KAMPALA. A wave of fear has spread over St. Balikuddembe (Owino) Market, following a court order to have their property attached over more than Shs4billion.
The court order was issued on January 24 this year by the registrar, execution division, Mr Muse Musimbi to Baingana Bailiff and Auctioneers.
“…these are to command you to attach and sale by public auction at the time or date and subject to the conditions set out in the notification of sale, a copy whereof is sent herewith, the said immovable property in execution of the said order or as much therefore as to realize the sum of Shs4, 835, 230, 321,” reads in part the court order.
The debt arose from a loan, which Owino Market vendors under their Umbrella body of St. Balikuddembe Market Stalls, Space and Lock-Up shops Association (SSLOA) acquired from Dfcu bank in 2011 for the lease of land, on which the market sits, from Kampala Capital City Authority (KCCA).
Management of the market staked their 4.5 acres of land in Kisenyi suburb as the security for the loan. They were required to pay back the loan in five years.
On May 21, 2015, the market administration through SSLOA, signed an agreement with DFCU bank.
The two parties agreed that the market administrators would pay Shs3billion within 90 days from the date of signing the agreement. However, SSLOA management failed to honor the agreement and the interest increased.
This is the second time court is issuing a court order to have SSLOA’s property attached. On 23 August last year, the same court ordered for the attachment of the same but vendors requested for more grace period.
SSLOA Spokesperson, Mr Wilberforce Mubiru, acknowledged that they had received a court order and noted that vendors are now worried about their land, which he said, could be auctioned any time from now.
“We are working out a plan to have this issue resolved before our land is auctioned,” he told Daily Monitor.