Matooke Republic
  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos
  • Relationships
No Result
View All Result
Matooke Republic
  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos
  • Relationships
No Result
View All Result
Matooke Republic
No Result
View All Result

Kamya runs to Museveni over Simbamanyo, blames Covid but records indicate he was receiving rent in lock-down and not servicing his Equity Bank loan

Matooke Republic by Matooke Republic
September 23, 2021
in Business
Reading Time: 2 mins read
Share on FacebookShare on Twitter

After losing a Court Appeal that tried to reverse the sale of his Simbamanyo House and Afrique Suites, businessman Peter Kamya has sought the intervention of President Yoweri Museveni.

Kamya’s Simbamanyo House  was sold to tycoon Sudhir Ruparelia’s Meera Investments while his Afrique Suites was sold to Luwaluwa Investments when he failed to service a $8.1m (about Shs29.8b) loan from Equity Bank. Sudhir has since renamed Simbamanyo House to Gender & Labour House.

Following up on Kamya’s petition, Museveni  wrote to Bank of Uganda Governor Tumusiime Mutebile in a letter titled; “Claims of illegal sale of Simbamanyo House and Afrique Suites,” asking him to investigate the matter.

RelatedPosts

UK-Uganda Trade and Investment Convention launched

UTB, City Authority to develop tourism in Jinja City

“They (Peter Kamya and Dr. Margaret Muganwa) state that, whereas Bank of Uganda directed that there should be no foreclosure of mortgaged properties by Banks during the Covid-19 pandemic, Equity Bank went ahead and sold their properties at very low prices. That they had even offered to get their own buyers but all their attempts were frustrated,” Museveni wrote.

In the letter dated September 3, Museveni had directed Mutebile to expeditiously investigate the matter and report back within one week.  While BoU has confirmed they are investigating the matter, they are yet to get back to the President.

Records from Equity Bank indicate that despite a lockdown having been instituted in March 2020, Simbamanyo was still receiving rent by June 2020 and not servicing his loan. He had reneged on his obligations even before lockdown.

In August 2020, Equity advertised that they would proceed to auction Kamya’s properties in case he didn’t service his loan, but the advert only got a response from Kamya’s lawyers Muwema & Co. Advocates suing Equity Bank Uganda, Equity Bank Kenya and Bank One, Mauritius for breach of trust, unethical and illegal conduct and predatory practices. Kamya wanted court to declare the $10.5m loan he had acquired from Equity in 2017 illegal and wanted court to cancel the mortgages attached to the loan.

Kamya lost out after Equity successfully argued that Simbamanyo benefited and was aware of every financial transaction that was advanced to it. Court on September 7, 2020 gave Kamya 30 days to deposit $3.1m, which was about 30 per cent of his loan obligation to stop the auction. Kamya didn’t pay the money and the properties were advertised and subsequently sold. Kamya’s appeals in court were unsuccessful.

Tags: Simbamanyo
Previous Post

South Sudan citizens to enter Uganda Visa-free

Next Post

Former ISO boss Kaka allegedly under house arrest

Related Posts

UK-Uganda Trade and Investment Convention launched

2 days ago
UTB Board of Directors, Managers and Staff meeting with Jinja City council Authority at the Jinja City hall chamber, Eastern Uganda.

UTB, City Authority to develop tourism in Jinja City

3 days ago
Next Post

Former ISO boss Kaka allegedly under house arrest

JUST IN

Spice Diana confesses enjoying a quickie in a car

May 23, 2022

What you need to know about the monkeypox outbreak, should we worry?

Arua Hill SC rewards players, staff with plots of land

WALK OF FAITH! 98-year old walks 300 kilometres to Namugongo to make his 10th pilgrimage

AFCON 2023 Qualifiers: Micho names provisional squad of 33 players

The situation needs planning not emotions– Museveni on Uganda’s economic challenges

Navio, Slick Stuart blow away Mbarara with unforgettable performance

POPULAR

  • SEXUAL HARRASSMENT ON STAGE: Karole Kasita vows to stick by her ‘Kwetega’ semi-nude dressing

    0 shares
    Share 0 Tweet 0
  • Billionaire James Mugoya Isabirye, the Buddonian that has an entire estate in Kenya named after him

    0 shares
    Share 0 Tweet 0
  • Moment Of Madness! ‘Couple’ enjoy a quickie by the roadside

    0 shares
    Share 0 Tweet 0
  • Sheebah grants Matooke Republic exclusive access inside her house. Here are photos from the sitting room to bedroom

    14 shares
    Share 14 Tweet 0
  • TRENDING: Ugandans react to viral video of a ‘couple’ in Kisoro having a quickie by the roadside

    0 shares
    Share 0 Tweet 0

JOBS

Hot Right Now

Kamya runs to Museveni over Simbamanyo, blames Covid but records indicate he was receiving rent in lock-down and not servicing his Equity Bank loan

It would be very immoral to approve Shs677 billion for the presidential residence, MP Ssemujju tells parliament

WALK OF FAITH! 98-year old walks 300 kilometres to Namugongo to make his 10th pilgrimage

Matooke Republic

© Matooke Republic 2022

  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos

© Matooke Republic 2022