By Mable Nakibuuka
A very sinister plot that was hatched between city businessmen Sudhir Ruparelia of Meera Investments Limited, Ronald Luwangula of Luwaluwa Investments and officials of Equity Bank to grab property belonging to Simbamanyo Estates has finally been exposed.
It should be noted that Equity Bank claims to have sold Simbamanyo House to Sudhir’s Meera Investments and Afrique Suites Hotel to Luwangula’s Luwaluwa Investments Ltd respectively, at an auction in October last year 2019, after city architect Peter Kamya allegedly failed to service a contested loan of USD10M which he had acquired from the Equity Bank Uganda and Equity Bank Kenya.
Evidence has since emerged that Sudhir fronted Luwangula, as a pawn and together they connived with Equity bank officials to grab Simbanyo House and Afrique Suites Hotel from Simbamanyo Estates. It is now more than clear that Equity bank sold both properties to Sudhir, yet on the outlook, they made it appear as if the properties were bought by two different people.
Sudhir knew that if it emerged that he was the same person who had bought both properties it would immediately raise a red flag. So the only way was to cover up the purchase of Afrique Suites Hotel by fronting Luwaluwa as the buyer, yet in actual sense it was him (Sudhir) who had bought the property.
According to documents tendered in court by lawyers of Simbamanyo Estates, Luwaluwa claims to have bought Afrique Suites Hotel that is worth billions of shillings, yet his Company Share Capital Portfolio doesn’t reflect that he has the capacity to purchase such an asset.
Luwalua Ltd’s Share Capital stands at Shs4M, whereby by it is a company owned by Ronald Luwagula, his wife and children who are all minors. Investigations also indicate that Luwaluwa Investments Ltd, which purportedly bought the hotel property, is a small-time used car dealership based in Nyanama, a Kampala suburb and according to records with the Registrar General , it has a mere Shs4 million in share capital.
Investigators into the matter have since remained wondering how a company with a share capital base of Shs4M can purchase a property that is worth billions of shillings which we are going to reveal.
According to documents tendered in court, Luwaluwa, which is a limited company by a minimum of 100 shares, has the following shareholders:
- Luwangula Ronald No. of shares 10,
- Clare Luwangula No. of shares 10
- Rodney Jjuuko Luwangula (minor) no. of shares 20,
- Rodrick Jjunju Luwangula (minor) no. of shares 20,
- Ronell Chwa Luwangula (minor) no of shares 20,
- Clara Ndagire Luwangula (minor) no. of shares 20
This is the company, whose majority shareholders are all minors, yet it is the same to which Equity Bank purportedly sold Afrique Suites Hotel.
As such, sources privy to the whole saga have revealed that actually Luwangula didn’t have the money to purchase Afrique Suites Hotel, but was only fronted by Sudhir, who injected money into Luwaluwa Ltd to purportedly buy off the property at the alleged auction by Equity Bank.
The Sinister Plot revealed
Documents have emerged showing that on September 25th, 2020 Meera Investments Ltd, Equity Bank Uganda Ltd through their lawyers Katende, Sempeebwa & Co Advocates, entered into a performance based contract for the acquisition of Simbamanyo real estate property.
On October 1, 2020, seven days to the purported auction, Sudhir made a commitment payment of US$ 1 million to Equity Bank lawyers Katende, Sempebwa & Co. Advocates, who immediately passed it on to Luwaluwa Investments to open up a US dollar account with equity bank.
On October 8th, 2020, just within a space of seven days after opening their dollar account with Equity Bank, Luwaluwa Investments had a bank balance of US$ 4.3 million which is astonishing,
As a result of the aforementioned anomalies in contrast to normal financial practice, the police and Financial Intelligence Authority (FIA) had started investigating the source of that money as
1,641 total views, 10 views today