Uganda, April 12 -- The Directorate of Public Prosecutions (DPP) has recalled a case file in which two buyers of prime property which formerly belonged to Simbamanyo Estates Ltd and the bank are facing criminal offences.
In October last year, Equity Bank sold Simbamanyo building on Lumumba Avenue to Meera Investments and Afrique Suites Ltd at Mutungo Hill, Nakawa Division, to Luwaluwa Investments Ltd, a real estate firm.
The bank sold the property to recover outstanding loans worth $10.8 million (about Shs40 billion).
The proprietor of Simbamanyo Estates Ltd, Mr Peter Kamya, filed criminal charges against Mr Ronald Luwangula of Luwaluwa Investments Ltd, the proprietor of Meera Investments Ltd Sudhir Ruparelira, officials of Equity Bank, ...