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How Kirumira accumulated debts?

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Added 10th September 2010 03:00 AM

Tycoon Kirumira recently listed his creditors saying he owed them sh4b and vowed before court to clear all the money in one month.

Tycoon Godfrey Kirumira recently listed his creditors saying he owed them sh4b and vowed before court to clear all the money in one month.

What he did not say is how he found himself in such a situation. Our snoops have unearthed two cases.

One is the MITTCO case which gave Kirumira $123,000 in December 2008. Apparently, MITTCO had a deal to supply $2m worth of toilet material to a UN agency but needed to have an equal amount on their account for UN to grant the tender.

They approached Kirumira who agreed to give them the $2m but demanded $123,000 as lawyer’s fees to do the necessary paperwork. When Kirumira received the money, they never saw him again.

After numerous telephone calls in vain and losing the deal, MITTCO bosses met Kirumira at Sheraton Hotel and he agreed to refund their money. He gave them a cheque which bounced at KCB.


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