Details Emerge On UCB Mansion

DETAILS have emerged over the ownership of a local firm which bought the Uganda Commercial Bank (UCB's) the luxurious mansion at Munyonyo on Lake Victoria shores, south of Kampala, writes Yunusu Abbey. The New Vision has established that Yudaya International, which bought the house at sh560m, belongs to Hajji Hassan Basajjabalaba, a Kampala businessman. He also owns Basajjabalaba Hides & Skins Ltd. which last year bought the Kampala city abattoir on plot 1-3 Old Port Bell Road. He runs several other businesses. The huge UCB house over-looking former Cape Town/Jjajja Villas, had been unoccupied since completion in 1990. Its construction, which started in 1989, is said to have cost about sh1b. Former UCB boss Dr. Frank Mwine initiated the project. Lotus Construction built it. The New Vision broke the story about the prestigious UCB mansion way back on April 18, 1989. The issue later generated a heated debate in the National Resistance Council, the then legislature. "UCB accepted the sh560m after failing to get higher offers. Initially, the bank had wanted sh800m," said a source. "UCB board of directors then decided that it should be sold at not less than sh500m," he said. Yudaya International paid in installments and is expected to complete the payment by July. Daniel Nsibambi, UCB's public relations manager, confirmed the reports. Ends