The assets were lined up in order to recover all of the cash owed from the loan Bitature secured from South African lenders Vantage Mezzanine Fund, according to a public auction advertisement released by Quickway Auctioneers and Court Bailiffs. (Patrick Bitature Discusses the Loss of Skyz Hotel and Simba Group Due to Bank Loans)
Bitature, through Simba Property Investment, received $10 million (Shs36 billion) from Vantage Mezzanine Fund in 2014 to help him expand his empire. Years later, though, the debt had ballooned, and Bitature was struggling to repay it, and he was on the verge of having to sell his whole business empire at auction.
“Duly instructed by M/s Kirunda & Wasige Advocates, on behalf of their client the registered mortgagee, we shall proceed to sell the undermentioned property by public auction/private treaty under the Mortgage Act, 2009 unless the debtor/mortgagor pays the entire outstanding loan balance and all costs attendant to our clients within 30 calendar days from the date of this advertisement, our client shall sake or take possession of the property described here to recover all the money owed to our client.”
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Elizabeth Royal Apartments in Kololo and Moyo Close Apartments are the other properties.
The auction ad was rejected by Bitature, which said it was issued without a legal foundation.
He claims that the case was resolved by Hon. Justice Musa Ssekana of the High Court on May 9, 2022, when he stated that Vantage Mezzanine Fund II Partnership is a non-existent legal organization with no locus standi to launch the petition. (Patrick Bitature Discusses the Loss of Skyz Hotel and Simba Group Due to Bank Loans – celebrity jazz ug)