Tycoon Amina Hersi Choking On Debts, Bank Set To Auction Her Property

Tycoon Amina Hersi Choking On Debts, Bank Set To Auction Her Property

 

By Mable Nakibuuka

 

Business is not as usual for Somali businesswoman Amina Moghe Hersi, who opened up Atiak Sugar Factory in northern Uganda a few months ago.

As you read this, our Moles reveal that Amina, who is the investor behind powerful investments like Oasis Mall and others is choking on multi-billion debts after finding trouble in servicing her loans, banks are threatening to distress and auction some her properties in and around Kampala.

The Banks are so serious that they have since hired bailiffs from Property and Assets Recovery Trust (PART) to attach and auction properties that include; a residential house on Plot No.4 Baskerville Avenue, Kololo Kampala, a warehouse on Plot No.5, M579 Mukabya Road and M610 Banda, Kampala if the debtors who include Rabo Enterprises (U) Limited and Kingston Enterprises Limited do not clear their debts within 30 days.

Kingstone is a dealership for Hima Cement selling brands of hardware products in wholesale but the Kingstone Enterprises LTD is owned by Oasis Mall tycoon Amina.

She acts as one of the top dealers for Hima Cement and also deals in supplying roofing products at the Banda Warehouse.

Amina is the majority shareholder in Kingstone Enterprises, the official suppliers of Hima Cement, although she is also into importing cement, something that was about to spark off a war with local cement industries.

It was said she was almost pushing local cement producers out of the market and local manufacturers called on the government to review trade policies to see that low-priced imported cement is regulated.

However, it is not surprising that Amina is suffering financial troubles, because some time back she appeared on the list of city tycoons who were crying out to President Yoweri Museveni for cash bailouts such that they could service their loans.

An advert published in one of the local dailies by bailiffs ready to auction some of Amina’s properties

 

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