-ursb-to-recover-their-money-from-aya","title":{"rendered":"10 creditors file claims at URSB to recover their money from AYA"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>At least 10 creditors have lodged claims at the Uganda Registrations Services Bureau (URSB) through which they will seek to recover unpaid debts north of $80m due to AYA Investments.<\/p>\n

Mr Steven Baryevuga, the URSB senior communications and media relations officer, yesterday told Monitor<\/b> that on Monday they had held a meeting with 10 creditors, whose details he declined to reveal, citing client confidentiality.<\/p>\n

\u201cOnly 10 creditors showed up [in the meeting on Monday]. There will be another meeting [date not indicated] to verify claims of indebtedness by creditors who have lodged claims,\u201d he said, declining to reveal the amount of money that is due in claims.<\/p>\n

However, people familiar with the matter, yesterday told Monitor<\/b> AYA is hugely indebted, largely due to an outstanding loan due to South African lender, Industrial Development Corporation (IDC).<\/p>\n

In 2007 or there about, IDC advanced AYA $20.75m to develop a hotel project in Kampala after the $90m project had run into financial trouble.<\/p>\n

It was not immediately clear whether the loan is part of the money that creditors are seeking to recover.<\/p>\n

Sources that asked for anonymity to speak freely, indicated that AYA has an outstanding loan of about $80m that was advanced at various intervals for the construction of a hotel project around or before 2007.<\/p>\n

Monitor<\/b> also understands that Mr Robert Mugabe, the URSB director of insolvency and receivership, is managing the liquidation process.<\/p>\n

AYA has experienced numerous financial issues, many of which have ended up in court.<\/p>\n

For instance, a number of companies including Sanlam, Fresh Cuts, Total, Umeme and Kampala Capital City Authority have previously sued AYA over failure to pay for supplied goods and services.<\/p>\n

In 2018, KCCA threatened to close AYA over failure to remit hotel tax and local service tax that had accumulated to about Shs50m.<\/p>\n

However, AYA, court details indicate, disputed the claim, in a case, which is yet to be disposed of.<\/p>\n

Similarly, in 2019 Fresh Cuts petitioned court in a case in which it prayed that AYA be declared bankrupt over failure to pay Shs50m accumulated in supply of beef and related products between October and December 20217.<\/p>\n

Other claimants, Monitor<\/b> understands, include utility companies such as Umeme, statutory bodies and a number of others that have won or filed cases against AYA.<\/p>\n

In 2021, Total sued AYA over refusal to pay Shs76m, which had been accumulated in unpaid petroleum products supplied between 2017 and 2018.<\/p>\n

URSB yesterday indicated that the process, in which creditors\u2019 claims will be analysed, will take about two weeks before payments are sanctioned.<\/p>\n

However, URSB noted payment of creditors will give priority to regulators such as Uganda Revenue Authority, which shall then be followed be creditors with the highest debt portfolio.<\/p>\n

Efforts to get a comment from AYA proved futile by press time.<\/p>\n

Money due to IDC<\/b>
\nMonitor<\/b> could not readily establish whether IDC had lodged a claim to recover about $80m advanced to AYA for a $90m hotel project that it started before or in 2007.<\/p>\n

Details indicate that AYA had been acquiring loan facilities from IDC to construct the Hilton Hotel project in Kampala. However, the project has been changing names over time.<\/p>\n

AYA owns a signature hotel – Pearl of Africa Hotel – in the leafy suburbs of Nakasero, which overtime, has been quoted in a number of controversies, some of which have ended up in court.<\/p>\n

For More News And Analysis About Uganda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. At least 10 creditors have lodged claims at the Uganda Registrations Services Bureau (URSB) through which they will seek to recover unpaid debts north of $80m due to AYA Investments. Mr Steven Baryevuga, the URSB senior communications and media relations officer, yesterday told Monitor that on Monday they had held a meeting […]<\/p>\n","protected":false},"author":84,"featured_media":48205,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,240,234],"class_list":["post-48207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\n10 creditors file claims at URSB to recover their money from AYA - Uganda<\/title>\n<meta name=\"description\" content=\"At least 10 creditors have lodged claims at the Uganda Registrations Services Bureau (URSB) through which they will seek ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/10-creditors-file-claims-at-ursb-to-recover-their-money-from-aya\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"10 creditors file claims at URSB to recover their money from AYA\" \/>\n<meta property=\"og:description\" content=\"At least 10 creditors have lodged claims at the Uganda Registrations Services Bureau (URSB) through which they will seek ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/10-creditors-file-claims-at-ursb-to-recover-their-money-from-aya\" \/>\n<meta property=\"og:site_name\" content=\"Uganda\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-26T10:11:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-26T11:47:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/04\/postQueueImg_1682487726.77.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/10-creditors-file-claims-at-ursb-to-recover-their-money-from-aya#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/10-creditors-file-claims-at-ursb-to-recover-their-money-from-aya\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"10 creditors file claims at URSB to recover their money from AYA\",\"datePublished\":\"2023-04-26T10:11:52+00:00\",\"dateModified\":\"2023-04-26T11:47:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/10-creditors-file-claims-at-ursb-to-recover-their-money-from-aya\"},\"wordCount\":576,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/10-creditors-file-claims-at-ursb-to-recover-their-money-from-aya#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/04\/postQueueImg_1682487726.77.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/10-creditors-file-claims-at-ursb-to-recover-their-money-from-aya#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/10-creditors-file-claims-at-ursb-to-recover-their-money-from-aya\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/10-creditors-file-claims-at-ursb-to-recover-their-money-from-aya\",\"name\":\"10 creditors file claims at URSB to recover their money from AYA - 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