A local Facebook tabloid known for whistle blowing was, earlier today, the bearer of an allegation that an arrest warrant had been issued for city tycoon, Elvis Ssekyanzi. The gossip was outrageous and as such, stirred quite the storm amidst the business circles. With many citing that it was impossible for a financially sound business man of Ssekyanzi’s caliber to borrow such an amount of money. Especially seeing as Ssekyanzi, who is renowned for his proprietorship of the successful Liquid Silk franchise, has been the target of many defamation attempts because of his political inclinations and background.
This website has since learned that the documents that had been leaked to the newspapers aren’t any different from the many previous defamation attempts from the same group of business men. The blog alleged that Ssekyanzi went into a business agreement with Mash Investments.
“The background to the claim is that in May 2014, Sekyanzi together with one Isaac Mulindwa and Mash Investments Ltd entered into a pre-incorporation agreement to incorporate and run an entity known as Liquid Silk Bugolobi Limited. However, along the way, Sekyanzi went against the agreement before sidelining his business partner-Mash Investments Limited.
In his judgment, Justice David Wangutusu ordered Sekyanzi to pay for general damages, interests as well as costs of the suit to Mash Investments Limited,” reads an excerpt of the blog.
News however reaching our desk has it that Masha Events owner, Mashate Francis is allegedly the one distributing these rumors as a jilted business partner. Rumors have it that Francis wanted to outwit Elvis Ssekyanzi and Isaac Mulindwa and use their business, Liquid Silk, then situated at Village Mall Bugolobi, to hide the money he was embezzling from government but instead the business closed before his plans could materialize.
A source at Uganda Bureau Of Statistics, where Mashate Francis served as Deputy Executive Director intimated that the Masha Events proprietor knew that the anti-corruption axe and audits would soon catch up with him, so planned to put the money in properties and already operating businesses thus choosing Liquid Silk. It is a public secret that he procured a number of properties in Luzira, Mbale and is also the current owner of Krishna Mall, Portbell Drive, Bugolobi.
His partners thus, later found out the business arrangement was just a convenient money hiding ploy they didn’t want to be part of. On noticing what his plans were, Masheta’s business partners; citing not wanting to associate with ‘dirty’ money, planned to close the business and told him to keep his money.
“This didn’t sit well with Masheta. He insisted and poured cash in the administration of the different facets of the business, even without knowledge of how to operate the business. Like a person operating selfishly on ill-informed agendas, he made little to no consultation with the gurus while operating and as such, made losses. After failing to recover his money, he then sought the services of the contract,” intimated a close source to both parties.
Mashate, Not New To Money Scandal
Francis Mashate is not new to money scandal. In 2018, Mashate was the cause of such disgrace for the Bugisu kingdom (he was serving in the capacity of Prime Minister) when arrest warrants pointing at him pinged from all parts of Mbale.
He contacted whistle blowers and claimed he’d been duped by con men in the guise of connecting him to the president, and others who interested him in an imports and exports trade. Critics were quick to dismiss his supposed PS stunt.
“He is just a canning man who has outlived his days. People have washed their eyes and are now smart. He is simply reaping what he sowed. A man of his experience, educational background and exposure (UBOS ED) can’t be conned to the tune of those moneys (150M plus) twice. This sounds like another empathy-vote-seeking antic from him,” said a Social media critic when news broke that Francis Masheta owed Kageyi Hotel owner in Mbale, Gregory Mafabi.
It is rumored that Mashate fears to openly pursue the case in the public domain because he will be asked where a civil servant like him acquired $230,000 (over Shs830 million) and Shs31 million that he purportedly invested in Liquid Silk.
“There is no smoke without fire. If they audit him, where did he get all that money, if not another act of stealing government money. A civil servant? With a humble salary, cant have the fiscal capacity to set up the buildings he did, and the money invested in Mash Investments Limited,””.
The story is still developing. We will present additions as and when we chance on them.
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