Connect with us

Leader board

Local Business

Court issues injunction against sale or mortgaging of Simbamanyo Properties



Simbamanyo House

The best odds in Uganda are from FORTEBET.BET HERE and Win BIG.

By Our Reporter

The High Court of Uganda has ordered Equity Bank, Sudhir Ruparelia’s Meera Investments Ltd and Innocent Luwangula of Luwaluwa Investments Ltd to desist from further steps in taking over Simbamanyo House and Afrique Suites Hotel, prime properties belonging to city architect Peter Kamya.

Equity Bank purportedly sold Simbamanyo House to Sudhir’s Meera Investments and Afrique Suites Hotel to Luwaluwa Investments at an auction held in October 2020.

However, investigations have found correspondences between Equity Bank Ltd , Katende, Sempebwa and Co. Advocates and Meera Investments Ltd.

It has emerged that a performance based guarantee was executed between the said parties on October 1, 2020, a week before the intended auction so that Equity Bank would sell both properties to Meera Investments but using Luwaluwa Investments Ltd as a front for the purchase of Afrique Suits hotel.

The performance based guarantee that was signed, provided a secure promise of compensation of a set amount in the event that their deal did not materialize by October 15, 2020.

Likewise on October 1, 2020, seven days to the auction date, Meera Investments paid into the account of Katende Sempebwa, held with Equity Bank, US$ 1million which was immediately passed onto Luwaluwa investments, a small time used car dealership based in Nyanama.

It was also revealed on October 8th, 2020, Luwaluwa Investments was able to pay US$ 4.3 million, just within a space of seven days after opening a United States Dollar Account with Equity Bank on September 29, 2020.

As a result of the aforementioned anomalies and in contrast to normal financial practices, the police are investigating the source of that money as well as the purpose of the US$ 1 million from Meera Investments to Luwaluwa Investments Limited.

Following this, the High Court has since issued a temporary mandatory injunction against Equity Bank, Meera Investments and Luwaluwa Investments to desist from selling, mortgaging or by whatever means alienating suit properties owned by City architect Peter Kamya under Simbamanyo Estates until the main case that was filed in court pertaining to the same is disposed with.

The court order dated January 20th, 2021, reads in part thus;

“1. The prayers for temporary mandatory injunction against the 1st, 2nd and 4th Respondents on one hand, and the 1st, 3rd and 4th Respondents on the other hand, seeking to restore the Applicants in the suit properties are dismissed for want of merit.

2. The prayer for temporary injunction stopping the 2nd and 3rd Respondents from selling, mortgaging or by whatever means alienating suit properties ‘A’ & B’ vide; LHR Vol. 2220 Plot 2 Folio 3 at Lumumba Avenue and Kyadondo Block 243 Plot 95, 487, 957, 958 and 2794 at Mutungo, until civil suit No. 837 of 2020 is disposed of or until further orders of court, is granted.”

(Visited 1 time, 1 visit today)

Follow us on Facebook

Follow us on Twitter

%d bloggers like this: