Uganda Marine Products put under receivership
Oct 29, 2007
OVER 20 suppliers of Uganda Marine Products are worried the sh600m owed to them may not be paid because the company has been put under receivership. The fish processing and exporting company was put under receivership over a $1m (sh1.7b) loan from the East African Development Bank.
By Vision Reporter
OVER 20 suppliers of Uganda Marine Products are worried the sh600m owed to them may not be paid because the company has been put under receivership. The fish processing and exporting company was put under receivership over a $1m (sh1.7b) loan from the East African Development Bank.
According to the chairman of the Uganda Integrated Fish Suppliers Association, Ponsiano Lwakataka, the company accumulated the debt in four months for the supply of 220 metric tonnes of fish.
“We are demanding our payment, but the managing director, Yogesh Grover, is nowhere to be seen. We went to the company’s receiver and manager, Fulgence Mungereza, and he didn’t help us. He instead demanded some vehicles from us, which he claims belong to the company yet we don’t have any,†Lwakataka said in the midst of 12 other complainants.
On October 18, the accounting firm of Mungereza & Kariisa was appointed receivers and managers of Uganda Marine Products.
Lwakataka said the company owes him sh159m. Other claimants include Geoffrey Lutaaya sh40m, Phillip Mulindwa sh17m, Allan Mayombwe sh167m, Juliet Katsimba sh73m, Paul Musonera sh16m, Fulgenti Ssemukasa sh23m, Bosco Lumumba sh22m, Rose Ntamala sh2m, Issa Ssekanaabi sh22m, Hajji Katenda Luutu sh3m and Hajji Katende sh1.9m.
“Our properties like houses and land are in danger if we are not cleared soon. Banks on whose money we operate are going to take them. We want the Government and other stakeholders to rescue us because the receiver seems not bothered,†Lwakataka explained.
Uganda Marine Products, a 14-year-old firm worth sh5b, is a partnership between Yogesh Grover with a majority stake, the Uganda Development Bank and Ephraim Makubuya.
OVER 20 suppliers of Uganda Marine Products are worried the sh600m owed to them may not be paid because the company has been put under receivership. The fish processing and exporting company was put under receivership over a $1m (sh1.7b) loan from the East African Development Bank.
According to the chairman of the Uganda Integrated Fish Suppliers Association, Ponsiano Lwakataka, the company accumulated the debt in four months for the supply of 220 metric tonnes of fish.
“We are demanding our payment, but the managing director, Yogesh Grover, is nowhere to be seen. We went to the company’s receiver and manager, Fulgence Mungereza, and he didn’t help us. He instead demanded some vehicles from us, which he claims belong to the company yet we don’t have any,†Lwakataka said in the midst of 12 other complainants.
On October 18, the accounting firm of Mungereza & Kariisa was appointed receivers and managers of Uganda Marine Products.
Lwakataka said the company owes him sh159m. Other claimants include Geoffrey Lutaaya sh40m, Phillip Mulindwa sh17m, Allan Mayombwe sh167m, Juliet Katsimba sh73m, Paul Musonera sh16m, Fulgenti Ssemukasa sh23m, Bosco Lumumba sh22m, Rose Ntamala sh2m, Issa Ssekanaabi sh22m, Hajji Katenda Luutu sh3m and Hajji Katende sh1.9m.
“Our properties like houses and land are in danger if we are not cleared soon. Banks on whose money we operate are going to take them. We want the Government and other stakeholders to rescue us because the receiver seems not bothered,†Lwakataka explained.
Uganda Marine Products, a 14-year-old firm worth sh5b, is a partnership between Yogesh Grover with a majority stake, the Uganda Development Bank and Ephraim Makubuya.