News
Museveni intervenes to save ex-Cranes captain Mwesigwa's property
“My school is now safe, and I thank President Museveni for clearing the money, which the Bank was capitalising on to sell my school, which is worth billions of money,” said Mwesigwa.
Mwesigwa pointed out that he is aware of an outstanding balance of Sh321m with an interest of Sh40m, making a total of Sh360m as the money he owes the bank. (Credit: Job Nantakiika)
By: Job Nantakiika, Journalist @New Vision
President Yoweri Museveni has intervened and saved the school of former Uganda Cranes team captain Andy Mwesigwa, which was on the verge of being auctioned off over a bank loan.
Located in Bugwanya village in Kakiri Sub-County, Wakiso district, Andy Mwesigwa Sports College High School was on the verge of being auctioned off over a sh480m loan he took from ABC Capital Bank.
“My school is now safe, and I thank President Museveni for clearing the money, which the Bank was capitalising on to sell my school, which is worth billions of money,” said Mwesigwa.
He made the remarks while addressing the media at his school on Monday (November 2).
According to Mwesigwa, his school came under threat after securing a loan from ABC Capital Bank.
According to Mwesigwa, the Bank claims that they are demanding Sh1.3b from him, which he disputes.
Mwesigwa pointed out that he is aware of an outstanding balance of Sh321m with an interest of Sh40m, making a total of Sh360m as the money he owes the bank.
Following the dispute, Mwesigwa filed a case in the commercial court against ABC Bank, which he accuses of dubiously increasing the loan portfolio. However, Mwesigwa did not have the Sh180m, which is 30% of the figure in contest as required by law, before the case could be heard.
According to Mwesigwa, the Bank claims that they are demanding Sh1.3b from him, which he disputes.
Mwesigwa pointed out that he is aware of an outstanding balance of Sh321m with an interest of Sh40m, making a total of Sh360m as the money he owes the bank.
Following the dispute, Mwesigwa filed a case in the commercial court against ABC Bank, which he accuses of dubiously increasing the loan portfolio. However, Mwesigwa did not have the Sh180m, which is 30% of the figure in contest as required by law, before the case could be heard.
He revealed that the commissioner for patriotism, Helen Seku, took the matter to the President, who ordered the State House comptroller to handle the matter.
Mwesigwa said he presented his side of the story, and court has called for negotiations between the two parties.
Mwesigwa said he first got a loan of Sh380m from Equity Bank, but ABC Bank bought off the loan and added Sh100m to make it Sh480m. According to the former Cranes captain, he managed to pay back Sh351m.
Mwesigwa said that as a way of paying back President Museveni, students at his school are now going to pay for only food.
When contacted over the matter, the chief executive officer of ABC Capital Bank, Chris Kabagambe, confirmed that they are ready to talk to Mwesigwa and resolve the matter.
“It’s a general policy to sit and talk with a client when there is a disagreement, and there are so many cases withdrawn by either the Bank or the client,” said Kabagambe.
Mwesigwa said he presented his side of the story, and court has called for negotiations between the two parties.
Mwesigwa said he first got a loan of Sh380m from Equity Bank, but ABC Bank bought off the loan and added Sh100m to make it Sh480m. According to the former Cranes captain, he managed to pay back Sh351m.
Mwesigwa said that as a way of paying back President Museveni, students at his school are now going to pay for only food.
When contacted over the matter, the chief executive officer of ABC Capital Bank, Chris Kabagambe, confirmed that they are ready to talk to Mwesigwa and resolve the matter.
“It’s a general policy to sit and talk with a client when there is a disagreement, and there are so many cases withdrawn by either the Bank or the client,” said Kabagambe.