Nkangi Pays Bank Sh7.5m

By Juliet Nankinga THE Commercial Court yesterday set aside a bankruptcy notice against Constitutional Affairs Minister, Jahoash Mayanja Nkangi, after he made part payment of sh7.5m to Development Finance Bank Uganda limited(DFCU). The Bank had applied to the court to have the minster declared bankrupt after failing to repay a debt of h45m. This was an accumulated overdraft he obtained 1999 from the then Trust Bank. DFCU bought Trust Bank in 2000, taking all its liabilities and assets. Nkangi obtained sh2m at an interest rate of 24% per annum which has since accumulated to sh45,258,472. When the case came up yesterday for hearing before Justice Okumu Wengi, the banks lawyer, Kituuma Magala, informed court that the respondent had deposited sh7.5m last week. Justice Okumu, before setting aside the bankruptcy petition, said the debts incurred by the minister were ordinary commercial debts, which can be incurred by anybody. He said Nkangi should be given time to organise himself and pay the amount, failure of which he would be summoned to court to show cause why he should not pay. Nkangi, dressed in navy blue suit, looked composed as he appeared to defended himself before the judge. He told court that he wanted to meet with the bank's mangers and bank's lawyer to discuss ways of how the balance should be paid. "Sometimes some people are to busy and could easily forget to attend to their personal problems," Justice Okumu said. Magala said Nkangi had the capacity to discharge off his debt. Ends