5000 clients lose billions after Jomayi liquidation
At least 5000 clients stand to lose billions of shillings after Jomayi Property Consultants Ltd, previously Uganda’s leading real estate firm, has been forced into liquidation due to insolvency. The clients have for years demanded for their land titles purchased from various Jomayi estates in vain until their last hope was buried on Monday after a court decision to declare Jomayi insolvent following NC Bank's unsuccessful attempt to retrieve sh868,250,000 from Jomayi. Jomayi's debt with the NC bank started in 2018 when Jomayi entered purchase agreements with Mr. Ssemwogerere John Baptist who had mortgaged his land 50.2 acres for 1.506 billion shillings in Busiro Block 410 Plot 20, Ssisa, Wakiso District, to NC Bank Uganda Limited for loans to Value Trading Stores Limited. They agreed on six 251 million shillings installments, with overdue amounts incurring 21.5 percent interest. However, Jomayi […]