By Ivan Mwine
This year has started on a rather very bad note for former Bukoto South Member of Parliament Hajji Mohammed Muyanja Mbabaali, who is set to lose his multimillion properties to Diamond Trust Bank (DTB), following a loan of Shs7Bn which he allegedly failed to service.
Moles reveal Mbabaali, who is a National Resistance Movement (NRM) stalwart in Greater Masaka, is cursing why he ever borrowed money from DTB, because the bank has already hired bailiffs to attach his properties which are being auctioned.
The Bank last week, in a notice to MFK Corporation Limited, to which Hajji Mbabaali is a proprietor, sent a warning to the businessman informing him of the impending move to sell off five of his properties in order to recover the monies he borrowed.
Unless Mbabaali clears the DTB loan as soon as possible (ASAP), he is likely to lose the following properties which have since been advertised in local dailies for auctioning;
Storeyed building situate on LRV2657, Folio 6, Plot 34, Mawokota Mpigi, storeyed building located on LRV2955, Folio 20, Plot 39, along Kampala Road in Masaka Municipality, rental apartments situate on LRV1237, Plot 54, Block B, in Ntinda, measuring 0.037 Hectares, storeyed building comprised in Block 244, Plot 7203, Kyadondo, Kampala, land measuring 0.047 Hectares and property on Plot 7257, Block 244, land in Kisugu, Kyadondo, measuring 0.101 Hectares.
Mbabaali, who was until recently a renowned businessman and financier of NRM campaigns, has been given until March 7th, 2022, to clear the debt or kiss his properties goodbye.
However, Mbabaali accuses DTB officials of allegedly luring him into a deal that turned to be a hoax.
“I was a customer for DTB and they are my clients at Masaka for the last 10 years. One day they came to me with a business deal that there was a hostel being sold at Shs7 billion. My account had Shs1. billion but they insisted on me buying. I insisted on not buying the idea but they suggested it was a good deal,” Mbabaali said.
He added:” Mind you, they overvalued the property. And that is the genesis of all this crisis. After learning that the hostel was unproductive and no money is being generated from it, they resorted to attaching my property and the matter has been in High Court since early this year.”
Mbabaali had been announced as the Member of Parliament for Bukoto County South, Lwengo District, following the 2011 general election.
His election was however nullified by the High Court, with the unseating party, citing the fact that he did not possess the required academic qualifications for the position.
He was later nominated as State Minister for Investments in the Ugandan Cabinet but was rejected by the parliamentary vetting committee over accusations his academic papers were forged.