Stanbic Bank Uganda has placed oil marketing company Mogas Group under receivership in order to recover outstanding loans. In a statement, the Bank says: “Stanbic Bank Uganda Limited has placed Mogas Group assets under receivership to recover outstanding loans, adding that Kabiito Karamagi with the Law Firm, Ligomarc Advocates, has been appointed Receiver in Uganda and is leading the takeover process of the borrower’s assets in the country.
According to Stanbic, Mogas has been a client of Standard bank group and is multi-borrowed across several jurisdictions including Uganda and the asset takeover was being applied as a last resort.
“The asset takeover is being applied as a last resort after all possible options have been explored over the last three years but regrettably failed to yield positive results,” Stanbic says in the statement.
Mogas is said to have defaulted on its loan obligations resulting in a protracted repayment negotiation that started in 2018 and has culminated in the current recovery process.
Mogas is a multinational integrated downstream oil marketing company
Pearl Bank Celebrates Customers in Festive Campaign Dubbed Pearl SantaFounded in 1987 Maestro Oil & Gas Solutions (MOGAS) is an integrated regional downstream oil marketing company with business operations ranging from international oil trading to marine and inland terminals, retail networks, and lubrication services. MOGAS has strongly positioned itself as the leading brand name for fuels, oil and lubricants in East & Central Africa with operations in Uganda, Kenya, Tanzania, Rwanda, Burundi, the Democratic Republic of Congo and the UAE.
The company’s core operating assets include state of the art marine terminals at the port of Dar es Salaam with a capacity of 40,000m3 and Port of Tanga with a of capacity 6,500m3 ; a modern inland fuel depots with a capacity of 5,000 m3 in Kampala; and in Lubumbashi, DRC with a capacity of 5,000m3 capacity.
MOGAS is the sole distributor for Castrol in Uganda and Rwanda: its specialty line of business also includes technology led and premium quality MOGAS oils and lubricants; bituminous products; penetration grades; cutbacks and emulsions; LPG and fuel oil. MOGAS offers an extensive range of automotive lubricants and industrial fluids.
