KAMPALA, UGANDA: Nile Fishing Company Limited, the sole distributor of Yamaha Power products in the country is facing liquidation over Shs375m debt, DailyExpress has learnt.
The development comes after the latest attachment order issued by the Commercial Division of the High Court which allowed Sanlam General Insurance Company Limited to auction the company properties including 80 motorcycles valued at Shs240m, 15 outboard engines valued at Shs105m and 10 generators valued at Shs30m.
Sanlam General Insurance Company Limited through their lawyers led by Robert Irumba convinced court that in 2016, they entered into an insurance agreement with the embattled company to provide insurance policies that included fire and allied perils, motor vehicle and cycle insurance, workmen’s compensation, performance bond, marine cargo and open cover-import export.
The lawyers last week instructed court bailiffs to execute a court directive to attach Nile Fishing Company limited properties but the exercise hit a snag after it emerged that the company has shifted the said properties which were going to be attached to unknown places.
The nonsense bailiffs briefed the lawyers that the said properties were nowhere to be seen and they started strategising on the way forward.
One of the lawyers of Sanlam General Insurance Company told local publication theGrapevine that they are not going to give up and they are planning to file an application in court to liquidate Nile Fishing Company Limited.
The management of the Nile Fishing Company Limited was unavailable for a comment on the development after a series of repetitive calls from this reporter went unanswered.
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