Game Theory
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- Sep 5, 2006
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Kwanzaufisadi PPF ambapo wanajilipa milioni 200 kila mmoja kwenye bodi
sasa huku LAPF nako mambo si shwari
Inaonekana kuwa huyu CEO wa LAPF ana akli kama ya Panzi...yaani mtu halipi kodi , kisha wanamkopesha halafu anaendelea kukaa bure, halafu anasema hajui alikokimbilia!!!
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Business & Finance
Local fund tracking SA hotelier defaulter
LOCAL Authorities Pensions Fund (LAPF) has said it was making on-going efforts to trace the whereabouts of a South African investor who bolted out of the country without recovering nearly 2bn/- debt as rental arrears.
The firm, African Sky Hotels and Resorts was running the former Millennium Towers Hotel in Dar es Salaam before leaving the country without clearing its rental bills.
Mr Eliud Sanga, the LAPF Director General told the Daily News in an interview in Dar es Salaam over the weekend that after quitting to South Africa, the defaulting company changed its address thus becoming difficult to trace its whereabouts.
He said instead the pension fund has reported the matter to the Attorney General (AG) and to the Ministry of Foreign Affairs and International Co-operation for further legal measures including communicating with the South African counterparts.
The defaulter is an international firm, thus there is no way LAPF can deal directly with it without involving the government institutions , Mr Sanga said.
Mr Sanga said the Parliamentary Oversight Committee had warned them to avoid incurring loss by spending too much money in tracing and prosecuting the defaulter and instead involve the government instruments to handle the matter.
He said the firm which became LAPF tenant for a long time, had problems paying the rent, repaying the loan that we (LAPF) gave it and paying other related running costs of its own hotel.
He said after staying a long time without settling its rent arrears, in November, 2007 LAPF decided to evict defaulting tenant G.K. Hotels and Resorts, a subsidiary of African Sky Hotels and Resorts.
Instead of paying the debt, the South African firm filed a suit No. 35 of 2007 at the High Court (Commercial Division), questioning the decision to evict them without following the contract's clause on arbitration.
As time passed by and the case hearing continuing, the firms representative escaped from the country and changed their address. The debt in question constitutes 1.2bn/- in rent arrears for the hotel premises within the Millennium Towers complex in the city and over 600m/- in accumulated cash loan payments plus a 28m/- electricity bill dating back to the year 2006 and other miscellaneous fees.
The defaulting firm will be obliged to pay the debt and all the other costs from the point when LAPF started seeking payment of the debt to the present moment.
Daily News | Local fund tracking SA hotelier defaulter
sasa huku LAPF nako mambo si shwari
Inaonekana kuwa huyu CEO wa LAPF ana akli kama ya Panzi...yaani mtu halipi kodi , kisha wanamkopesha halafu anaendelea kukaa bure, halafu anasema hajui alikokimbilia!!!
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Business & Finance
Local fund tracking SA hotelier defaulter
LOCAL Authorities Pensions Fund (LAPF) has said it was making on-going efforts to trace the whereabouts of a South African investor who bolted out of the country without recovering nearly 2bn/- debt as rental arrears.
The firm, African Sky Hotels and Resorts was running the former Millennium Towers Hotel in Dar es Salaam before leaving the country without clearing its rental bills.
Mr Eliud Sanga, the LAPF Director General told the Daily News in an interview in Dar es Salaam over the weekend that after quitting to South Africa, the defaulting company changed its address thus becoming difficult to trace its whereabouts.
He said instead the pension fund has reported the matter to the Attorney General (AG) and to the Ministry of Foreign Affairs and International Co-operation for further legal measures including communicating with the South African counterparts.
The defaulter is an international firm, thus there is no way LAPF can deal directly with it without involving the government institutions , Mr Sanga said.
Mr Sanga said the Parliamentary Oversight Committee had warned them to avoid incurring loss by spending too much money in tracing and prosecuting the defaulter and instead involve the government instruments to handle the matter.
He said the firm which became LAPF tenant for a long time, had problems paying the rent, repaying the loan that we (LAPF) gave it and paying other related running costs of its own hotel.
He said after staying a long time without settling its rent arrears, in November, 2007 LAPF decided to evict defaulting tenant G.K. Hotels and Resorts, a subsidiary of African Sky Hotels and Resorts.
Instead of paying the debt, the South African firm filed a suit No. 35 of 2007 at the High Court (Commercial Division), questioning the decision to evict them without following the contract's clause on arbitration.
As time passed by and the case hearing continuing, the firms representative escaped from the country and changed their address. The debt in question constitutes 1.2bn/- in rent arrears for the hotel premises within the Millennium Towers complex in the city and over 600m/- in accumulated cash loan payments plus a 28m/- electricity bill dating back to the year 2006 and other miscellaneous fees.
The defaulting firm will be obliged to pay the debt and all the other costs from the point when LAPF started seeking payment of the debt to the present moment.
Daily News | Local fund tracking SA hotelier defaulter