The beginning of the month of July did not go well for City Tycoon Elvis Sekyanzi, who was arrested on Thursday afternoon near Bugolobi. (Elvis Sekyanzi the CEO of Silk Events – has been arrested in Luzira for failing to pay his debts )
According to sources, Elvis, who is also the son of businessman Gordon Wavamuno, failed to pay a debt of more than $230,000 US dollars. Elvis and his business partner Isaac Mulindwa borrowed the money from Mash Investments Limited in May 2014 to open a Club Silk branch in Bugolobi.
To their dismay, the club later renamed Liquid Silk failed to return profits as expected, resulting in its closure. Two years later, in 2016, Mash Investments sued Sekyanzi for failing to pay the money, and the court ruled that he must pay the money in a period not disclosed by sources!
However, as of November 2021, Elvis had still not paid off the debt, and on November 24th, 2021, the Court issued an arrest warrant against him. After allegedly hiding for months, the tycoon was finally apprehended on Thursday near his offices in Bugolobi.
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He was later brought before the commercial court and sentenced to six months in Luzira. According to close associates, if six months pass without payment, a large sum of his property will be seized to pay off the debts! (Elvis Sekyanzi the CEO of Silk Events – has been arrested in Luzira for failing to pay his debts – Breaking news in Uganda