President Yoweri Museveni has directed the Governor of the Bank of Uganda (BoU) Emmanuel Tumusiime Mutebile to investigate circumstances under which Equity Bank sold properties belonging to city businessman Peter Kamya at a giveaway price.

In his letter to the Governor dated September 3, 2021, Museveni indicated that he had been approached by Kamya and his wife Margaret Muganwa to intervene in regard to the sale of Simbamanyo House and Afrique Suites by the bank.

 "They state that whereas Bank of Uganda directed that there should be no foreclosure of mortgaged properties by banks during the COVID-19 pandemic, Equity Bank went ahead and sold their properties at very low prices. That they had even offered to get their own buyers but all their attempts were frustrated," Museveni said.

He directed Mutebile to expeditiously investigate the matter and report back within one week. By press time it was expected that Mutebile had already submitted his report to the President.

Bank of Uganda Director of Communications, Charity Mugumya confirmed receipt of the letter. Yes, we are aware of the letter but please let us do our job,” Mugumya said.

Kamya dragged Equity Bank Uganda, Equity Bank Kenya and Bank One of Mauritius seeking orders and a declaration that the $10.5m loan he received in 2017 was illegal and sought orders to cancel the mortgages created thereunder.

On September 7, 2020, Justice Boniface Wamala gave Simbamanyo 30 days to deposit $3.1m (sh11b) which was 30% in order to avert the auction, not his properties.

Kamya, however, failed to pay the money, prompting a bailiff firm CL Risk Management to advertise the properties.

Equity Bank later sold the two properties, Simbamanyo to Meera Investments Limited and Afrique Suites to Luwaluwa Investments.

Attempts by the businessman to challenge the sale failed after court ruled that, his appeal was incompetent and that the businessman had sworn defective affidavits.