Angella Katatumba’s twin brother Rugirwa Katatumba spent almost three days behind bars at Kitalya prison for. After his release, the businessman cleared the air on his arrest saying that the whole situation was worsened by Covid-19 after acquiring two loans.
“Sometime back towards the end of 2019 I borrowed 2 loans from Prime Finance Ltd on Crane Chambers. Rajiv Ruparelia my friend asked me how my project Katatumba Village was going? I told him I was stuck and he offered to help me with a loan. I was very appreciative. So I borrowed 2 loans. One was for 50M. I and my Fiancée used her Land title and paid it back fully after 4 months 72.5M with 10% interest. I paid on the 31st March 2020 the day before the lockdown and the Title was returned,” he posted.
He added that he then borrowed 35M, 15M and 10M making a Total of 60M and the Security was his Mercedes-Benz S-Class No. RUGIIRWA and 3 cheques for security purposes.
However during the lockdown businesses were closed and he offered his tenants at Katatumba Village 2 Months free rent as they were not working and because of this and the fact that he lost a few Tenants who were supposed to occupy the First floor which is not yet completed at Katatumba Village, he struggled to clear the 60M.
“So I have just paid 12M as I am also waiting for money from other sources to help me clear this loan hence the reason I have been arrested.”
But he confirms that he has always made it very clear that he has 100% intentions of clearing his loan as he has asked Prime Finance Ltd to also sell Mercedes-Benz to clear the loan.
My 2 loans with Prime Finance Ltd. Owned by The Ruperalia Group.
Sometime back towards the end of 2019 I, borrowed 2…
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