November 27, 2021

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Museveni says Simbamanyo building sale legal

Simbamanyo building

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President Museveni has clarified on the alleged illegal sale of Simbamanyo House and Afrique Suites by Equity Bank Uganda.

In a letter dated October 25 to Peter Kamya and Margaret Muganwa Kamya, Museveni concluded that the sale of the aforementioned properties by Equity Bank was legal, hence no need for his intervention as the Head of State.

“Following receipt of your complaint (businessman Kamya and Dr Munganwa) 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 the complaint and report back,” he wrote.

He added: “I have since been advised that the sale was legal since you (businessman Kamya) had defaulted on payment of the loan and did not deposit 30% of the loan amount as was ordered by the court.”

Museveni told the complainants that they are at liberty to seek court remedies if they feel dissatisfied.

The letter is copied to the Attorney General, Kiryowa Kiwanuka, Justice Ministry and governor Bank of Uganda.

Simbamanyo House is located on Lumumba Avenue and houses the Ministry of Gender offices.

The Kamyas had sued Equity Bank Uganda and Kenya and another, seeking orders and declarations that the $10.8m loan (about Shs36b), he obtained in 2017, was illegal.

But Justice Boniface Wamala on September 7, 2020, ordered Simbamanyo to deposit $3.1m (about Shsh11b) which was 30% in order to avert the auction of the properties.

The businessman failed to meet the 30 days deadline, prompting bailiffs to advertise the properties.

The same properties upon the expiry of the deadline were sold with Simbamanyo House being sold to Meera Investments Limited while Afrique Suites at Mutungo in Luzira, Nakawa Division, was sold to Luwaluwa Investments.

The property was guaranteed to Equity Bank Uganda as security for Simbamanyo Estates Limited to get a $10.8m (about Shs36b) loan in November 2017.

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