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Jomayi assets on sale over debts
The Jomayi Property Consultant headquarters that is part of the properties put up for sale.
Several assets belonging to Jomayi Property Consultants including the company’s office building in Old Kampala, a stone quarry in Bulingombe, Mukono District and a piece of land in Nalumunye, Wakiso District have been put on sale over failure to pay debts amounting to more than Shs1.5b.
In a sale notice published last week, Part Property and Asset Recovery Trust, acting on behalf of Kampala Associated Advocates - representing Centenary Bank – notified Jomayi and agents therein that they would proceed to sell the above properties if the company fails to clear a Shs1.5b debt within 30 days of advert.
“We shall proceed to sell by public auction the properties… unless the borrower – Jomayi Property Consultants, pays all the monies owed to the registered mortgagee, plus further penalties, our fees and costs incurred in the process before date of sale,” the notice reads in part.
In June 2013, according to documents seen by Daily Monitor, Jomayi, using the above properties as collateral, secured Shs2.4b from Centenary Bank but has since failed to fully settle the debt obligation with a balance of Shs1.5b.
Mr Freddie David Egesa, the Jomayi risk and security manager Wednesday told Daily Monitor, Centenary Bank had acted unfairly to attaché properties, whose value is way above the debt balance.
“Jomayi is not at the level of insolvency there is a better way to treat a client who you have been with for more than 10 years. We could have had cash flow problems just like any other company but we have a well laid payment plan,” he said after the company had secured a court order staying execution of the sale.
“By way of interim relief the sale of the applicant’s properties… shall be stayed till the appeal by the respondent is heard and disposed of,” reads the order in part issued by the Commercial Court Wednesday.
Ms Allen Ayebare, the Centenary Bank corporate communications manager, told Daily Monitor Thursday she was not at liberty to discuss Jomayi pending disposal of the matter.
“Jomayi is still our [Centenary Bank] valued client and there is an ongoing process that we have chosen to take. Therefore, we are ethically barred from discussing any detail in that regard,” she said.
In July last year, Daily Monitor published a story in which Jomayi was entangled in a Shs1.1b property wrangle in Nakaseeta village, Namataba, Mukono District after the land owner, Mr Washington Kinene Mukasa, lost interest in selling his property over Jomayi’s continued failure to meet several payment schedules.
Jomayi has since January 2015 – the last month of the payment schedule - not fully paid for the same land, part of which had been sold to clients by Jomayi and another section curved into plots and developed for sale.
