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Zari Hassan

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Red Pepper Uganda
Red Pepper

The Pepper  Publications Ltd.
Plot 2388 Jinja Road Namanve
P.O.Box 7335
Tel 0414-597463,
Fax 0414-290190 

Highlights and Lead Stories from the Red Pepper Uganda's first Tabloid.

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Friday, November 10 2006

 UBC Land Investors in Hot Scandal

AYA BROTHERS CON BANKS OF SHS 37 BILLION
CHOGM Hotel Project Hits Dead End

Now this is a Mega Scandal ! A cereals company owned by the AYA Brothers is on big trouble after it scooped credit close to $20m and allegedly stocked grain in a suspicious attempt to dupe bank inspectors.The Kawempe based Pan Afric Commodities was on Friday raided by Bank agents and security personnel and it risks getting its assets seized.Pan Afric Commodities,a one time major dealer and exporter of grain,acquired loans from various financial institutions to what our sources said it was close to $20m.Pan Afric Commodities presented as collateral their grain stocks in Kampala,Johannesburg and a European Capital.The firm got financing after Cotechna Inspection,contracted by banks to supervise collateral,gave it a clean bill of health.But Cotechna kept supervising the management of the collateral in order to advise banks accordingly.Pan Afric Commodities kept a regular fleet of trailer trucks ,loaded with produce at the Kawempe silo site.The silos too were full.This gave the impression that the silos were full of grain and more on the trucks indicating booming business.Whenever the inspection team arrived this is what they found.But Cotechna became suspicious when,for some reason Pan Afric Commodities stopped buying produce.It was no longer servicing loans.Worse still it had not paid suppliers for along time.After complaints from various quarters ,Cotechna on Wednesday made a simultaneous raid at all Pan Afric silo sites in Uganda,and South Africa,this time inspecting each and every silo.And then the shock!The Inspectors were astounded to find that the silos were full of what looked like husks not grain.All along the Cotechna inspectors thought the silos were full of grain .The presence of the trucks loaded every day gave the impression of booming business.How wrong they were!

Sources said this put the planned Hilton Hotel at great risk ,since there 14 acres of  prime land at Nakasero allocated to the AYA Brothers for the Hotel might also be seized by Banks.President Museveni used his prerogative to allocate the land to the Aya brothers on a 99-year lease.He later ordered for the lease to be slashed to 49 years after the Aya brothers failed to start construction on time.The Proposed Hotel led to the rapid demolition of the Uganda Television studios and office at Nakasero.The much-hyped hotel estimated to cost $90m was meant to grace the Kampalaskyline by next July ahead of the Commonwealth conference slated for November next year.

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