Winston Mayanja gets bankruptcy notice

Jan 04, 2001

A NOTICE of bankruptcy has been issued against Winston Mayanja, a local reggae musician, over his failure to repay money he owes Crane Bank, reports Juliet Nankinga.

A NOTICE of bankruptcy has been issued against Winston Mayanja, a local reggae musician, over his failure to repay money he owes Crane Bank, reports Juliet Nankinga. This comes after Mayanja and his father, justice and constitutional affairs minister Jehoash Mayanja Nkangi, reportedly breached an agreement with the bank's lawyers, Mwesigwa Rukutana and Company Advocates, in which they promised to pay the money. Mayanja was sued by the bank for failure to repay the balance of a loan of over sh2m he obtained in 1996 to finance a show featuring Jamaican musicians Chaka Demus and Pliers. He was arrested early last year over the matter and imprisoned. However, his father promised he would pay the money. According to the bankruptcy notice, Mayanja is required to pay the bank over sh1m with an interest of 6% per annum. He is also supposed to pay another sh1m as costs to the bank's lawyers. "The consequences of not complying with the requisitions of this notice are that you will have committed an act of bankruptcy and proceedings will be instituted against you," the notice stated. Mwesigwa Rukutana told The New Vision that Mayanja had been given a seven-day grace period in which to pay the money. Ends.

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