Friday, September 29, 2023
  • Login
The Investigator News
Advertisement
  • Home
  • News
    • All
    • Science
    • World
    Deal: Over 50,000 Housing Units to be supplied as NWSC and NHCC Sign Water Partnership MOU

    From Streams to Screens: Here Unveiling the IT and Digital Transformation of Uganda`s National Water and Sewerage Corporation Corp

    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Heroine! Presidency Minister Milly Babalanda Saves Kyabazinga from Physical Assault at the Canada Busoga Symposium

    Heroine! Presidency Minister Milly Babalanda Saves Kyabazinga from Physical Assault at the Canada Busoga Symposium

    All Royal: HRH Kamuswaga Concludes His Official Trip to California with Lots of Investors` Attraction to Kooki Kingdom

    All Royal: HRH Kamuswaga Concludes His Official Trip to California with Lots of Investors` Attraction to Kooki Kingdom

    Of Daily Monitor’s 30th Well-Earned Birth Bazaar And the Tough Scribes That Have kept M7`s Sleep in Constant Check

    Of Daily Monitor’s 30th Well-Earned Birth Bazaar And the Tough Scribes That Have kept M7`s Sleep in Constant Check

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Tech
    • All
    • Apps
    • Gadget
    • Mobile
    • Startup
    Digital Technologies Could Help Uganda’s Economy Recover Faster

    Digital Technologies Could Help Uganda’s Economy Recover Faster

    Liquid Telecom to host first cloud event of its kind in Uganda

    Liquid Telecom to host first cloud event of its kind in Uganda

    TECNO Mobile Uganda Skills Graduates Through Its Graduate Trainee Program

    TECNO mobile Uganda skills graduates through its graduate trainee program

    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

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    Fare Thee Well Darling: Delicately Voiced Singer Evelyn Nakabira ‘Lagu’ Goes Home Sad and Disappointed but with a Hope-filled Smile

    Fare Thee Well Darling: Delicately Voiced Singer Evelyn Nakabira ‘Lagu’ Goes Home Sad and Disappointed but with a Hope-filled Smile

    Micho: The `Serbian Wol-Off`s Second Marriage Whose Divorce was Simply a Waste of Time, One With Magogo and Not for Football

    Micho: The `Serbian Wol-Off`s Second Marriage Whose Divorce was Simply a Waste of Time, One With Magogo and Not for Football

    Fahad Kawooya aka Uncle Bean: The Suzan Makula and Bujingo Villain who has Beaten all Odds to Miraculously get his Canada Dream Come True

    Fahad Kawooya aka Uncle Bean: The Suzan Makula and Bujingo Villain who has Beaten all Odds to Miraculously get his Canada Dream Come True

    MC Kats Set to Dent his Uganda Entertainment Profile and Enter the Gates of Hell if He Doesn’t Back Off the Consistent and Principled Alien Skin

    MC Kats Set to Dent his Uganda Entertainment Profile and Enter the Gates of Hell if He Doesn’t Back Off the Consistent and Principled Alien Skin

    Uganda and Kenya Still have to Prove their Might on the Continent as Organizers Kick Out the Afcon 2027 Bidding Neighbors Out of Maiden Clubs

    Uganda and Kenya Still have to Prove their Might on the Continent as Organizers Kick Out the Afcon 2027 Bidding Neighbors Out of Maiden Clubs

    No Thank You: Before we ‘Must’ Say Thank You, Take a Look at the Sickening Outside of the Beautiful Interior of Ham Kiggundu’s Nakivubo Stadium

    No Thank You: Before we ‘Must’ Say Thank You, Take a Look at the Sickening Outside of the Beautiful Interior of Ham Kiggundu’s Nakivubo Stadium

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Travel
    Trouble as Ministry of Internal Affairs is drawn into a High-Stakes Child Custody Battle Involving a Prominent City Car Dealer being Accused of Immigration Influence

    Trouble as Ministry of Internal Affairs is drawn into a High-Stakes Child Custody Battle Involving a Prominent City Car Dealer being Accused of Immigration Influence

    Tribute to Elly Wamala: Remembering the Ever-Green Icon, the Father of Uganda’s Music Recording Industry and His Unforgettable Legacy

    Tribute to Elly Wamala: Remembering the Ever-Green Icon, the Father of Uganda’s Music Recording Industry and His Unforgettable Legacy

    Musambwa Goes Dormant: Government Soldiers Secure Buganda’s Mysterious Shrine Amidst Renovations of Mandela National Stadium”

    Musambwa Goes Dormant: Government Soldiers Secure Buganda’s Mysterious Shrine Amidst Renovations of Mandela National Stadium”

    Finding Peace and Healing: Sleeping with your biggest enemy sounds illogical! It is hard to safely put up with the real source of the trauma but…

    Finding Peace and Healing: Sleeping with your biggest enemy sounds illogical! It is hard to safely put up with the real source of the trauma but…

    Cross-Border Collaboration: Uganda’s NWSC and Malawi’s LWB Forge Strong Ties in Urban Sewerage Management

    Cross-Border Collaboration: Uganda’s NWSC and Malawi’s LWB Forge Strong Ties in Urban Sewerage Management

    ROARING MAJESTY: Taking You Around the Wilderness Trenches and Unravelling the Epic Saga of the King of The Jungle and His Fight for Survival

    ROARING MAJESTY: Taking You Around the Wilderness Trenches and Unravelling the Epic Saga of the King of The Jungle and His Fight for Survival

    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

  • Crime news
  • Politics
  • Business
  • Interviews
  • CIP Records
No Result
View All Result
  • Home
  • News
    • All
    • Science
    • World
    Deal: Over 50,000 Housing Units to be supplied as NWSC and NHCC Sign Water Partnership MOU

    From Streams to Screens: Here Unveiling the IT and Digital Transformation of Uganda`s National Water and Sewerage Corporation Corp

    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Heroine! Presidency Minister Milly Babalanda Saves Kyabazinga from Physical Assault at the Canada Busoga Symposium

    Heroine! Presidency Minister Milly Babalanda Saves Kyabazinga from Physical Assault at the Canada Busoga Symposium

    All Royal: HRH Kamuswaga Concludes His Official Trip to California with Lots of Investors` Attraction to Kooki Kingdom

    All Royal: HRH Kamuswaga Concludes His Official Trip to California with Lots of Investors` Attraction to Kooki Kingdom

    Of Daily Monitor’s 30th Well-Earned Birth Bazaar And the Tough Scribes That Have kept M7`s Sleep in Constant Check

    Of Daily Monitor’s 30th Well-Earned Birth Bazaar And the Tough Scribes That Have kept M7`s Sleep in Constant Check

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Tech
    • All
    • Apps
    • Gadget
    • Mobile
    • Startup
    Digital Technologies Could Help Uganda’s Economy Recover Faster

    Digital Technologies Could Help Uganda’s Economy Recover Faster

    Liquid Telecom to host first cloud event of its kind in Uganda

    Liquid Telecom to host first cloud event of its kind in Uganda

    TECNO Mobile Uganda Skills Graduates Through Its Graduate Trainee Program

    TECNO mobile Uganda skills graduates through its graduate trainee program

    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

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    Fare Thee Well Darling: Delicately Voiced Singer Evelyn Nakabira ‘Lagu’ Goes Home Sad and Disappointed but with a Hope-filled Smile

    Fare Thee Well Darling: Delicately Voiced Singer Evelyn Nakabira ‘Lagu’ Goes Home Sad and Disappointed but with a Hope-filled Smile

    Micho: The `Serbian Wol-Off`s Second Marriage Whose Divorce was Simply a Waste of Time, One With Magogo and Not for Football

    Micho: The `Serbian Wol-Off`s Second Marriage Whose Divorce was Simply a Waste of Time, One With Magogo and Not for Football

    Fahad Kawooya aka Uncle Bean: The Suzan Makula and Bujingo Villain who has Beaten all Odds to Miraculously get his Canada Dream Come True

    Fahad Kawooya aka Uncle Bean: The Suzan Makula and Bujingo Villain who has Beaten all Odds to Miraculously get his Canada Dream Come True

    MC Kats Set to Dent his Uganda Entertainment Profile and Enter the Gates of Hell if He Doesn’t Back Off the Consistent and Principled Alien Skin

    MC Kats Set to Dent his Uganda Entertainment Profile and Enter the Gates of Hell if He Doesn’t Back Off the Consistent and Principled Alien Skin

    Uganda and Kenya Still have to Prove their Might on the Continent as Organizers Kick Out the Afcon 2027 Bidding Neighbors Out of Maiden Clubs

    Uganda and Kenya Still have to Prove their Might on the Continent as Organizers Kick Out the Afcon 2027 Bidding Neighbors Out of Maiden Clubs

    No Thank You: Before we ‘Must’ Say Thank You, Take a Look at the Sickening Outside of the Beautiful Interior of Ham Kiggundu’s Nakivubo Stadium

    No Thank You: Before we ‘Must’ Say Thank You, Take a Look at the Sickening Outside of the Beautiful Interior of Ham Kiggundu’s Nakivubo Stadium

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Travel
    Trouble as Ministry of Internal Affairs is drawn into a High-Stakes Child Custody Battle Involving a Prominent City Car Dealer being Accused of Immigration Influence

    Trouble as Ministry of Internal Affairs is drawn into a High-Stakes Child Custody Battle Involving a Prominent City Car Dealer being Accused of Immigration Influence

    Tribute to Elly Wamala: Remembering the Ever-Green Icon, the Father of Uganda’s Music Recording Industry and His Unforgettable Legacy

    Tribute to Elly Wamala: Remembering the Ever-Green Icon, the Father of Uganda’s Music Recording Industry and His Unforgettable Legacy

    Musambwa Goes Dormant: Government Soldiers Secure Buganda’s Mysterious Shrine Amidst Renovations of Mandela National Stadium”

    Musambwa Goes Dormant: Government Soldiers Secure Buganda’s Mysterious Shrine Amidst Renovations of Mandela National Stadium”

    Finding Peace and Healing: Sleeping with your biggest enemy sounds illogical! It is hard to safely put up with the real source of the trauma but…

    Finding Peace and Healing: Sleeping with your biggest enemy sounds illogical! It is hard to safely put up with the real source of the trauma but…

    Cross-Border Collaboration: Uganda’s NWSC and Malawi’s LWB Forge Strong Ties in Urban Sewerage Management

    Cross-Border Collaboration: Uganda’s NWSC and Malawi’s LWB Forge Strong Ties in Urban Sewerage Management

    ROARING MAJESTY: Taking You Around the Wilderness Trenches and Unravelling the Epic Saga of the King of The Jungle and His Fight for Survival

    ROARING MAJESTY: Taking You Around the Wilderness Trenches and Unravelling the Epic Saga of the King of The Jungle and His Fight for Survival

    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

  • Crime news
  • Politics
  • Business
  • Interviews
  • CIP Records
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)

7.4k
SHARES
11.5k
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

  • BusinessSeptember 9, 2023Expose of What Often Splits Kabaka Ronald Muwenda Mutebi and President Yoweri Museveni Tibuhaburwa in Light of the Ongoing Bataka Standoff
  • BusinessAugust 29, 2023Battle4Generals: Otafiire Floors Powerful Muhwezi in First Round of Minds Fight as Museveni Calls Off Bout over Control of Lucrative Digital Number Plates Deal
  • BusinessAugust 29, 2023At the Crossroads Again: Kabaka Reads Defiance, Betrayal in Bataka-Museveni Meeting as the Latter Seeks to Use the Clan Heads Ahead of 2026 Polls
  • BusinessAugust 23, 2023Dubious Victory: Bizman Ntaganda`s Plot to Fool UNRA, Dfcu in Busega Govt Swamp Deal Leaks as Judge Controversially Let Him off with even a UGX24B Gift
Tags: Hamis KiggunduMuwema and Company AdvocatesPatrick Bitature wins Case
SendShare2978Tweet1861

Comments 8

  1. Karim H says:
    1 year ago

    One westener who was working with patrick conned him in to this transaction and it has been a bitter journey all thru. hats off justice prevailed and sharks cannot take away the hard work of local entreprenuer who has been rated high by E&Y as a strong emerging leader in many occasions and a true mendor for many aspiring young ones.

  2. Ian says:
    1 year ago

    Your story shows signs of a PR stunt by his lawyers to save face the style is very much like a red pepper & Bwino article who’s reputations we all know

    • The Investigator News says:
      1 year ago

      We are sorry if you got us that way Ian.

  3. Pingback: Fake Auction: Court orders against Planned Patrick Bitature Properties `Sale` as Lawyers Strip Selves of legal Wisdom – The Investigator News
  4. SULAYI WANDERA says:
    1 year ago

    Relief to the Business Community.
    Let our local banks be more helpful thru Government to provide affordable loans for the development of our economy.

  5. wante Martino says:
    1 year ago

    Ugandans’ who is a “Tycoon” by Ugandan standards, Bitature as told in the story is under Pressure to Re=pay a Loan he took in 2014 to money lenders in S/Africa, but he is Tycoon, what type of Tycoon would he be then??

    • The Investigator News says:
      1 year ago

      We take this observation importantly. We shall make our research on who fits to be a Tycoon and we shall get back with a great story…

  6. Paddy says:
    1 year ago

    Can a person of Bitature be influenced to sign agreements he doesnt know, can he be blindly influenced to transfer all his properties to the so called loan sacks without his knowledge. Something is not right somewhere

  • Manukau with her child

    Business Woman and Royalist Nabukalu Hamidah Still Missing

    17087 shares
    Share 37214 Tweet 23259
  • Equity Bank Becomes a Den of Thieves: Top Veteran Journalist Aldrine Nsubuga Arise to Save a customer`s UGX47M

    24612 shares
    Share 9845 Tweet 6153
  • The Mohan Family Tales: Tycoon Mohan Kiwanuka finally speaks out about his family empire turbulence, writes to Son

    16919 shares
    Share 6768 Tweet 4230
  • In Kaka’s Horror Grip: Exclusive details why President Museveni invited Ronald Mayinja to perform for him at Kololo

    10760 shares
    Share 4304 Tweet 2690
  • Kabaka Laughs off his ‘Death’: Family tells Investigator the Son of Muteesa is in good health and relaxing in Kenya

    10410 shares
    Share 4164 Tweet 2603
  • 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