Uganda, June 16 -- ABC Capital Bank has sued real estate developer, Tirupati Development, over failure to pay Shs1.58b.
In a case filed at the Commercial Division of the High Court, ABC Capital accuses Tirupati, together with its directors, among them Mr Barot Kristi, Mr Barot Harshad and Mr Barot Miraj of defaulting on repayment of money advanced against an overdraft facility of Shs1.1b and a bank guarantee of Shs350m.
The two facilities, court documents indicate, were due to expire on November 1, 2019 with a repayment period of 12 months.
Acting through Kampala Associated Advocates, ABC Capital claim that the facilities have since grown to Shs1.58b as of May 24 and continue to attract interest.
The two facilities, according to court d...