Money & Things

Pearl of Africa Hotel Closed, Pending Auction After Aya Loses Again in Court

Kampala, Uganda | THE BLACK EXAMINER | Aya Investment Limited, the owner of Pearl of Africa Hotel in Kampala, has once again failed to prevent the auction of the hotel due to outstanding loans totaling over US$ 300 million. The Court of Appeal, composed of judges Fredrick Egonda-Ntende, Monica Mugenyi, and Oscar Kihika, ruled against Aya in a reference filed against their financiers, the Industrial Development Corporation of South Africa Limited, to halt the execution of the auction order.

Read More »