• Contact Us
  • About Us
  • Advertise
  • Donate
  • Login
Watchdog Uganda
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
Watchdog Uganda
No Result
View All Result

Tycoon Sudhir’s Simbamanyo building renamed Gender and Labour House

Mubiru Ivan by Mubiru Ivan
4 years ago
in Business, News, RealEstate
8 0
Sudhir renames his Simbamanyo building Gender and Labour House

Sudhir renames his Simbamanyo building Gender and Labour House

ShareTweetSendShare

Property mogul Dr Sudhir Ruparelia has renamed his Simbamanyo building as Gender and Labour House.

The building which is located on Plot 2 Lumumba Avenue in Kampala,now under the management of Meera Investments Ltd, a real estate arm of Ruparelia Group houses the Ministry of Gender, Labour and Social Development offices among other tenants.

Last year in October, Equity Bank sold Simbamanyo House to Meera Investments Limited-a company owned by businessman Sudhir.

The property was sold to the businessman at USD 5 million (Ssh18.5 billion) through an auction.

“We are writing to inform you that Equity Bank Uganda Limited, as mortgagee, has completed the sale of land comprised in LRV 2220 folio 3 plot 2, Lumumba Avenue Simbamanyo House, after a public auction concluded on 8 October 2020 to the best evaluated bidder M/s Meera Investments Ltd, ” said Sam Kirubi, Equity Bank Uganda Managing Director.

Equity Bank had put Simbamanyo House on auction after its now former owner Peter Kamya failed to pay a loan he acquired in 2012 to build a Hotel.

According to court documents filed in the Commercial Division of the High Court, on August 20, 2012, Equity Bank Kenya and Equity Bank Uganda entered into a loan agreement in which the two banks agreed to advanced Simbamanyo with $6m.

The loans, which would make up a consolidate sum of $8.10m (Shs29.83b) including interest and operational fees, among others, sought to finance the construction of Afrique Suites Hotel in Mutungo, Luzira north east of Kampala and facilitate the takeover of a prior facility advanced to Simbamanyo by Shelter Afrique.

The two banks, details indicate, pooled money together with at least $3.5m drawn from Equity Bank Kenya and $2.5m from Equity Bank Uganda.

However, Simbamanyo Estates challenged the outstanding sum, saying it is only aware of $7.19m (Shs26.48b).
Simbamanyo Estates is also accusing Equity Bank Uganda of providing Equity Bank Kenya with an illegal cover to conduct business in Uganda where it has no jurisdiction.

The real estate company wondered how, according to court document, Equity Bank and Bank One, which provided bridge financing of ($10m) were drafted into the loan agreement yet Simbamanyo had never applied for any facility from the two banks later alone own a bank account in any of the said financial institutions.

However, in its defense, Equity indicated that Sambamanyo benefited and was aware of every financial transaction that was advanced to it.

Equity also argued that Bank One, based in Mauritius, was drafted into the transaction on the request of Simbamanyo, which had sought to obtain bridge financing of up to $10m.

Court documents indicated that Simbamanyo Estates had sought to offset the outstanding sum in a November 16, 2017 letter to Mr Kirubi.

In the letter, Simbamanyo, acting through NISK Capital, sought to restructure the loan with a $10m Standby Letter of Credit secured from Bank One.

Therefore, Equity argued Simbamanyo or its agent were fully aware of all transactions and the case it had filed in March was a “guise or scheme” to defer the performance of its financial obligation that it has since defaulted on.

Mr Peter Kamya, acting through Muwema Co Advocates and Solicitors said Equity Bank had breached contractual trust and engaged in unethical and illegal conduct.

In July, 2021, the High Court dismissed with costs an application in which the proprietors of Simbamanyo Estates Limited had sought to halt the transfer of it’s prime properties in Kampala which was meant for Equity Bank Ltd to recover outstanding loans worth $10.8 million (about Shs40 billion).

In her ruling delivered by e-mail on 30 July, Justice Susan Abinyo said Simbamanyo Estates did not present to court acceptable grounds for court’s consideration to halt the orders of the Registrar Commercial Court, issued on February 17, 2021.

The judge also ordered legal costs for bank and three others — Meera Investments Ltd, Luwaluwa Investments Ltd, and the Commissioner Land Registration incurred in the appeal.

An earlier ruling by the High Court had also dismissed issues presented by the proprietors of Simbamanyo Estates, trying to save the estate that was sold to Meera Investments Ltd, through public auction.

Following the ruling, Equity Bank lawyers had to file a bill of costs to be approved by court.

Justice Abinyo confirmed that stopping the sale would have infringed the Bank’s right to be heard and also inconvenienced those who prepared for the auction which was advertised on September 8 fixing the sale date.
On October 8 this last year, Simbamanyo Estates Limited filed an application seeking for express orders to stay the sale of its properties which took place on the same day.

Court records show that on the same day, the bank sold Simbamanyo building housing among others the ministry of gender on Lumumba Avenue and Afrique Suites Limited, a four-star hotel at Mutungo Hill, Nakawa Division on the same day.

The court decision followed Simbamanyo Estates Limited’s notice of withdrawing the application with no order to costs which Equity Bank lawyers of AF Mpanga conceded to the withdrawal but demanded for the legal costs incurred.

The High Court, Commercial Division has since dismissed pleadings in which the proprietors of Simbamanyo Estates Limited had sought to stop the sale.

In February this year, Court first dismissed the application by the administrators of Simbamanyo Estates Limited in which they wanted the auctioning of its prime properties in Kampala by Equity Bank Ltd to recover an outstanding loan of Shs40.1bn to be halted.

The ruling was made by High Court judge Her Worship, Bucyana Lillian, in the absence of the parties upon application by Co-Counsel for the 2nd defendant (Meera Investments limited).

Meera Investments had pleaded that it had nothing to do with the Simbamanyo estates owners because it was an outsider to their business transaction with Equity bank. Meera only bought the building lawfully from the bank after Mr Peter Kamya and his firm failed to honor their loan obligations.

“It is hereby ordered and Decreed that the suit abates for failure to take out summons for directions in time. Given under my hand and the seal of this Honorable Court this 7th day of February 2021,” reads the ruling.

Simbamanyo’s case was first dismissed by the Court of Appeal judge Justice Christopher Madrama last year in October because Simbamanyo Estates did not have acceptable grounds for the court to deny the bank legal costs incurred.


Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com
Share2Tweet1SendShare

Related Posts

News

Uganda Woos UAE Investors with Vast Opportunities in Agriculture and Tourism

1st July 2025 at 20:07
News

Born To Cry: The Tragic Reality of Birth Asphyxia In Uganda As Government Launches My Baby’s Cry Campaign

1st July 2025 at 19:46
Agriculture

Dr. Sudhir Ruparelia to Headline UK-Africa Business Summit in London on 12 September 2025

1st July 2025 at 14:24
Next Post
Bad Black

With Kabuura's big manhood, Flavia can't risk dumping her cheating husband, says Bad Black

  • Prostitution in Uganda- Courtesy Photo

    10 dangerous hotspots known for prostitutes in Kampala

    1101 shares
    Share 440 Tweet 275
  • LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

    2283 shares
    Share 913 Tweet 571
  • Uganda’s Billionaires 2025: Once Again Sudhir Ruparelia Leads a Resilient Pack

    39 shares
    Share 16 Tweet 10
  • Pastor Bugingo Seeks Reconciliation with Teddy and Children, Prays for Makula’s Twins

    18 shares
    Share 7 Tweet 5
  • LIST : Gov’t releases Revised Salary Structure for Teachers, Police, and Prisons Staff for FY 2024/2025

    112 shares
    Share 45 Tweet 28
Facebook Twitter

Contact Information

Watchdog Uganda is a portal for solution journalism, trending news plus cutting edge commentaries in the fields of politics, security, business, tourism, entertainment, technology, agriculture, climate change, environment, public health et al. We also give preference to Ugandan community news and topical discussions. The portal also publishes community news and topical discussions.

Email: editorial@watchdoguganda.com
To Advertise:Click here

Latest News

Albert Amula

ALBERT AMULA: The Standard Gauge Railway project is a game changer in Uganda’s economy 

2nd July 2025 at 10:03

Uganda Woos UAE Investors with Vast Opportunities in Agriculture and Tourism

1st July 2025 at 20:07

Check out

  • Trending
  • Comments
  • Latest
Minister Muruli Mukasa

LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

24th May 2020 at 10:45
Pregnant woman

Shock as 17-year old boy impregnates his two sisters during Covid-19 lockdown 

17th June 2020 at 08:17
Sudhir Ruparelia is set to speak at business forum in United Kingdom

Billionaire Sudhir’s wisdom on how to invest in real estate

0

How a boy’s destiny turned from cotton grower to communications guru

0
Albert Amula

ALBERT AMULA: The Standard Gauge Railway project is a game changer in Uganda’s economy 

2nd July 2025 at 10:03

Uganda Woos UAE Investors with Vast Opportunities in Agriculture and Tourism

1st July 2025 at 20:07

© 2025 Watchdog Uganda

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News

© 2025 Watchdog Uganda