Equity Bank Seizes Simbamanyo House From Kamya For Defaulting On Loans, Sells It To Tycoon Sudhir

Equity Bank Seizes Simbamanyo House From Kamya For Defaulting On Loans, Sells It To Tycoon Sudhir

 

By Mable Nakibuuka

Troubled city businessman Peter Kamya, who initially owned Simbamanyo House, which houses the Ministry of Gender and Labour, is crying buckets of tears after Equity Bank sold the building to Dr. Sudhir Ruparelia.

Kamya’s troubles, according to our Moles, started after he acquired a loan of Shs11.5Bn from Equity Bank Uganda and Equity Bank Kenya, to construct Hotel Afrique Suites in Luzira-Mutungo, a Kampala suburb.

However, as time went on, Kamya started defaulting on repaying the loan and before he knew it the principle and interest had accumulated to Shs38.6Bn.

When the bank notified him  through a notice published in the Daily Monitor in August this year that it was about to distress the property over his failure to pay the loan, Kamya rushed to the High Court Commercial Division and failed case in which he sought a court order to stay the Bank from distressing his property.

Equity Bank letter notifying tenants about sale of Simbamanyo House

However, the Court ruled that in order for him to stay the execute on of the distress order, he had to pay at least 30% of the outstanding balance, a condition he failed to fulfill within the stipulated time period, leaving the Bank with no option but to auction the property to the highest bidder and that was how Meera Investments ended up buying it at Shs18.5Bn.

In order to clarify upon the matter, Equity Bank, which has since handed over the land title and all documents pertaining to ownership of the building, wrote a letter to the tenants and occupants of Simbamanyo House, notifying them as follows;

““We act for and behalf of Equity Bank Uganda a (hereinafter referred to as the “Bank”) to notify you that Equity Bank has SOLD the above mentioned property today, 08th day of October 2020, having been mortgaged to the Bank by Simbamanyo Estates Limited, your former Landlord and following a default in the performance of their loan obligations. The property has been sold to Meera Investments limited thus making them your new landlord

The Land Title for Simbamanyo House currently in tycoon Sudhir Ruparelia’s possession

Nobody else, whether Simbamanyo Estates Limited, Peter Kamya or any other person claiming through them, has any power or authority over the said property.

Anybody else, who purports to deal with the said property in any manner inconsistent with that of Meera Investments limited, commits an offence and is liable to legal sanctions.

You are now requested to regularize your tenancy,  occupancy and use of the property with the new Landlord (Meera Investments Limited). In particular, you should not pay any rent or other monies to anybody other than Meeera Investments Limited.

TAKE NOTICE THEREFORE that unless you comply with the terms of the new/current landlord, you will be physically evicted therefrom at your own embarrassment and costs.

No further or other notice or warning will be given. Your cooperation in this matter will be highly appreciated.”

This website has learnt that the management of Meera Investments Ltd also wrote a letter to the occupants and tenants of Simbamanyo House dated October 8th, 2020, through CL Risk Management Services, informing them of the new changes in ownership and that alerting them to stop paying rent to Simbamanyo Estates, on top of ratifying their tenancy with Meera Investments Ltd.

The lease agreement for Simbamanyo House which is currently in Sudhir's possession
The lease agreement for Simbamanyo House which is currently in Sudhir’s possession

However, efforts to contact Kamya for a comment about this matter were futile since he couldn’t be reached through his known telephone lines.

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