Tycoon Pemba reportedly chocking on debts

City ‘tycoon’ Jack Pemba, who is famously known for his giving hand towards sports, is reportedly chocking on serious debts.

Pemba is on verge of losing all his property due to an alleged overwhelming debt he owes to a city money lender only identified as Wilbur.

According to our highly placed sources, the arrogant ‘rich man’ has already lost one of his vehicles- a Hummer- to loan sharks after failing to clear a $10, 000 (approximately shs35m) loan.

It is alleged that Pemba was last week called to clear his debts which he failed to service and consequently his car, a blue Hummer registered in the UAY series put on sale for a whopping $25 000 by the moneylender.

Due to the fact that the vehicle is so costly, only one person (Congolese) has already showed interest in it and is only offering $20,000 and the negotiations are still ongoing.