By Kabuye Ronald
President Yoweri Kaguta Museveni has ordered the Bank of Uganda to investigate Equity bank on claims of illegal sale of Simbamanyo building and Afrique Suites.
The order is entailed in president museveni letter dated 3rd, September, 2021 addressed to Professor Emmanuel Tumusiime Mutebile, the governor bank of Uganda and the two victims who happen to be the owners that petitioned him.
President Museveni said that Mr. Peter Kamya and Dr. Margaret Muganwa appealed for his intervention regarding the sale of Sibamanyo house and Afrique suite by equity bank respectively.
He said that the victims stated that, whereas, Bank of Uganda directed that there should be no foreclosure of mortgaged properties by banks during the Covid 19 pandemic, Equity Bank went ahead and sold their properties at a very low prices.
They also asserted that even when they had offered to get their own buyers, all their attempts were frustrate.
He therefore, ordered for expeditious investigation into the matter within a week.
“This is, therefore, to direct that you expeditiously investigate the matter and report back within one week” read president Museveni letter in parts.
It should be noted in february, this year Simbamanyo Estates Limited lost a case in high court in which its proprietors were challenging the sale of its multimillion property as a bank moved to recover an outstanding loans worth $10.8m (about Shs40 billion).
Equity Bank sold Simbamanyo house, which houses the ministry of Gender, labor and social development to the city tycoon Sudhir Ruparelia.
