Dar es Salaam. Quality Centre, the property of tycoon Yusuf Manji, has been placed under receivership, according to a public statement published yesterday.
The statement said the property, together with Quality Extended Enterprise Limited, have been placed under receivership and will be jointly managed by Mr David Tarimo and Mr Nelson Msuya of Price Water house Coopers Limited (PWC) with effect from Tuesday this week.
The multi-billion-shilling property located on Nyerere Road (formerly Pugu Road) has been placed under receivership over a debt owed to the Eastern and Southern African Trade and Development Bank (PTA Bank), according to the statement.
Receivership, according to lawyers is a process in which a person acts as custodian of a company’s assets or business operations, in cases when the said company cannot meet its financial obligations or as a step towards bankruptcy.
“In exercise of the powers vested on us by the said debenture and mortgage deeds the receiver also take possession and manage the company and charged property for the purpose of recovering the debt owed to the bank,” reads part of the statement.
It was not possible to establish how much the Mr Manji owes PTA Bank as the appointed managers declined to comment on the issue. “We are not allowed by professional practice to comment on this issue other than what has already been published on the advertisement,” said Mr Tarimo.