Kampala businessman, Peter Kamya, who previously owned the now embattled Simbamanyo building has died.
Details about the businessman’s death are however still scanty.
Recently, the Investigator, an online news website reported that the businessman was bedridden.
“He was complaining about heavy stomach, chest pain and headache. After about a week, the situation worsened and this situation nearly tore apart the family,” the Investigator reported.
By the time of his death, Kamya was still fighting to regain possession of his property including Simbamanyo building along Lumumba Avenue and Afrique Suites on Mutungo Hill.
The property was sold to Meera Investments Limited owned by Kampala businessman and property mogul , Sudhir Ruparelia and Luwaluwa Investments Limited.
This was after a then legal dispute that Kamya was embroiled in with Equity Bank Uganda and Equity Bank Kenya over unpaid loans to his company.
Kamya tried sought to block the sale of his property by the bank arguing that the said loans advanced to him were illegal.
According to court documents, the two banks entered into an agreement to have Simbamanyo get $6million to finance the construction of Afrique Suites Hotel in Mutungo as well as facilitate another loan that had previously been advanced to the estates company.
The amount to be paid was $8.10 million(shs29.83bn) including interest and operational fees but Simbamanyo failed to service the loan prompting Equity Bank to take over Simbamanyo House along Lumumba Avenue and Afrique Suites.
Battle rages on
Following the sale of the buildings by Equity bank and the subsequent takeover, Kamya ran to courts of law to save his property.
In his case, Kamya told court that whereas the bank advertised his property for disposal by way of public auction, they were however sold secretly.
Last month, the Court of Appeal issued an order temporarily halting the proceedings in the Commercial Division of the High Court in Kampala pending determination of an application for the stay of the case.
The court said that it is important to have the case halted to help preserve the status quo since the orders being appealed have an impact on the main suit.