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Friday, June 2, 2023

Centenary Moves To Seize Jomayi Multi-million Home At Old Kampala

As distress continues to trouble the real estate business, one of the key industry player Jomayi Property Consultants is facing the bad prospect of losing its multi-million home at Old Kampala to the Centenary Bank, this website can reveal.

The bank has appointed auctioneers already to attach the storied building sitting at the Old Kampala hill. The auctioneers are Property& Assets recovery Trust (PART) trading at Plot 42 African House in Kampala.

But that’s where Jomayi’s problems with the bank begin and end. Centenary has also put the property brokering company on notice of its intention to sell off its two estates in Kashari Mbarara, a stretch of land at Nalumunye, Seguku off Entebbe road and an estate in Buligobe, Mukono.

Working on the instructions of the bank’s lawyers of Kampala Associated Advocates, the principal director of PART, Robert Mugabe has since written to Jomayi communicating his instructions to seize and sell its home to the highest bidder.

We managed to access as well as read the said letter. The strongly worded letter is dated April 5, 2016.

Centenary is auctioning the property to recover a total of 1,298,523,892 that remains unpaid from a total of Ushs2.4Bn loan it extended to Jomayi in July 2013.

Giving a chronology of Jomayi’s failures to beat set deadlines to pay the money, the letter points out how the brokerage company was served the default way back on February 3, 2015.

According to the letter, Jomayi was given a grace period of 45 days to pay the money with an ambiguous warning that failure to do so would leave the bank with no alternative but to sell the collateral pledged during the time of securing the financing.

“In another letter of April 8, 2015 Jomayi was informed of our client’s intention to sell the mortgaged properties. Despite several reminders, Jomayi has ignored, refused and or neglected to fulfill its contractual obligations to repay the loan thereby occasioning our clients continuous loss,” the letter read.

It points out that the loan due had reached a total of 1,298,523,892 and was continuing to swell thanks to accruing interest and penalties.

Meanwhile, we understand that Jomayi has taken up the matter with the commercial court seeking to save its home and estates from auction.

Jomayi’s application is undergoing trial before Justice Chris Madrama, we have established.

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