By BigEyeUg Team
Emmanuel Lwasa, a prominent figure in Uganda’s business circles, has publicly acknowledged his financial insolvency after his properties were seized by the bank due to unpaid debts.
In a candid interview aired on television, the once-flourishing tycoon lamented, “The bank is seizing all my belongings because I can’t pay my debts. Now, I’m a broke man.”
Lwasa’s financial downfall came to light last week when a video circulated on social media showing his Masaka-based nightclub, ‘Tavern Kick,’ being put up for sale by Equity Bank.
Reports indicated that Lwasa had failed to fulfill his loan obligations to the bank, leading to the repossession of the property.
For years, Lwasa, a native of Masaka district, had been esteemed as one of Uganda’s wealthiest individuals.
However, his recent financial troubles mark a significant reversal of fortunes for the once high-flying businessman.
The news of Lwasa’s bankruptcy underscores the challenges faced by entrepreneurs in managing their financial obligations, serving as a cautionary tale within Uganda’s business community.
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