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Gen Saleh Base, Serene Suites Hotel, Auctioned over Bank Loan

Serene Suites has been auctioned to recover a bank loan

Serene Suites, pharmacy http://citadelgroup.com.au/wp-content/plugins/woocommerce/i18n/states/ar.php a plush hotel associated to Gen Salim Saleh has been put on the market by auctioneers, rx http://coachesacrosscontinents.org/wp-admin/includes/noop.php Chimp Corps report.

Saleh, check http://chernichovsky.com/wp-content/plugins/sitepress-multilingual-cms/inc/translation-management/tm-notification.class.php a brother to President Museveni, is the Senior Presidential Advisor on Defence and Security.

According to the announcement, Serene Suites located in Mutundwe, Kampala reneged on its commitment to pay back a loan from a commercial bank.

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Serene Suites was among the private companies seeking a bail out from government.

The hotel, which employs 100 staff, owes Uganda Development Bank a staggering Shs 36bn.

It was agreed that failure to back the loan, the bank would “proceed to sell these properties together with developments thereon by public auction”.

The hotel proprietors will lose their assets if they don’t pay back the money within 30 days.

The facility located in Kibuga, Block 32, plot 317 at Mutundwe, sits on 0.23 hectares.

Records indicate Esther Ampumuza, Kiremire Barigye and Jane Barigye have a stake in the hotel and its assets.

Serene was among the companies that attribute their financial woes to high interest rates; an unstable shilling and poor performance of the economy.

The Central Bank maintains private companies must always consider insurance for their businesses instead of waiting for bail outs from government during harsh economic times.

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