Pearl of Africa Hotel closed, to be auctioned after Aya loses again in court
BY URN Aya Investment Limited, which owns Pearl of Africa Hotel Kampala has again lost a bid to stay the execution of an order to auction the hotel for non-payment of loans amounting to over US$ 300 million. Three Court of Appeal judges; Fredrick Egonda-Ntende, Monica Mugenyi, and Oscar Kihika ruled that a reference filed by Aya against his financiers Industrial Development Corporation Of South Africa Limited to stay the orders of the Court of Appeal judge Christopher Gashirabake allowing the execution orders became untanable when Aya withdrew the substantive appeal on, which the stay of execution application was based. “We therefore find that following the withdrawal of Miscellaneous Application No. 271 of 2023, the application upon which the single judge decision referred to this Court was premised, this Reference is misconceived and improperly before this Court. We would therefore dismiss this Reference with costs to the Respondent,” the judges ruled. According to court records, Aya […]