Kwagalana Tycoon Tom Mugenga Tastes Miseries of A Crashed Economy As Bank Moves To Throw Family Out Of Kisugu Home

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Tom Mugenga and inset the Mugenga's
Tom Mugenga and inset the Mugenga's

 

A business associate and close friend of Dr Sudhir Ruparelia, Mugenga is living dangerously after a bank from which he borrowed money issued the leading local transporter with a notice announcing the impending auction of their matrimonial home.

Insiders intimate how Mugenga took it upon himself to mortgage the matrimonial palatial home without the knowledge and consent of his family. The family is now shell-shocked upon learning that Bank of Africa is about to evict them.

Sarah Mugenga, the wife of the tycoon hailing from Kisoro, has since embarked on a legal process to stop the bank from dispossessing her as well as her three children of a home.

“I did not give consent to either my husband or the bank to use the title of our home as a security for the loan they purportedly offered to my husband,” Sarah fumes in her sworn statement directed to the commercial section of the high court.

She adds, “What the bank seeks to sell off is where I live with my husband and our three children. If the sale goes on, we shall have no place to call a home,” she moans out.

By the time of filing this case, court had not attended to a pre-trial application where Sarah seeks to restrain the bank from carrying out the sale pending the hearing and disposal of the head lawsuit.

It is understood that Mugenga borrowed the money three years bank to apparently recapitalize his businesses which include the transport business.

Mugenga declined to say anything when this website sought his side of the story. Separately, Mugenga is fighting to rescue his potato growing and processing business back home in Kisoro for which he took a loan of Ugx6.7Bn from government in August 2013.

A smooth operator,  Mugenga convinced government that once up and running, the processing plant would not only add value to sweet potatoes but also tap into high-end Kampala restaurants in the city and across the country as well as in the region besides offering jobs to locals.

What government took to be a sweet dream has since crashed seemingly with the public funds invested in Mugenga’s investment. The businessman has since embarked on the mission of scouting for foreign investors to help rescue his business idea. But the investors have been slow in coming.

Tabling before parliament last year a list of local investors who were asking for financial bail-outs from government, Finance Minister Matia Kasaija referred to Mugenga as a man who is not good at using money.

“We don’t know where he put the Ugx6.7Bn government gave him for the potato processing business,” Kasaija told MPs then.

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