By Ivan Mwine
All is not well for city business Elvis Sekyanzi Wavamunno, who is son of tycoon Gordon Wavamunno, of Spear Motors Limited.
Well, the latest from our Moles is that Sekyanzi, who became popularly known because of his defunct Club Silk night club, is currently wallowing in multimillion debts to the tune of Shs900M which he has found trouble to pay.
As a result of his failure to service his loans, Sekyanzi was on Thursday arrested, briefly arraigned before the High Court Commercial Division, before being remanded to Kitalya Mini-Max prison by the same court.
Sekyanzi is said to have acquired the said money years back as capital he injected in Club Silk but he failed to recover the same after the night club collapsed and attempts to revive it didn’t deliver the desired results.
He was thus sued together with Club Silk vide Civil Suite No. EMA 404 of 2021 arising from Civil Suit No. 225 of 2016 by his creditors identified as MASH Investments Limited.
It should be noted that in December last year we exclusively published an article titled ‘Tycoon Wavamuno’s Son Sekyanzi Faces Arrest Over Failure To Clear Debts Worth Billions’ in which we exposed Sekyanzi’s plight, which has since come to pass.
Read also: https://www.exposeduganda.com/tycoon-wavamunos-son-sekyanzi-faces-arrest-over-failure-to-clear-debts-worth-billions/
Watch this space for details about Sekyanzi’s financial quagmire and how he ended up in the situation he is in today, yet he was a flourishing businessman a few years ago.