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This is after it emerged that the real estate tycoon had taken a loan of $10m from Vantage Mezzanine Fund II Partnership, a South African entity. This was in 2014 and a number of clauses were agreed upon.
These included the company taking part of his properties indicated in the agreement. The loan would equivalently be turned into shares as agreed upon.
Furthermore, it was agreed that upon disagreements, they would solve their matters through arbitration. And as fate would have it, the two parties failed to come to agreement on repayment. This forced the firm to put up the agreed properties up for auctioning.
The advertised properties include Elisabeth Royal Apartments, Skyz Hotel Naguru and Moyo Close Apartments. All these are under Simba Apartments. They however did this before carrying out the arbitration that they had agreed upon. It’s supposed to take place in London.
However, Bitature’s lawyer Fred Muwema said that this firm is illegal. This therefore made the contract null and void. This is because an illegal entity can’t do anything legal.
This has been total confusion for the public who have been following the case. That’s especially for people who draw inspiration from the Simba Telecom CEO.
Bitature has therefore come out to address the situation. He said that he and his company have been making news for all the wrong reasons. He however assured that he will wrestle off these challenges successfully.
“The last few days have been tough for both the group & I, as we have made news for all the wrong reasons.
There are things that I am unable to speak about, especially on Social Media but when the time is right, I shall address them.
I shall face these challenges & resolve them,” he assured.
Further, he said that he knew as a businessman such wrong allegations would make headlines. And these have tarnished his decades of hardwork. He however said that he lives with a free conscience and holds no grudge because this world of social media is full of everyone’s opinion and fake news.
Check Also;
- Billionaire Patrick Bitature Praises Dr Sudhir Ruparelia For Mentorship
- Businessman Bitature Denies Evading Taxes, To Sue Daily Monitor
- KCCA In Plans To Demolish Hamis Kiggundu’s Multi-Billion Mansion
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![[dropcap]A[/dropcap] section of women in Bugongo parish and Nawangaiza parish in Nawandala Sub County, Iganga District have decried the near-impossible terms set for them to access GROW funds. They have now petitioned their woman member of parliament for Iganga Hon. Kauma Sauda Alibaawo to ask the government for revised terms and conditions. This is to enable them to benefit from the program. The disgruntled women accuse the implementers of the program of charging the money. They are also asking for their land titles and land agreements. They said that such properties are governed by their husbands. These, therefore want the government through their woman MP to intervene and revise the requirements for one to benefit. The women were on Wednesday at Namabwere primary school in Nawandala Sub County. They had gathered in their respective groups to receive over 300 chickens from Hon Alibaawo in her campaign to improve the livelihood of women in Iganga district. Each group was given 50 chicken as start-up capital in their journey to prosperity. Read what some leaders said; Ms Naigambi Lydia from Nawandala Trading Centre says, “They solicited money from us through opening bank accounts and depositing Shs80,000. They also asked for land titles and land agreements from us yet we don’t have such things. I was informed that I needed to have a business with a capital of Shs4m yet my capital was very small.” The chairperson Kisoboka Saving Group in Nawandala Ms. Nakagolo Faith said they were not able to join the program. This is given the many conditions attached. She also asked their woman MP to raise their concerns to the relevant offices. The MP condemned the mode of implementation of the program. She cited that it has turned to benefit the well-off class of women other than the intended group. She further asked the government to intervene saying the current strings attached to the programme are very tight to accommodate a common woman. GROW project is a Government of Uganda initiative that arose out of the need to respond to the needs of women entrepreneurs. This is especially those who want to grow their businesses, sustain their self-employment and create more jobs. Check Also; Iganga District NRM Leaders Urge Museveni To Fulfill Election Promises Of 2021 International Women's Day: Celebrating Progress Towards Equality](https://i0.wp.com/newslexpoint.com/wp-content/uploads/2024/11/Iganga-women-decry-tough-terms-to-access-GROW-funds-e1731738339732.jpg?resize=300%2C160&ssl=1)
