Katuramu Farm To Be Auctioned

By Geoffrey Kamali JAILED Toro Prime Minister, John Katuramu's farm in Kyankwanzi, Kiboga district, is to be auctioned to recover over sh1b in bank loans the auctioneers said yesterday. The farm, registered under his Give & Take company, is estimated to be over 800 acres (one and a half square miles). It is due for sale by February 22. Superstar Auctioneers and Court Bailiffs (SACB) yesterday advertised the sale of the farm. Officials said they would have to sell more of Katuramu's assets to recover the money. "There is nothing much on it. There are people just grazing their cattle. He has nothing on it," Mr. Michael Mawanda, SACB Managing Director said. Toro officials were not available for comment as they were reported to be in a meeting when The New Vision called Katuramu's Uganda House offices. Katuramu reportedly borrowed sh900m from Uganda Commercial Bank (UCB) bank five years ago but the money had since accumulated to over sh1b due to lawyer's fees and related costs. A UCB legal official declined to comment on the issue, saying the bank does not discuss client affairs. Other properties advertised in The New Vision yesterday included three blocks at Kireka, Matugga and Kasese, owned by businessmen there. In a related development, properties belonging to Mr. Bharat Dhamarashi, an Asian businessman, are to be sold to recover over sh1b in loans owed to the former Greenland Bank. Bank of Uganda, the official liquidator of the bank, appointed SACB to sell off the properties which include furniture, machinery, raw material (aluminum), tools and other equipment. Ends