President intervenes in Simbamanyo Building forgery
President Yoweri Museveni has directed the Governor of the Bank of Uganda (BoU) Emmanuel Tumusiime Mutebile to investigate circumstances under which Equity Bank sold properties belonging to city businessman Peter Kamya at a giveaway price.
In his letter to the Governor dated September 3, 2021, Museveni indicated that he had been approached by Kamya and his wife Margaret Muganwa to intervene in regard to the sale of Simbamanyo House and Afrique Suites by the bank.
‘They 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 said.
He directed Mutebile to expeditiously investigate the matter and report back within one week. By press time it was expected that Mutebile had already submitted his report to the President.
According to reliable sources, there is an emerging revelation of how Sudhir’s Meera Investments limited has taken over Simbamanyo House under unclear circumstances.
Information available indicates that the said building was taken over on the 8th of October 2020 at a mere sh18 bn against a debt of sh38 bn. This equation is not balancing.
What is more paining is that there was no court decree neither eviction order to execute the process, besides Justice Boniface Wamala’s discrete judgment on the 6th of October 2020.
The Drone Media traces the genesis of the entire fraudulent process when Businessman Peter Kamya obtained a bank loan from Equity Bank Uganda Limited. Due to lapses in the payment process Equity Bank lured Kamya to re-borrow from Bank One Limited an entity based in Mauritius, an Indian Ocean island nation.
This trick was to confuse his transactions and increase his debt burden so that he could fail to repay the loan of Bank One Limited. Anonymous sources intimated to The Drone Media that Bank One Limited is a Pseudo bank owned by the mafias in Uganda, who use it to acquire properties in Uganda without the public and government getting to know the truth.
Mafias, the term used by Ugandans to refer to sophisticated thieves in the economy of the country, usually use Bank One Limited, to execute their subtle and clandestine missions. This is really what happened to Simbamanyo House.
If you have been following local news, you must have realized that it is how late Bonny Katatumba’s Blacklines House/Katatumba Suites on Colville Street was taken. Mohan Kiwanuka’s properties survived by a whisker, while several aging Ugandans have lost their properties by the unscrupulous businessmen.
Connected to this unscrupulous business, The Drone Media can reveal that the take over of Simbamanyo House was evidently a fraud. Putting court processes aside, the presidential guidelines prohibits such evictions. No such evictions would be effected, but it did.