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Tuesday, August 16, 2022

HARD TIMES: Tycoon Bitature Could Lose Skyz Hotel Naguru, Two Other Properties Over Bank Loans

Tycoon Patrick Bitature could lose three of his multi-billion properties including Skyz Hotel Naguru under his Simba Telecom Limited after they were put on auction for failing to pay bank loans.

Quickway Auctioneers and Court Bailiffs have given Bitature’s Simba Properties Investment Company Limited, under which the three properties are owned, 30 calendar days within which to clear the loans or watch the properties auctioned or sold by private treaty.

The bailiffs say they have been given orders by M/s Kirunda & Wasige Advocates, representing a financial institution that lent Bitature’s company money.

Besides Protea Hotel – Naguru (Skyz Hotel), other properties that Bitature and his Simba Telecom Limited as well as Simba Properties Investment Company Limited could lose, according to the auction notice, include: Elizabeth Royal Apartments and Moyo Close Apartments.

“Duly instructed by M/s Kirunda & Wasige Advocates, on behalf of their client the registered mortgagee, we shall proceed to sell by public auction/private treaty the undermentioned property under the Mortgage Act, 2009 unless the debtor/mortgagor pays the entire outstanding loan balance and all costs attendant to our clients within 30 calendar days from the date of this advert, our client shall sake or take possession of the property described here to recover all the monies owed,” reads the notice of sale by auction/private treaty in part.

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Pearl Times Reporter
Pearl Times Reporterhttps://pearltimes.co.ug
Latest Uganda news, politics, business, health and entertainment coverage.

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