Muhammed Hamid,CEO Aya Investments
Over 10 creditors have written to the Uganda Registration Services Bureau (URSB), seeking recovery of their monies from AYA Investments Uganda Ltd, which is facing liquidation over failure to pay its debts amounting to $80 million.
URSB has been appointed by court to handle the liquidation process and on Monday, they received petitions from at least 10 creditors who are seeking to recover unpaid debts from AYA Investments.
AYA Investments Uganda Ltd is owned by Muhammed Hamid, 47, and is the owner of Pearl of Africa which has rebranded to Win 5 Hotel and Spa.
AYA’s financial woes originate from the huge loan they obtained from South African lender, Industrial Development Corporation (IDC), in 2007 to develop a hotel project in Kampala.
Some of the companies seeking payment from AYA include Sanlam, Fresh Cuts, Total, Umeme and Kampala Capital City Authority, some of whom have previously sued AYA over failure to pay for supplied goods and services.
Mr Steven Baryevuga, the URSB senior communications and media relations officer said that on Monday they had held a meeting with 10 creditors in regard to the matter.
“There will be another meeting to verify claims of indebtedness by creditors who have lodged claims,” he is quoted as saying.
Mr Robert Mugabe, the URSB director of insolvency and receivership, is managing the liquidation process.
Hamid, through his AYA Group, is associated with several other investments, and in 2015, made it to Forbes’ list as the second richest African man under 40. Aya Bakery Limited, Aya Biscuits Limited, and Aya Foundation Limited, a charity helping children in need of expensive health care.
