Singer Angella Katatumba’s brother Rugiirwa has come out to explain how he acquired a loan from Ruparelia Group’s Prime Finance Limited, and how he failed to pay back, prompting his friend Rajiv Ruparelia to send him to prison.
In the following account, Rugiirwa Katumba explains what happened:
Sometime back towards the end of 2019 I, borrowed two loans from Prime Finance Ltd on Crane Chambers.
Rajiv Ruparelia my friend asked me how my project Katatumba Village was going. I told him I was stuck and he offered to help me with a loan. I was very appreciative.
He asked me to call Bashir Seiko, the Manager at Prime Finance Ltd. who handled both transactions.
So I got two loans. One was for Shs50m. Me and my Fiancée used her Land title and paid back fully after four months: Shs72.5m with 10% interest. I paid on the 31st March 2020 before the lockdown and the Title was returned.
Covid19 and Lockdown.
The second Loan
I borrowed Shs35m, 15m and 10m, making a Total of Shs60m, and the Security was my Mercedes-Benz S-Class No. RUGIIRWA and three cheques.
During the lockdown businesses were closed and I offered my Tenants at Katatumba Village two Months FREE rent as they were not working. So because of this and also the fact that I lost a few Tenants who were supposed to occupy the First floor which is not yet completed at Katatumba Village I struggled to clear the Shs60m.
So, I have just paid 12m as I am also waiting for money from other sources to help me clear this loan, hence the reason I have been arrested.
But our Family Lawyer Julius Turinawe of Turinawe and Kamba Advocates and family members and friends have been very instrumental in my release as the matter will now be concluded from Court.
But I have always made it very clear that I have 100% intentions of clearing my loan.
I have asked Prime Finance Ltd to also sell the Security, my Vehicle Mercedes-Benz to clear my loan to no avail.