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…
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