News

Tenants Stranded as Bank Seizes Kabale NRM Leader’s Property Over Shs 4Billion Loan

CORONAVIRUS UPDATE

Loading...

Kabale tycoon Christopher Mulenga, on Saturday had his property confiscated by Stanbic bank for failure to pay back a loan that stretched nearly two decades.

Me Mulenga, who is also the current Finance Secretary of the ruling National Resistance Movement (NRM) party in Kabale district, is said to have defaulted on a Shs 4.1billion loan from the bank.

One of Mulenga’s houses had a Pepsi Depot

Stanbic bank through their lawyer Mugaya Eriya of Armstrong Limited Auctioneers claims that Mulenga received funds from the bank, through his company in the early 2000s.

He says he was supposed to have paid back the loan by August 2013.

Tycoon Christopher Mulenga

In 2014, Mulenga through his lawyers filed an appeal to the Kabale High Court to challenge the award saying the trial judge erred before it established the authenticity of the letter of offer and its execution.

The High Court however ended up ordering Mulenga to either pay up the money or be evicted from his properties..

Mugaya noted that Armstrong auctioneers had already advertised the tycoon’s property including Little Liz bar and restaurant, Mulenga house which houses a Pespi Depot, Nyerere Avenue in Kabale municipality and a farm located in Karukara Hamurwa Sub county Rubanda district for sale.

Yesterday morning, Armstrong auctioneers escorted by Kabale district security team led by Brian Ampeire the District Police Commander took over these properties, leaving many tenants stranded in roads and corridors.

Header advertisement
Header advertisement
Tags
Back to top button
Translate »