President Museveni has weighed on the alleged illegal sale of Simbamanyo estates to property magnet Sudhir Ruparelia by Equity Bank Uganda Limited.
Museveni is a letter to the estates’ proprietor Peter Kamya said that following a review of the process and with consultations from different legal minds, found that the bank sold the property rightly.
“Following receipt of your complaint to me about the illegal sale of your properties by Equity Bank, I directed the Attorney General and the Governor, Bank of Uganda to investigate and report back,” Museveni said in part.
“I have since been advised that the sale was legal since you had defaulted on your payment of the loan and did not deposit 30 percent of the loan amount as was ordered by the court. They have further advised that you are at liberty to pursue other remedies in court,” he added.
In September, Museveni directed the Attorney General to launch a probe into the sale of Simbamanyo, he issued an ultimatum of 7 days.
“Peter Kamya and Dr. Margaret Muganwa Kamya have appealed to me seeking for my intervention in the alleged illegal sale of the above-mentioned properties by Equity bank. They state that their properties were sold when there were cases pending in court and without a court order. This is to direct, that you urgently investigate the matter and render a legal opinion within one week,” read the President’s directive.
In a complaint to the president, Kamya claimed that Equity Bank has connived with certain people to illegally sale off his property.
Kamya also alleged that the property was devalued on sale by half the price, giving to Property magnet Sudhir Ruparelia at $5m instead of $12m.
However, a commercial court ruling last week ordered Simbamanyo Estates and Kamya to pay legal costs of Shs1.3b to Equity Bank Uganda and Sudhir Ruparelia.
Kamya was battling a loan from Equity Bank Limited amounting to $10m. However, on failing to remit the money, the bank moved to sale two of his properties; Simbamanyo and Afrique Suites in Kampala CBD and Mutungo hill respectively.