City Businessman and undercover big spender Kavuma Honest Reagan also known as “Champagne Papi” in a financial meltdown, ChimpLyf can exclusively report.
Kavuma, unlike other spendthrifts lives a very secretive, pompous lifestyle.
Early this year, the businessman was arrested and remanded to Luzira Murchison on charges of money laundering.
According to reliable sources, the tycoon was accused of fraud by Nigerian businessman Jay Florin Adedayo, Director of Citi commodities in Dubai.
The source of the clash is believed to have stemmed from a financial transaction-gone-bad.
It’s believed that Kavuma signed a transfer document that later bounced.
Kavuma was also alleged to have altered a credit confirmation document in 2016 of US$193m from Chase Bank.
After several pursuits by the furious Nigerian, ChimpLyf understands that Kavuma was put behind bars for several days until he was presented to the high court.
Represented by Bowmans of A.F. Mpanga Advocates, Kavuma later got out under unclear circumstances.
That however, wasn’t the end of his woes.
Sources (very reliable sources by the way), have told ChimpLyf that after a short while, Kavuma’s accounts in several Ugandan banks were frozen, leaving him stranded and unsure of his next move.
This website has now established that the tycoon is currently struggling to keep up with his flashy lifestyle.
He has now resorted to selling off his property for survival.
“Kavuma is doing bad, can you imagine he sold off his Car (Mercedes Benz 65 Cross country),” a source told ChimpLyf.
“He wanted Shs. 300M but he was given less than Shs. 150M,” the source added.
In its original state, Mercedes Benz 65 Cross country costs about Shs. 500M
Despite his undercover lifestyle, Kavuma is tight with many female celebrities who are never allowed to take photos with him.
Kavuma, in case you’ve never heard of him, is a businessman who deals in real estate, and other lucrative investments.
ChimpLyf also understands that the tycoon cannot fly out of the country.
“His passport was confiscated by Court,” a source told us adding that “He’s grounded.”
Here are some photos of the flashy businessman with a very secretive lifestyle.