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Simbamanyo Vs Equity Bank: Was there a plot to grab the Simbamanyo properties?

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Simbamanyo House

Simbamanyo House, one of the contested properties.

By Our Reporter

Equity Bank sold Simbamanyo House to Sudhir’s Meera Investments and Afrique Suites Hotel to Luwangula’s Luwaluwa Investments Ltd respectively, at an auction in October 2019, after city architect Peter Kamya allegedly failed to service a contested loan of USD 10 Million which he had acquired from the Equity Bank Uganda and Equity Bank Kenya.

However, it appears there was a sinister plot to grab the property belonging to Simbamanyo Estates.

Evidence has emerged that suggests that Luwangula was used a front to grab Simbanyo House and Afrique Suites Hotel from Simbamanyo Estates.

According to documents tendered in court by lawyers of Simbamanyo Estates, Luwaluwa claims to have bought Afrique Suites Hotel that is worth billions of shillings, yet his Company Share Capital Portfolio doesn’t reflect that he has the capacity to purchase such an asset.

Luwalua Ltd’s Share Capital stands at Shs4M, whereby by it is a company owned by Ronald Luwagula, his wife and children who are all minors.

Investigations also indicate that Luwaluwa Investments Ltd, which purportedly bought the hotel property, is a small-time used car dealership based in Nyanama, a Kampala suburb and according to records with the Registrar General, it has a mere Shs4 million in share capital.

Investigators into the matter have since remained wondering how a company with a share capital base of Shs4M can purchase a property that is worth billions of shillings.

As such, sources privy to the whole saga have revealed that actually Luwangula didn’t have the money to purchase Afrique Suites Hotel, but was only fronted by Sudhir, who injected money into Luwaluwa Ltd to purportedly buy off the property at the alleged auction by Equity Bank.

Documents have emerged showing that on September 25th, 2020 Meera Investments Ltd, Equity Bank Uganda Ltd through their lawyers Katende, Sempeebwa & Co Advocates, entered into a performance based contract for the acquisition of Simbamanyo real estate property.

On October 1, 2020, seven days to the purported auction, Sudhir made a commitment payment of US$ 1 million to Equity Bank lawyers Katende, Sempebwa & Co. Advocates, who immediately passed it on to Luwaluwa Investments to open up a US dollar account with Equity bank.

On October 8th, 2020, just within a space of seven days after opening their dollar account with Equity Bank, Luwaluwa Investments had a bank balance of US$ 4.3 million which is astonishing,

As a result of the aforementioned anomalies in contrast to normal financial practice, the police and Financial Intelligence Authority (FIA) had started investigating the source of that money.





Source – BigEye.UG

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