REVEALED! Bitature property woes new details emerge

A highly placed source within a top  financial institution has confirmed to us that it is  behind the take over of  Tycoon Patrick Bitature ‘s three multi-billion properties including Skyz Hotel Naguru over a huge loan.

A source who preferred anonymity has told this publication that Bitature acquired a multi billion loan in a range of Shs70bn from this financial institution sometime back . It is alleged that due to Covid shocks payments were not prompt and the financial institution has now been menacingly on his case. Back and forth closed door meetings between this financial institution and Bitature yielded nothing until Wednesday, 18 when a notice to sale by public  auction has been issued by Quickway Auctioneers and Court Bailiffs

In the notice, Quickway Auctioneers and Court Bailiffs have given Bitature’s Simba Properties Investment Company Limited Under which the three properties owned are registered only 30 days to clear the loans or watch as the properties auctioned or sold by private treaty.

The bailiffs say they have been given orders by M/S Kirunda and Wasige Advocates on behalf of the financial institution that lent Bitature’s company money.

The properties set to be sold include Elizabeth Royal Apartment located on plot 32 Elizabeth Avenue Kololo, Protea Hotel ( SKYZ Hotel) Naguru and Moyo Close Apartments on plot 13 Moyo close.

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