Stan Chart Puts Senana Hypermarket On Auction Over Debts

Frida Nabirongo is a woman in distress after Standard Chartered Bank has moved to take over her empire over a mortgage for a building that houses her Senana Hypermarket on Buganda Road.

“Take notice that Standard Chartered Bank Uganda Limited through its appointed agent shall after 5 working days from the date of this notice, proceed to exercise the mortgagee’s power to take possession of the mortgaged properties comprised in; 1) Kibuga Block 3, Plots 57,701,702 Makerere 2) Kibuga Block 20 Plot 1067 Busega, 3) FRV 355 Folio 21 Plot 21-27 Buganda Road in accordance with the Mortgage Act 8 of 2009,” a July 1 notice from Standard Chartered’s lawyers Sebalu & Lule Advocates reads.

Nabirongo is lamenting that Stanchart is moving to take over property she has worked for over the years and is hoping Bank of Uganda and or President Museveni can intervene because she feels she was tricked by some of the clauses in the loan agreement. She says she was paying up to Shs700m a month and she went to the commercial court over the said clauses in the loan agreement and she is surprised that while the case is ongoing, the bank is moving to take her property.criditmatrepublic

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