TOTAL LOSS: Ugandans Who Took Loans From Sudhir To Build Empires But Ended Up Losing It All After he Attached their Properties for Failure to Return the Money
By Stephen K Muwambi 7th, June 2013
Following the overwhelming interest you, our valuable readers showed in our exclusive expose about the amiable Capt Mike Mukula's problems with tycoon Sudhir Ruparelia over a Shs500m loan, we felt obliged to bring you some of the people who have lost property worth millions to the moneybags.
The Asian brothers owned Baumann House along Parliamentary. It’s the building which houses several MPs’ offices who could not find space at the Parliament building. Sudhir took over the building several years back; after the brothers failed to return over $1m they had borrowed from Crane Bank.
In a bid to save their investment, the Somani brothers dragged Sudhir to court, claiming he had manipulated the figure of the loan he had advanced them, but court found otherwise. The Somani's relocated to Kenya in protest.
Speke Hotel formerly belonged to Asian businessman Ferroz Kassam. Kassam had placed a caveat on the hotel, to stop its transfer to third parties, but former Attorney General Joseph Ekemu allegedly lifted the caveat on a Saturday and the property ended up changing hands and was renamed Speke Hotel 1996 Limited.
The move so infuriated Ferroz that he relocated to Tanzania. Analysts even believe the scandal heralded Ekemu's political downfall. There were also rumours that he had embezzled dimes from his fellow Itesots which only gave his bosses an excuse to jail him and later dump him into the political dustbin.
Namulanda Roses Horticultural Farm
Our investigations reveal that the flower farm belonged to the Azur Mineral water Asian proprietor, Anis Mamdani, a brother to celebrated academician Prof Mamdan. He had picked dime from Crane Bank and failed to pay, losing the investment to the bank.
So distraught the Azur Asian got, he took leave of Uganda for some years, settling in Tanzania. After he had gotten over the heartbreak, he returned to Uganda and invested in manufacturing the Azur water.
Kampala Parents School
MP, famed educationist and elder, Edward Kasole Bwereere started the school from scrap and turned it into a phenomenal, only to lose it to Sudhir's Crane Bank, after he failed to return loans he used to upgrade it.
On losing the school, Kasole's high blood pressure understandably raised to worrying levels that he nearly lost his life. Kasole has since built another school in Mubende and his pals tell us he is very wary when it comes to borrowing money to invest in the school.
Ssese Gateway Beach
The proprietor we only established as Kaggwa is another old man who took money from Crane Bank and ended up losing his resort on the Lake Victoria shores.
Crane Kampala main road headquarters
Where stands Sudhir's powerful Crane Bank headquarters, used to stand “Amadduka g'abaddugavu (the pioneer Indigenous Ugandans shops). These were renting from the ' Bamafutamingi' who fell into things, when former President Idi Amin dished out Asian properties to his cronies and fellow moslems in the wake of his legendary 1972 'Economic war declaration in1972'.
To acquire the land, Sudhir bought out the original Asian owners of the dilapidated shops, who had had enough of Uganda following their abrupt eviction by dictator Amin. The sitting tenants however vehemently opposed Sudhir's taker over and compensation, challenging the buy-out in High Court.
The sitting tenants lost the case and many ended up losing even compensation. Sudhir razed the dilapidated premises immediately court threw out the sitting tenants’ case.
In fact, as the High Court read the judgment, bulldozers were at standby at the disputed place, ready to raze the buildings. Those tenants, who were smart enough and took the money, are now some of the proud landlords of several buildings in Ntinda.
The former reputable rally driver and East and Central big time fish tycoon, borrowed money from Crane Bank and failed to pay, before he perished in a rally car accident in Mityana.
Sudhir attached the departed's Dolphin Suites in Bugoloobi, after the surviving family members failed to mobilize the money and pay up. It's now forms part of the Ruparelia group bulging family.
Kurji's widow Kololo pad
For the departed's unpaid loans, Sudhir attempted to attach the widow's multi-million rented residence in Kololo, but the commercial court thwarted him. The widow, now living in Mombasa, said Sudhir had refused to give her the details of the loan, so she could pay and redeem her house.
Crane Bank attached this Asian's building that stands just next to Crane Bank's main branch over failure to repay a reportedly Shs5bn loan. The building now houses Sudhir's Western Union section of Crane Bank.
St Noa Girls School
Sudhir nearly took over the Zzana based school after its owner Blasio Wasswa failed to repay the dime he took from Crane Bank. Wasswa has since died and the school is struggling to clear the loans.
Located along Bombo road, the building belonged to rally driver and international businessman Emma Katto, who failed to repay loans he got from Crane Bank losing the building in the process.
Ssebaggala and Sons Electrical Center
Hajj Med Ssebaggala was a tenant at Sudhir's Kiyembe located Tourist Hotel but Crane bank seized and is at the moment running the leading electrical suppliers company since the Hajj failed to pay back the loan that built his electronics empire. However, Hajj Ssebagala and his family are trying to mobilize monies to pay off the loan so they can take back their business.