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    Omoro Pictorial: NUP and NRM Stand Favorites from the Politicking Time that Climaxes with Voting Today 

    Omoro Pictorial: NUP and NRM Stand Favorites from the Politicking Time that Climaxes with Voting Today

    Dear URA Chief Collector, Ugandans would Love Paying their Taxes but Government Bold Thieves Badly Fail Us 

    Dear URA Chief Collector, Ugandans would Love Paying their Taxes but Government Bold Thieves Badly Fail Us

    Necessary Rant for Bad News: From Curfew to Dry Economy as Museveni Imports the No-Change Slogan to the limping economy!

    Necessary Rant for Bad News: From Curfew to Dry Economy as Museveni Imports the No-Change Slogan to the limping economy!

    Impressive AGM: Umeme Jumps out of Covid-19 Frying Pan with UGX139Bn Harvest, Sets UGX88Bn for Shareholders

    Impressive AGM: Umeme Jumps out of Covid-19 Frying Pan with UGX139Bn Harvest, Sets UGX88Bn for Shareholders

    Oulanya Substitute: EC issues Campaign plan and Polling Day for Omoro County Parliamentary Seat fill 

    Oulanya Substitute: EC issues Campaign plan and Polling Day for Omoro County Parliamentary Seat fill

    Intelligence Xclusive: Gen. Muhoozi eyes Premier Peter Mayiga for Vice Presidency, Chairman Norbert Mao for Prime Minister

    Intelligence Xclusive: Gen. Muhoozi eyes Premier Peter Mayiga for Vice Presidency, Chairman Norbert Mao for Prime Minister

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    UNBS closes Sunshare factory over failure to comply with Standards

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    AFCON 2023 Qualifiers: Micho bows Down, Eludes Pressure, Names Cranes Squad Without London born-based Striker Karl Anthony

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    Chief of the Game: Even Out of FUFA Office, Lawrence Mulindwa Continues to stand Sky Tall in Uganda`s Football Arena

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    Stanbic Uganda Cup: The Rivalry is down to Two Clubs’ Trade affairs with either BUL FC or Vipers SC to gloss on Top

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    Expert adds Scientific Angle to NCS’s Witchcraft Scandal without Dismissing the Vice as a Big Pass time for Africans

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    The Story: How Nabilah’s Sobbing Husband Ssempala Left a Hole into which Barya Slipped and Filled

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    UG Pineapple at B&W

    It was Blankets and Pineapple Waragi as SA’s Distruction Boys entertain Kampala

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    Omoro Pictorial: NUP and NRM Stand Favorites from the Politicking Time that Climaxes with Voting Today 

    Omoro Pictorial: NUP and NRM Stand Favorites from the Politicking Time that Climaxes with Voting Today

    Dear URA Chief Collector, Ugandans would Love Paying their Taxes but Government Bold Thieves Badly Fail Us 

    Dear URA Chief Collector, Ugandans would Love Paying their Taxes but Government Bold Thieves Badly Fail Us

    Necessary Rant for Bad News: From Curfew to Dry Economy as Museveni Imports the No-Change Slogan to the limping economy!

    Necessary Rant for Bad News: From Curfew to Dry Economy as Museveni Imports the No-Change Slogan to the limping economy!

    Impressive AGM: Umeme Jumps out of Covid-19 Frying Pan with UGX139Bn Harvest, Sets UGX88Bn for Shareholders

    Impressive AGM: Umeme Jumps out of Covid-19 Frying Pan with UGX139Bn Harvest, Sets UGX88Bn for Shareholders

    Oulanya Substitute: EC issues Campaign plan and Polling Day for Omoro County Parliamentary Seat fill 

    Oulanya Substitute: EC issues Campaign plan and Polling Day for Omoro County Parliamentary Seat fill

    Intelligence Xclusive: Gen. Muhoozi eyes Premier Peter Mayiga for Vice Presidency, Chairman Norbert Mao for Prime Minister

    Intelligence Xclusive: Gen. Muhoozi eyes Premier Peter Mayiga for Vice Presidency, Chairman Norbert Mao for Prime Minister

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    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
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    • All
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    • Gadget
    • Mobile
    • Startup
    UNBS closes Sunshare factory over failure to comply with Standards

    UNBS closes Sunshare factory over failure to comply with Standards

    Outgoing PRAU President Cynthia Mpanga (right) hands over the key to new PRAU President Sarah Kagingo as PRAU Patron Min. Frank Tumwebaze looks on

    Hon. Frank Tumwebaze graces PRAU Governing Council Handover Ceremony

    UG Pineapple at B&W

    It was Blankets and Pineapple Waragi as SA’s Distruction Boys entertain Kampala

    To Connect the Unconnected with Innovations towards Inclusive Growth

    To Connect the Unconnected with Innovations towards Inclusive Growth

    Cindy Sanyu

    Cindy Sanyu to headline Eastern Megafest

    Vincent Omoth – Marketing Manager Fresh Dairy (L) hands over 20 classroom desks to Head Teacher Kirinya Catholic School

    Fresh Dairy donates classroom desks to Kirinya Catholic Primary School

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
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    Fetching Uganda Football from a Crude, Semi-Pro to a Pro and all-Entertaining Soccer League genre is but…

    Fetching Uganda Football from a Crude, Semi-Pro to a Pro and all-Entertaining Soccer League genre is but…

    AFCON 2023 Qualifiers: Micho bows Down, Eludes Pressure, Names Cranes Squad Without London born-based Striker Karl Anthony

    AFCON 2023 Qualifiers: Micho bows Down, Eludes Pressure, Names Cranes Squad Without London born-based Striker Karl Anthony

    Chief of the Game: Even Out of FUFA Office, Lawrence Mulindwa Continues to stand Sky Tall in Uganda`s Football Arena

    Chief of the Game: Even Out of FUFA Office, Lawrence Mulindwa Continues to stand Sky Tall in Uganda`s Football Arena

    3rd ‘BAT’ on Target: Uganda Cricket Women National Team’s Kevin Awino Snatches 3rdfor Victoria Pearls but…

    3rd ‘BAT’ on Target: Uganda Cricket Women National Team’s Kevin Awino Snatches 3rdfor Victoria Pearls but…

    Stanbic Uganda Cup: The Rivalry is down to Two Clubs’ Trade affairs with either BUL FC or Vipers SC to gloss on Top

    Stanbic Uganda Cup: The Rivalry is down to Two Clubs’ Trade affairs with either BUL FC or Vipers SC to gloss on Top

    The Victory-ia Pearls Cricket Team Thrashes ICC’s High Ranking Women Nepal side, goes Chest-thumping

    The Victory-ia Pearls Cricket Team Thrashes ICC’s High Ranking Women Nepal side, goes Chest-thumping

  • Lifestyle
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    • Fashion
    • Food
    • Health
    • Travel
    Expert adds Scientific Angle to NCS’s Witchcraft Scandal without Dismissing the Vice as a Big Pass time for Africans

    Expert adds Scientific Angle to NCS’s Witchcraft Scandal without Dismissing the Vice as a Big Pass time for Africans

    Covid-Funds-Theft Records: Top Health Ministry Officials Stuck with UGX52Bn Loot as Districts Jam to Account for Air 

    Covid-Funds-Theft Records: Top Health Ministry Officials Stuck with UGX52Bn Loot as Districts Jam to Account for Air

    National Water and Sewerage Corporation Technical Staff’ Skills Enhanced for Better Service Delivery 

    National Water and Sewerage Corporation Technical Staff’ Skills Enhanced for Better Service Delivery

    The Story: How Nabilah’s Sobbing Husband Ssempala Left a Hole into which Barya Slipped and Filled

    The Story: How Nabilah’s Sobbing Husband Ssempala Left a Hole into which Barya Slipped and Filled

    U`re Hypocrites: Ugandan Socialite Zaituni Kirigwajjo aka Zari Freezes her Appearances on all Uganda Events 

    U`re Hypocrites: Ugandan Socialite Zaituni Kirigwajjo aka Zari Freezes her Appearances on all Uganda Events

    Kudos Guys: NBL Keeps Mum as Mwiiri OBs and MACOS Respond to SOS Call and Raise UGX16M for Sick Shem Ssemambo

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    • Golden Globes
    • Game of Thrones
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    UNBS closes Sunshare factory over failure to comply with Standards

    UNBS closes Sunshare factory over failure to comply with Standards

    UG Pineapple at B&W

    It was Blankets and Pineapple Waragi as SA’s Distruction Boys entertain Kampala

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    To Connect the Unconnected with Innovations towards Inclusive Growth

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    Cindy Sanyu to headline Eastern Megafest

  • 2021 Uganda Elections
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Uphill Task Ahead: The Tale of how the Legendary Red Pepper is Fighting Off Malicious Notice of Sale of their Home

January 10, 2022
inBusiness, Legal
Uphill Task Ahead: The Tale of how the Legendary Red Pepper is Fighting Off Malicious Notice of Sale of their Home

Under Threat: Red Pepper Head Offices in Namanve (Courtesy Photo)

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The country’s arguably first ever tabloid media house, following notices put up by Stanbic Bank announcing auction of its multi-million home in Namanve, has come out with guns blazing doggedly intending to secure what they have worked extra hard and for years to erect. 

Latest news we have scooped from the Lumumba based Commercial division of the High Court reveal how our media partners have already filed an application seeking to stop the impending auction. The application is expected to be handled by the presiding Judge with the speed it deserves given the fact that a lot is at stake in this matter. 

Stanbic Bank put out a public notice in the few days leading into the Christmas festival announcing the auction of the storied offices of the media house and other offices complete with the printing press.

Such notice was according the scribes involved just 30 days to repay the billions that it claims to be due and owing. The notice arrived after the media house had allegedly failed to repay the funds. At that time, the head of the commercial court, Justice Stephen Mubiru was hearing the matter and had told the proprietors of the media house to pay a percentage of the funds as a condition to waive the auction.

It’s not clear whether our colleagues in the trade adhered to the judge’s directive or not, but the bank has since gone on to instruct auctioneers to recover the money through holding a public auction for interested buyers of the property.

What we know is that the Red Pepper, much as they acknowledge having borrowed funds from Stanbic, are complaining about the ‘mafia’ manner in which the bank has been inflating the loan to colossal sums. The media proprietors are accordingly asking for a comprehensive audit of the loan in order to determine if it owes the bank money at all or give it a clean bill of health. 

Financial institutions without attempting to prejudice the current legal battle are known to charging exorbitant interest and to make up wild penalties which ends up piling unjust loans sums onto the borrowers. It is further claimed how Uganda’s commercial banks’ interest rates are the most unfriendly and some critics have gone on to hold that the rates are actually outrightly extortionate and illegal.

Author Profile

Stephen Kasozi Muwambi
Stephen Kasozi Muwambi
Mr. Stephen Kasozi Muwambi is a seasoned crime investigative writer, majoring in judicial-based stories. His two decades’ experience as a senior investigative journalist has made him one of the best to reckon on in Uganda. He can also be reached via [email protected]
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Tags: Red Pepper faces auctionRed Pepper Publications UgandaRichard Tusiime
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