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.
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