DEBT AGONY! Bank moves to sale tycoon Magoola Dei Pharmaceutical’s properties, days after Gen. Museveni launch

Days after crafty Mathias Magoola of Dei BioPharma Uganda Ltd invited Gen.Museveni to launch Dei Biopharma manufacturing facility in Matugga, near Kampala, the firm must now brace for an impending onslaught on it by creditors.

Dei BioPharma Uganda Ltd is a medical and foods (nutraceuticals & pharmaceutical) Research Company incorporated in Uganda, January 2014 that produces medicines, food supplements and cosmetics.

The firm’s pharmaceutical plant launched by President Museveni in October this year will produce high quality yet affordable medicines across a range of therapeutic medications including cancer and malaria treatment that will make a difference to millions of families across Africa.

But the latest distraction is that a commercial bank now wants to sell some of Dei BioPharma Uganda Ltd properties to recover their monies.

The bank has already advertised some of the properties in a bid to recover billions of shillings Dei has accumulated in unpaid loans.

One of the prime properties, which Dei BioPharma Uganda Ltd will be losing in the next 30 days, is in Matugga. It’s particularized as Kyadondo Block 82 Plot 1081 and 1082 approximating 51 acres of land. It’s approximately 4.4kms from Matugga town and near the main road.

Another Dei BioPharma Uganda Ltd prime property is equally up for auction to recover the bank’s money. The property is located in the Matugga industrial zone and adjacent to the newly built Dei Pharmaceutical plant. It is under construction and is approximating at 9.5 acres.

The court-supervised process to sell off the two prime properties has been given to Kaweesi and partners advocates whose officers have already been to the two locations to take the relevant photos of the properties which have already been advertised in the New Vision newspaper of Monday 5th December 2022.

President Museveni commissioned the Dei Bio Pharma Pharmaceuticals plant in October this year

EQUITY BANK?

We are not sure if the bank in question is Kenya’s Equity bank which is notorious for selling debtors’ properties left and right— deceased Mzee Peter Kamya of Simbamanyo building or Mzee Alfred Higenyi Jaala of Wandegeya based Namuswa plaza can bear witness. Or is it Uganda Development Bank?

Why? It goes without mention that the development of the Dei Biopharma manufacturing facility which Museveni launched was financed through partner funding from the Equity Group.

The Bank provided up to US$100 million funding for construction, importation of Hi-Tech Medical Equipment and machines as well as working capital support. Uganda Development Bank has contributed US$20 million.

MAGOOLA DEBT WOES

Dei’s Mathias Magoola is also battling another Shs268b case with former minister Isaac Musumba. Musumba had represented Dei Minerals International in a legal dispute, which saw his clients claim compensation of $241 million (about Shs700b).

Magoola is meant to pay Musumba Shs268 billion as 30 percent of the decretal sum that Magoola and his Dei Minerals International firm are expected to earn from Videocon Industries Ltd, a UK-India based firm, for breach of contract.

That’s not all. Magoola’s Dei is also locked in another Shs 4 billion arbitration fight with Mutoni Construction (U) Limited, a South African company he contracted to build the pharmaceutical manufacturing plant that was launched by Museveni. DO YOU HAVE A HOT STORY (CHEATERS, DIVORCE, VIDEOS, CORRUPTION, LAND WRANGLES, EXPOSES …ETAL) YOU WOULD LIKE US TO PUBLISH? CALL/TEXT/WHATSAPP 0777959024 OR EMAIL:redpeppertips@gmail.com

 

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