The Assistant Registrar of the Commercial Division of the High Court has instructed Court bailiffs to kick-off the process of publicly auctioning the properties of Roko Construction Company Limited over Shs1.5bn debt.
Capital Debt Agency confirmed to this website that they have received instructions to recover the said amount of money and pay Pramukh Steel Company Limited, the interest and their own working fees.
“We have attached and shall proceed to sale by public auction or private treaty the judgement debtors immovable property mentioned after the expiry of 30 days from the date of this advert unless the judgment debtor pays all the moneys under decree, costs, execution costs and disbursements,” a statement issued by the court bailiffs reads in parts.
They revealed that the attachment of the properties to be auctioned has started with the headquarters of Roko situated at LRV 1532 FOLIO 9 land at Kololo Terrace Kampala city lower Kololo plot 3A.
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The bailiffs invited those interested in buying the said properties to their offices to be guided on how to inspect the property on sale and the exercise will start in the morning and end in the evening from Monday to Friday.
Roko’s troubles deepened after the Commercial Division of the High Court judge Dr Ginamia Melody Ngwatu dismissed their application to stay the execution of the order to recover the said amount of money and the judge allowed the steel rolling company to proceed with the process of recovering their money.
“In consideration of the submissions made by both counsel for the applicant and the respondent in this application, and the law pertaining to applications for stay of execution pending an appeal, this court is not convinced that the applicant has proved sufficient grounds to warrant a grant of a stay of execution. The applicant has not demonstrated that there is a serious threat of irreparable harm if execution succeeds or that the respondent is impecunious, nor has the applicant demonstrated that the appeal has a reasonable chance of success,” the judge stated.
According to court records, the steel company wants to recover USD 399,156.050 with interest, general damages and costs of the suit in the Commercial Division of the High Court.
Documents state that the steel company supplied Roko with various steel products worth USD 450,827.850 and Roko only paid USD 51,671.800 leaving a balance of USD 399,156.050 which High Court directed them to pay with 10% interest from 2020 when the case was filed in the Commercial Division of the High Court.
