Monday, May 16, 2022
  • Login
The Investigator News
Advertisement
  • Home
  • News
    • All
    • Business
    • Politics
    • Science
    • World
    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

    Must Read Big Story: Tycoon Patrick Bitature Floors South African Loan Sharks in Fraudulent UDS30M Transaction

    Must Read Big Story: Tycoon Patrick Bitature Floors South African Loan Sharks in Fraudulent UDS30M Transaction

    EC New Home Panic: Ugly Encumbrances emerge on Butabika Land, IGG Strips Self Naked as Ownership gets questioned

    EC New Home Panic: Ugly Encumbrances emerge on Butabika Land, IGG Strips Self Naked as Ownership gets questioned

    Salim Saleh: The General who Rejected to be President but Elected Playing Second Fiddle and diffusing Poverty from Society!

    Salim Saleh: The General who Rejected to be President but Elected Playing Second Fiddle and diffusing Poverty from Society!

    Sunday Flashback: How Suleiman Kiggundu Told-off Brethren over a Noble idea of Starting a Moslems Bank but Hijacked It!

    Sunday Flashback: How Suleiman Kiggundu Told-off Brethren over a Noble idea of Starting a Moslems Bank but Hijacked It!

    Airport Upgrade Scam: MP Ssenyonyi Socially Run Bonkers as UGX1Bn Cosase Bribe Strips MPs barely naked

    Airport Upgrade Scam: MP Ssenyonyi Socially Run Bonkers as UGX1Bn Cosase Bribe Strips MPs barely naked

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Tech
    • All
    • Apps
    • 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
    • Sports
    Jumping to the Topmost: Nansana Galaxy Club Currently enjoying the Top Spot of the 2022 ULF top tier Ludo League

    Jumping to the Topmost: Nansana Galaxy Club Currently enjoying the Top Spot of the 2022 ULF top tier Ludo League

    Deservedly Honoured: Hasifah Nassuuna Receives a Standing Ovation on scoring her 100th goal, Setting a historical Record

    Deservedly Honoured: Hasifah Nassuuna Receives a Standing Ovation on scoring her 100th goal, Setting a historical Record

    More Clout: Crested Cranes Welcome Two Professionals, set to face Rwanda, Burundi and Djibouti at Women Championship 

    More Clout: Crested Cranes Welcome Two Professionals, set to face Rwanda, Burundi and Djibouti at Women Championship

    Necessary Rant: Lines Drawn as Struggle to Reclaim National Theatre Management is Launched against the Current Ruins 

    Necessary Rant: Lines Drawn as Struggle to Reclaim National Theatre Management is Launched against the Current Ruins

    Running in Blood: We bring you the full list of Father-Mother-Son-Sister in today’s Uganda Sports World Business

    Running in Blood: We bring you the full list of Father-Mother-Son-Sister in today’s Uganda Sports World Business

    Eddy Kenzo Advises Bebe Cool to Halt his Clamor Campaign against Big Dimes Paid to Visiting Artistes 

    Eddy Kenzo Advises Bebe Cool to Halt his Clamor Campaign against Big Dimes Paid to Visiting Artistes

  • Lifestyle
    • All
    • 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

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

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Opinions
    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

    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

  • 2021 Uganda Elections
No Result
View All Result
  • Home
  • News
    • All
    • Business
    • Politics
    • Science
    • World
    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

    Must Read Big Story: Tycoon Patrick Bitature Floors South African Loan Sharks in Fraudulent UDS30M Transaction

    Must Read Big Story: Tycoon Patrick Bitature Floors South African Loan Sharks in Fraudulent UDS30M Transaction

    EC New Home Panic: Ugly Encumbrances emerge on Butabika Land, IGG Strips Self Naked as Ownership gets questioned

    EC New Home Panic: Ugly Encumbrances emerge on Butabika Land, IGG Strips Self Naked as Ownership gets questioned

    Salim Saleh: The General who Rejected to be President but Elected Playing Second Fiddle and diffusing Poverty from Society!

    Salim Saleh: The General who Rejected to be President but Elected Playing Second Fiddle and diffusing Poverty from Society!

    Sunday Flashback: How Suleiman Kiggundu Told-off Brethren over a Noble idea of Starting a Moslems Bank but Hijacked It!

    Sunday Flashback: How Suleiman Kiggundu Told-off Brethren over a Noble idea of Starting a Moslems Bank but Hijacked It!

    Airport Upgrade Scam: MP Ssenyonyi Socially Run Bonkers as UGX1Bn Cosase Bribe Strips MPs barely naked

    Airport Upgrade Scam: MP Ssenyonyi Socially Run Bonkers as UGX1Bn Cosase Bribe Strips MPs barely naked

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Tech
    • All
    • Apps
    • 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
    • Sports
    Jumping to the Topmost: Nansana Galaxy Club Currently enjoying the Top Spot of the 2022 ULF top tier Ludo League

    Jumping to the Topmost: Nansana Galaxy Club Currently enjoying the Top Spot of the 2022 ULF top tier Ludo League

    Deservedly Honoured: Hasifah Nassuuna Receives a Standing Ovation on scoring her 100th goal, Setting a historical Record

    Deservedly Honoured: Hasifah Nassuuna Receives a Standing Ovation on scoring her 100th goal, Setting a historical Record

    More Clout: Crested Cranes Welcome Two Professionals, set to face Rwanda, Burundi and Djibouti at Women Championship 

    More Clout: Crested Cranes Welcome Two Professionals, set to face Rwanda, Burundi and Djibouti at Women Championship

    Necessary Rant: Lines Drawn as Struggle to Reclaim National Theatre Management is Launched against the Current Ruins 

    Necessary Rant: Lines Drawn as Struggle to Reclaim National Theatre Management is Launched against the Current Ruins

    Running in Blood: We bring you the full list of Father-Mother-Son-Sister in today’s Uganda Sports World Business

    Running in Blood: We bring you the full list of Father-Mother-Son-Sister in today’s Uganda Sports World Business

    Eddy Kenzo Advises Bebe Cool to Halt his Clamor Campaign against Big Dimes Paid to Visiting Artistes 

    Eddy Kenzo Advises Bebe Cool to Halt his Clamor Campaign against Big Dimes Paid to Visiting Artistes

  • Lifestyle
    • All
    • 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

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

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Opinions
    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

    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

  • 2021 Uganda Elections
No Result
View All Result
The Investigator News
No Result
View All Result

Must Read Big Story: Tycoon Patrick Bitature Floors South African Loan Sharks in Fraudulent UDS30M Transaction

May 11, 2022
inBusiness
Must Read Big Story: Tycoon Patrick Bitature Floors South African Loan Sharks in Fraudulent UDS30M Transaction

Relaxed at last: Tycoon Patrick Bitature (Courtesy Photo)

2.6k
SHARES
4.1k
VIEWS
WhatsappShare on FacebookShare on Twitter

KAMPALA, Uganda: Amiable tycoon Patrick Bitature is hugely relieved after a judge in town stopped loan sharks from South Africa from grabbing his business empire in its entirety. Justice Musa Ssekaana is the one who has saved Bitature’s business realm from confiscation. 

The judge has been painstakingly dissecting the transaction. And he has at the end of the day, found the same to have been premised on fraud. And so, has declared it illegal and untenable. Ssekaana sits at the civil division of the High Court where, he serves as the boss. He practiced and taught law for years, before he was called to the bench. His judgments are regarded highly within the legal and judicial circles.

Uganda’s top firm of Muwema and Company advocates is the one which have been fighting to save Bitature’s string of properties. They have pulled off the laudable feat at the end of the day. This law firm has done such landmark cases previously. Those lawsuits have helped a great deal to rein in on banks and have saved businesses from being seized over fraudulent loans.  

For one example, the law firm is credited for having been the brain behind tycoon Ham Kiggundu’s landmark case. The lawsuit ended with the judge declaring the loan, which Kiggundu took from Diamond Trust Bank, to have been fraudulent. The judge made good remarks and observations which are a must read for the people transacting with the banks.

 As Bitature savors the victory, the South African loan sharks are, on the other hand, leaking their wounds. They have been pursuing the attachment of Bitature’s businesses, which plot, they have dismally lost. They lost the plot because it has been, and was as well, a fraudulent one from the word go.

In order to avoid detection, these loans sharks took cover under a vague thing known as Vantage Mezzanine Fund 11. This posture, as they are carrying out business outside South Africa. But first things first. We shall divulge later, how these loan sharks used their Vantage Fund to mislead Bitature into handing over his entire business empire to them!

Bitature is one of Uganda’s most hardworking tycoons. He has scrupulously built his empire from scrap. The empire now comprises of telecoms, energy, real estate, oil, and hotels, among others. Apart from business, Bitature wears many hats. He is the board chairman of many companies. Some of those companies include UMEME and UTAMU University. He is also a Consulate.

Bitature has been at pains of losing the hard-earned business empire above. This, following a loan he reportedly acquired from the South Africans in 2014. The loan sharks using one of Uganda’s renowned dodgy law firms, started off the foul game by tricking Bitature into writing a very dangerous agreement. 

Under such agreement, Bitature was convinced to surrender all his businesses for purposes of covering the fraudulent debt. Important to note, is the fact that many of the businesses Bitature used as securities to secure the loan, hadn’t agreed to the deal. They were merely dragged into the deal. And this, thanks to the trickery the loan sharks employed on Bitature, who, it would appear, required the loan as a matter of life and death.

Upon agreeing to hand over the businesses, the loan sharks made Bitature to write and sign transfer forms. This essentially meant, Bitature was kind of selling his properties to the money lenders. Yet he was simply taking a loan from them which he was supposed to pay back. This is how even loan sharks in Uganda operate! 

As would be expected, the South Africans would later on instruct their Ugandan lawyers to trot to the Uganda Business Registration Bureau (UBRS) and deceitfully demand that the transfer forms be altered in their favor! So keen on getting their unclean hands on Bitature’s properties they were, that they even hurriedly paid UGX1Bn fees to facilitate alternation of the same. Yet the same people had kept the deal away from the UBRS in the first instance. They did so in order to skip the mandatory legal process of registering in Uganda before doing business here. 

Operating as a partnership, they were legally enjoined to register with the UBRS. During this process, the South Africans would have been required to disclose their names and identities. But except in South Africa, they don’t operate like this elsewhere. They operate stealthily, to avoid rendering accountability in the event of committing fraud while doing business outside South Africa. They further engage in this kind of trickery in order to avoid paying relevant taxes to countries where they operate from.

The managers of URBS would prove too smart for the loan sharks to manipulate. They refused to change the ownership of the securities which Bitature had purportedly transferred in their names. The managers said they couldn’t do so because the transfer they were pursuing were a matter of contestation before Justice Boniface Wamala.

Much as Justice Ssekaana faulted URBS for pausing the alteration of the properties in absence of injunction order from court, the judge noted that the fact that the loan sharks had hidden the loan transaction from URBS, there was no way court could revisit the decision URBS took. Watch this space…

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]
Latest entries

Author Archives

  • Opinion2022.05.11Intelligence Xclusive: Gen. Muhoozi eyes Premier Peter Mayiga for Vice Presidency, Chairman Norbert Mao for Prime Minister
  • Business2022.05.11Must Read Big Story: Tycoon Patrick Bitature Floors South African Loan Sharks in Fraudulent UDS30M Transaction
  • Crime news2022.05.09Wavamunno Tales: How City Businessman Pulled-off a Hot Dollars` Robbery from the Comfort of His Kampala Home!
  • Featured2022.05.09Museveni’s stories of being Chwezi, Turning into Cat, Leopard and Such Stuff are Common with other past Rebels, Leaders
Tags: Hamis KiggunduMuwema and Company AdvocatesPatrick Bitature wins Case
SendShare1056Tweet660

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Terms of Use
  • Privacy & Policy
  • Contact

© 2022 The Investigator News - More Than Just News Without Fear or Favour.

No Result
View All Result

© 2022 The Investigator News - More Than Just News Without Fear or Favour.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In