Moneybags Jack Pemba has just bought a Shs620m Lexus, so it is clear money is not among his problems at the moment. But then an arrest warrant was issued last week with tycoon Godfrey Kirumira demanding that Pemba pays back Shs1 billion for about Shs720m that he borrowed from him and its arrears.
Pemba says he borrowed $200,000 from Kirumira and gave him his three prized cars jointly valued at over Shs1.2 billion as security.
The cars included a Range Rover with customized license plates ONLY 1 JP, valued at $140,000 (about Shs513m), a brand new 2017 Landcruiser ZX 2017 model license plate “MR PEMBA” which Pemba had spent $175,000 (about Shs642m) and a Hummer H3 valued at $35,000 (about Shs128m).
Pemba says the cars were supposed to be parked in safe custody but Kirumira unfortunately drove them together with his sons which in the process depreciated in value.
The Pemba sports academy president added that Kirumira also rented out the cars to weddings and crashed the Land cruiser.
He adds that because Kirumira had driven the cars and their value depreciated, he had made up his mind to sell them and repay Kirumira, something that Kirumira refused.
The Kwagala group chairman was further angered after he realized that Pemba had bought the brand new Lexus valued at over Shs620m and then flying in Congolese star Koffi Olomidde to perform at his wife Sheebah Kassami’s birthday party at the Sheraton Hotel last week where he blew more than Shs100m. Pemba also recently entered a new mansion valued at over Shs2billion.
Since the agreement between Pemba and Kirumira was a sales agreement, Pemba says the option Kirumira had was to sell the cars instead of running to court.