Investor blocks sale of Ssebagala property over debt

An Investment funder has asked court to block attempts by loan provider Grofin Africa Fund Uganda Limited, to auction prime land in the city suburb of Kololo, owned by debt-ridden electrical dealer Meddie Ssebaggala of Ssebaggala Sons Electro Centre.

On April 18, Equinox International Limited filed an application at the civil division of the High Court in Kampala, blocking the auction, until court decides on whether the electrical dealership should be dissolved.
A notice has been published by Grofin, indicating that the intended auction is scheduled for April 28.

The land is comprised in LRV 2373 Folio 18 Mackenzie Vale. Through Lutaakome and Company Advocates, the investment funder is seeking an interim order restraining any auction, scheduled for April 28.
Equinox managing director Ali Ssendijja has sworn an affidavit in support, saying he has seen a notice of the intended auction and in the event that it proceeds, the investment funder’s main case will be rendered useless.

“It is apparent that the first respondent (Grofin) is determined to proceed with the sale or disposal of the second respondent’s (Ssebaggala) said property as per the said advert,” Ssendijja laments.
Adding: “If this application is not granted, the purpose of the main application will be rendered nugatory.
Prior on April 5, Equinox petitioned court, seeking to liquidate the electrical dealer over purported failure to pay a sh2.1b credit facilitation.

Source: http://www.newvision.co.ug/new_vision/news/1452217/investor-blocks-sale-...