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Business

Op-ed ANALYSIS: Is Simbamanyo’s Peter Kamya An Innocent Victim or a Dishonest Businessman Trying to Cheat Equity Bank? Did He Also Lie to Museveni to Arm-twist The Banks?

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Last week a letter from President Yoweri Kaguta Museveni directing the Bank of Uganda Governor, Prof. Emmanuel Tumusiime Mutebile, to investigate the foreclosing of properties, belonging to Architect Peter Kamya of Simbamanyo Estates Ltd surfaced on social media. In the 3rd September 2021 letter (Reference No. PO/19), titled “Claims Of Illegal Sale Of Simbamanyo House…

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Business

BoU Report To Museveni – “Simbamanyo Estate Was Auctioned In Accordance With Provisions Of The Mortgage Act & the Mortgage Regulations To The highest Bidders”

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Bank of Uganda has defended the decision by Equity Bank to auction Simbamanyo House and Afrique Suits saying the transaction was done under the law. BoU says Simbamanyo and Mr. Kamya failed to respect their loan obligation when they (Kamya) failed to payback the loan as agreed by parties as he continued receiving money from…

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Business

‘Too Late To Revert’- Tycoon Sudhir Responds To Museveni’s Letter On Disputed Simbamanyo House

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Property Magnet Dr Sudhir Ruparelia has broken silence on the disputed Simbamanyo House ownership days after the former owner Peter Kamya ran to President Museveni seeking intervention into the sale of their property. Embattled Kamya ran to Museveni contesting Equity Bank’s sale of his property to Tycoon Sudhir in October 2020 for UGX18.5b. However, Equity…

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Matters Escalate: Museveni Orders BoU Governor ‘Mutebile’ To Investigate Simbamanyo, Afrique Suites Sale

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The President of Uganda Yoweri Kaguta Museveni has ordered Bank of Uganda Governor Emmanuel Mutebile to expenditiously investigate the sale of Simbamanyo House and Afrique Suites by Equity Bank and report to him within one week. The president came in after Mr Peter Kamya and Margaret Muganwa appealed for his intervention. According to the president,…

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UPDF Takes Over Covid-19 Testingesting At Entebbe Airport

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The Uganda People’s Defence Forces (UPDF) has taken over the mandatory Covid-19 testing exercise at Entebbe International Airport. In a letter to the Chairperson, National Planning Authority, the Prime Minister Robinah Nabbanja said UPDF with support from the Ministry of Health will take over Covid-19 testing for all international inbound passengers from private practitioners starting…

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Uganda Losing Economic Gains, Innovativeness Due To Delayed Marijuana Licensing

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From global trends, marijuana has provided a new economic frontier in countries that have seen the light and legalized the farming of the herbal weed. Marijuana or cannabis is a medicinal herb, one that industrial labs have confirmed to be the new breakthrough for medicinal innovation, research and disease treatment. And for developing countries like…

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SWEDEN: Continued Closure of DGF Hurting Ugandans

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The Swedish Ambassador to Uganda Maria Håkansson has said that the continued closure of the Democratic Governance Facility-DGF is greatly affecting communities that were beneficiaries of its activities. DGF, the single biggest donor basket established by development partners was suspended early this year after President Yoweri  Museveni accused the Ministry of Finance of irregularly authorizing…

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