Crime & Investigation

Odoi Dragged To Court Over Shs330m Debt

stuff geneva; font-size: small; line-height: 200%;”>According to court documents obtained by more about geneva; font-size: small; line-height: 200%;”>Chimpreports, Kampala Money Mart Limited filed a suit at the Commercial Court on December 2, accusing Odoi together with a one Kin Kariisa for failure to pay back a loan advanced to them.

The company through its legal team of MS Kibirige and Co Advocates allege in their civil suit No 725 of 2013, that on October 21, 2013, at the plaintiff’s offices at IPS building, the defendants and plaintiffs entered into a loan agreement and the defendants were advanced a loan of $110,000.

Kampala Money Mart Limited further stated that the loan was secured with a land title of COMESA TECHNOLOGIES LTD comprised in LRV 4413 Folio 22 Kyaggwe block 113, plot 672 and attached a 30% interest upon default to pay the outstanding debt.

The suit adds that it was clearly agreed that the loan shall be paid on or before November 21, 2013 with a 20% interest making a total of $132,000 though it had not been paid by the time the case was filed.

“The said loan fell due on November 22, and the defendants were informed and duly served with advanced cum notice of intention to sue which they adamantly ignored.”


It continues that their failure to honour the loan agreement has loss and damage.

Justice Hellen Obura, who will hear the case, issued summons to the defendants and according to court documents, the summons were received and signed on December 6.

The same legislator was this year dragged by Picfare Industries to the same court for an alleged breach of a consultancy agreement, which cost the firm $ 100,000.

Odoi and his colleague are expected to appear in court anytime from now for the hearing of their case.

Back to top button
Translate »

Adblock Detected

Please consider supporting us by disabling your ad blocker