Newslex Point News in Uganda, Uganda news
The ruling was made by High Court judge Her Worship, Bucyana Lillian, in the absence of the parties upon application by Co-Counsel for the 2nd defendant (Meera Investments limited).
Meera Investments had pleaded that it had nothing to do with the Simbamanyo estates owners because it was an outsider to their business transaction with Equity bank. Meera only bought the building lawfully from the bank after Mr Peter Kamya and his firm failed to honor their loan obligations.
“It is hereby ordered and Decreed that the suit abates for failure to take out summons for directions in time. Given under my hand and the seal of this Honorable Court this 7th day of February 2021,” reads the ruling.
Simbamanyo’s case was first dismissed by the Court of Appeal judge Justice Christopher Madrama last year in October because Simbamanyo Estates did not have acceptable grounds for the court to deny the bank legal costs incurred.
“The respondent (Equity Bank) upon being served, instructed lawyers and the lawyers took action to oppose the application by filing the appropriate affidavits in reply, as well as written submissions,” Justice Madrama held.
At the beginning of October, Simbamanyo Estates filed an application expressing orders to halt the sale of its properties although the bank went ahead and sold Simbamanyo building on Lumumba Avenue and Afrique Suites Limited, a four-star hotel at Mutungo Hill, Nakawa Division.
However, Justice Madrama ruled that stopping the sale would have been an infringement on the bank’s right to be heard as well as an inconvenience to those who had prepared for the auction that was advertised on August 7 and 11 last year.
“The application for withdrawal was not conceded to unconditionally but was on condition of payment of costs. In the circumstances, therefore, the applicant (Simbamanyo Estates) application stands dismissed upon withdrawal and the only issue for consideration is whether should be payable,” Justice Madrama ruled.
The bank sold the building to Meera Investments whose majority shareholder is property magnet Sudhir Ruparelia. This was after Simbamanyo Estates failed through all avenues to pay the Shs40.1b loan. The prime building in the city centre was auctioned by the bank for recovery of the loan.
The properties were guaranteed to Equity Bank Uganda as security to get the loan in November 2017.
Check also;
- Billionaire Sudhir Ruparelia Acquires Simbamanyo House
- Dr Sudhir Ruparelia Sues FBW Firm For Breach Of Contract
- Sudhir Ruparelia Advises Landlords In Kampala To Standardize SOPs
Please use the button below to contribute to Newslex Point, Inc. using a credit card or via PayPal.
![[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)
