Daily Monitor
Monday April 12 2021
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The Directorate of Public Prosecutions (DPP) has recalled a case file in which two buyers of prime property which formerly belonged to Simbamanyo Estates Ltd and the bank are facing criminal offences.
In October last year, Equity Bank sold Simbamanyo building on Lumumba Avenue to Meera Investments and Afrique Suites Ltd at Mutungo Hill, Nakawa Division, to Luwaluwa Investments Ltd, a real estate firm.
The bank sold the property to recover outstanding loans worth $10.8 million (about Shs40 billion).
The proprietor of Simbamanyo Estates Ltd, Mr Peter Kamya, filed criminal charges against Mr Ronald Luwangula of Luwaluwa Investments Ltd, the proprietor of Meera Investments Ltd Sudhir Ruparelira, officials of Equity Bank, and lawyers of Katende Sempebwa Advocates.
Daily Monitor
Sunday February 21 2021
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KAMPALA- Simbamanyo Estates Limited have lost a case 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).
Ms Lillian Bucyana, the Commercial Division of the High Court registrar, on Wednesday issued the order that the case fails.
“The suit abates for failure to take out summons for directions in time,” reads the February 17 order.
The order halts a case which the company had filed against Equity Bank (U) Limited, Meera Investments Limited, Luwaluwa Investments Limited and the commissioner for Land Registration.