• EDITORIAL POLICY
  • ABOUT US
PML Daily
No Result
View All Result
  • Home
  • NEWS
    • Politics
    • Education
    • Regional
    • Africa
    • World
  • INVESTIGATIONS
    • National Archives
    • Special Reports
  • OpEd
  • BUSINESS
    • Agriculture
    • Tech
    • Finance
  • FEATURES
    • Health
    • Tours & Travel
    • Entertainment
    • Society
  • COLUMNISTS
    • The Suited Penguin
  • SPORT
  • Jobs
  • Magazines
  • Home
  • NEWS
    • Politics
    • Education
    • Regional
    • Africa
    • World
  • INVESTIGATIONS
    • National Archives
    • Special Reports
  • OpEd
  • BUSINESS
    • Agriculture
    • Tech
    • Finance
  • FEATURES
    • Health
    • Tours & Travel
    • Entertainment
    • Society
  • COLUMNISTS
    • The Suited Penguin
  • SPORT
  • Jobs
  • Magazines
No Result
View All Result
PML Daily
No Result
View All Result
Home BUSINESS

Tycoon Abid Alam in loans trouble as creditors target his Jinja factory

JAVIRA SSEBWAMI | PML Daily Staff WriterbyJAVIRA SSEBWAMI | PML Daily Staff Writer
November 9, 2019
14 1
20
SHARES
210
VIEWS
FacebookWhatsAppTwitter
Struggling tycoon Abid Alam in trouble for defaulting on huge loans. (PHOTO/File)

K

AMPALA — Tycoon Abid Alam is in trouble for defaulting on loans worth over USD 10 million.

Reports indicate that his Jinja based Rolling Steel Mills is facing auction over a huge debt owed to a top city bank, whose name is withheld over customer confidentiality.

It is reported that over the last few weeks, the bank in question has published notices, backed by the Court Order to have Abid Alam’s property put under receivership over its non-performing loans.

The flashy businessman has become a poster boy for defaults on massive loans piled up after the Busoga Kingdom allegedly cancelled title deeds to large chunks of land  that were associated with him.

Some of the land is said to have been used to secure loans in excess of  USD 10 million from two banks.

He defaulted on the loans.

Abid Alam has been entangled in several court cases, most of them involving land ownership.

It is said the tycoon’s whole business empire is scrambling over the same only that banks usually treat corporate customers with kid gloves — often bending over backwards to accommodate their needs.

Most lenders are willing to disburse quick loans to the wealthy businessmen on friendlier terms in an effort to entice them to bring more business — a strategy that has, however, left many exposed.

His Alam Group is involved in steel manufacture, aluminum processing, agricultural implements, footwear, sugar manufacture, electricity generation, floriculture, real estate development and management, tourist lodges and motels and the manufacture of liquid petroleum gas, among other investments.

Related

Leave a comment

Tags: Abid alarmBusoga Kingdomtop

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe

Advertisement

About

The PML Daily, published via www.pmldaily.com is a publication of Post Media Ltd, a professional Digital/New Media company in Uganda.

Follow us



  • EDITORIAL POLICY
  • ABOUT US

© 2022

No Result
View All Result
  • Home
  • NEWS
    • Politics
    • Education
    • Regional
    • Africa
    • World
  • INVESTIGATIONS
    • National Archives
    • Special Reports
  • OpEd
  • BUSINESS
    • Agriculture
    • Tech
    • Finance
  • FEATURES
    • Health
    • Tours & Travel
    • Entertainment
    • Society
  • COLUMNISTS
    • The Suited Penguin
  • SPORT
  • Jobs
  • Magazines

© 2022

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist