Ugandan businessman Peter Kamya and his Simbamanyo Estate Limited have lost an appeal to recover properties from Equity Bank Uganda after a commercial court in Kampala dismissed the case.
Kamya is an architect and the proprietor of Simbamanyo Estate. He is known for developing prime properties in the East African country.
In the recent ruling, Judge Susan Abinyo said: “I find that this appeal is incompetent and not proper before this honorable court, as the defective affidavits render the appeal incompetent.”
The properties, which include Simbamanyo House and Afrique Suites Hotel (both in Kapala), were collateralized to the bank by Simbamanyo Estates to secure a debt of Sh40 billion ($11.25 billion) in November 2017.
The bank moved to seize the properties in 2020 when the tycoon and his company defaulted in a loan repayment, Daily Monitor reported.
The bank auctioned Simbamanyo House to Meera Investments Limited and Afrique Suites Hotel to Luwaluwa Investments to recoup its funds in 2020.
The bank had advertised the sale of the properties by way of public auction on Aug. 7 and 11, 2020.
Last year, Kamya sued Equity Bank Uganda, Meera Investments, Luwaluwa Investments and Uganda’s Commissioner for Land Registration over the alleged “fraudulent and illegal sell and transfer” of his properties.
Kamya accused Equity Bank of “selling and causing the transfer of the suit property without following the set down procedures of public auction and obtaining the requisite government valuation and payment of stamp duty.”
