By Staff Writer
The economy is biting but some people are feeling the impact more than others. One of those is a man who once made it to the Forbes list of the richest men in Uganda.
It all started when this rich man begun to turn down all invites to various inspirational talks that he’d previously graced. He then begun to disappear slowly from the public and was more common in Kenya where he owns a home than in Uganda where his businesses are located.
One of his major businesses was the critical mass for the cycle of doom he’s experienced. This business was selling a product that brought in money due to certain temporary conditions. All of a sudden, those conditions disappeared and the buyers no longer needed this product.
Then came the many loans he’d borrowed from banks which he’s now failed to pay. As a result, the banks have been silently attaching some of his property. However, he’s been a little quicker to sell them off by himself in order to raise money and clear the loans. But this too has not helped a lot.
We have further learned that this rich man is now counting on his various rich friends to bail him out but now has been willing to commit themselves to his cause.
At one of his companies, workers have gone unpaid and some have been laid off as a cost-cutting measures. “This is his toughest moment ever, he even laid off his big advisory team,” says a secretary in his office.
But who is this rich man? BigEye.ug has chosen to keep his name anonymous. As a media company we believe failed entrepreneurs should be treated like failed soldiers and should be seen as heroes who have died in the battle field.
We hope this rich man can find his balance as soon as possible.
