Kampala, Uganda | URN | Meera Investments Limited owned by businessman Sudhir Ruparelia has acquired yet another building in town- Simbamanyo House after the owner allegedly failed to finance his loan.
The building which houses the Ministry of Gender offices, Kampala Imaging Centre among others was initially owned by Simbamanyo Estates Limited, an entity owned by businessman Peter Kamya. The tenants and occupants were informed in a notice dated October 8, 2020, that the building had been bought off by Meera Investments Limited.
The notice was issued by CL Risk Management Services, a company that deals in credit repair and debt settlement solutions, debt collection, investigation and auctioning among other services, on behalf of Equity Bank Uganda.
“We work for and on behalf of Equity Bank Uganda to notify you that Equity Bank has sold the above-mentioned property today the 8th October 2020, having been mortgaged to the bank by Simbamanyo Estates Limited, your former landlord and following a default in the performance of their loan obligations.”
In August 2020, Simbamanyo through their lawyers Muwema & Co. Advocates sued Equity bank and another for breach of trust, unethical and illegal conduct as well as predatory practices. This was after the bank advertised that it would sale off the properties such as Simbamanyo House and Afrique Suite in Luzira if the estates company failed to clear a loan totaling USD 8.1 million ( 29.83 billion Shillings).
In August 2012, Equity Bank Uganda and Equity Bank Kenya extended a loan worth USD 6 million to Simbamanyo to finance the construction of a hotel in Luzira and also to take over Kamya’s prior loan from Shelter Afrique. The funds came from both Equity Kenya and Uganda.
However, the estates company represented by Muwema and Company Advocates said they were only aware of USD 7.19 million (26.48 billion Shillings). Now the tenants have been told that nobody else, whether Simbamanyo Estates Limited, Peter Kamya (the proprietor) or any other person claiming through them has any power or authority over the said property.
“Anybody else who purports to deal with the said property in any manner inconsistent with that of Meera Investments Limited commits an offence and is liable to legal sanctions” added.