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Wednesday, August 10, 2022

IS SUDHIR EYEING SKYZ HOTEL? Tycoon Bitature Speaks Out on ‘Rich People Plotting to Grab His Prime Properties’

Simba Group Chairman and city businessman Patrick Bitature has spoken out on reports that some tycoons such as Sudhir Ruparelia are target his properties such as Protea Hotel – Naguru (Skyz Hotel), Elizabeth Royal Apartments and Moyo Close Apartments, under his Simba Telecom Limited as well as Simba Properties Investment Company Limited. 

On May 18, an auction notice in the newspapers lifted the lid over Bitature’s business empire and how vulnerable it was over a loan secured from South African equity firm Vantage Mezzanine II Partnership.

“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,” read the notice issued by Quickway Auctioneers and Court Bailiffs.

Since the issuance of the auction notice, some people have been claiming that some tycoons, including Sudhir Ruparelia, were eyeing Bitature’s properties. But the Simba Group boss says he is certain Sudhir is not after his properties.

He says that by dragging Sudhir in the entire saga, some people are fanning their smear campaign against him with the aim of tarnishing his good image as a businessman, philanthropist and motivational speaker.

“I would like to assure all of you that I do not think anybody in Uganda and in particular my long time friend Sudhir Ruperalia is after my property,” said Bitature.

“Unfortunately, this is part of a deliberate smear campaign aimed at eroding both his and my reputation in the eyes of the public.”

Meanwhile, Bitature has explained why he failed to pay Vantage’s $10m loan and its interest back. He confessed that his businesses were struggling due to factors such as the Covid19 pandemic and delays in the oil sector. (Read Story Here).

IT’S THE SYSTEM STUPID! Bitature Reveals What He Will Do Next to Stop Vantage From Auctioning Skyz Hotel Following Devastating Court Ruling

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

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