Indian businessman behind Habib Kagimu soiling

Unscruprous Indian businessman in Kampala is behind stories that aim at soiling Habib Kagimu, The Drone Media has established.

The unscruprous businessman is sponsoring write up posts that turnish businessman Kagimu. The recent story alleged that “another tycoon in Bitature-like woes; claiming he was in tears after court gave his lenders permission to attach his mult-billion properties in Kololo, Bwebajja over sh3.36bn debt.

A well orchestrated write up claims Al-Hajji Habib Kagimu, who is also the Honorary Consul of Malaysia to Uganda was in tears after High Court Commercial Division Judge Stephen Mubiru gave an execution order permitting his lenders to attach his multibillion properties in Kololo, a posh Kampala suburb, and Bwebajja in Wakiso District.

That Justice Mubiru first dismissed an application filed by an Indian national, Razi Raza, blocking Commercial Bank of Africa from attaching his properties situated on, Busiro Block 401 Plots 483 and 489 at Bwebajja Wakiso district, and land on LRV 345 Folio 20 plot 18 at Wampewo Avenue in Kololo, Kampala.

That Raza was claiming that he purchased the said properties from Kagimu in December 2018 and he signed for him transfer forms.

That in a turn around, the judge stated that it was fraudulent for Kagimu to enter another transaction knowing that the property at hand was already mortgaged in the bank.

“The debtor was insolvent at the time and the insider had reasonable cause to believe that the debtor was insolvent,” the judge said.

They allege that in 2017, the bank sued Kagimu seeking Court orders to recover sh3.36bn which he refused to repay.

That Court records show that Kagimu, through his Habib Oil Limited and Electro-Maax Uganda Limited received the debt from the bank to purchase oil.

The write ups do not reveal how Habib Kagimu has been servicing the loan and what happened. They aim at mudslinging. Sources say the unscruprous Indian businessman is using defeatist- approach.

Otherwise, Habib Kagimu’s financial muscles are still tight.