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Patrick Katto Files For Bankruptcy

By Vision Reporter

Added 18th May 2002 03:00 AM

PATRICK Katto, a former director of the liquidated International Credit Bank (ICB), like his father Thomas Katto, has filed for bankruptcy.

PATRICK Katto, a former director of the liquidated International Credit Bank (ICB), like his father Thomas Katto, has filed for bankruptcy.

By Vision Reporter PATRICK Katto, a former director of the liquidated International Credit Bank (ICB), like his father Thomas Katto, has filed for bankruptcy. Thomas Katto has also asked the court to appoint a receiver for his estate so that his creditors do not pounce on him. He said he was unable to satisfy his creditors’ claims. The Kattos were top most executive directors in ICB. Patrick Katto said in an affidavit that he is also unable to pay his debts. Katto, through Bitangaro and Company Advocates, is also asking the court to suspend all court processes against him and his property. Katto accumulated liability of sh5.747,316,172. “I declare that I am unable to pay my debts and to satisfy my creditors’ claims against me. I hereby present this bankruptcy petition for receiving orders to be made against my estate,” he said. The court has already ordered Patrick Katto to pay sh2.369,249,261 worth of loans. Patrick Katto and his father Thomas Katto owe Nile Bank sh145.007,845, which the court has ordered them to pay. “I am justly and truly indebted to Dresdner Bank Marienplatz 1, 7980 Ravensburg Deutsch Marks 12,000; American Express Card US$16,000; ICB loan Sh3.150,109,422 and to Kari Gahiga in $200,000,” he said. Meanwhile, the Commercial Court yesterday allowed Thomas Katto to amend his bankruptcy petition to include other creditors. Justice Richard Okumu-Wengi said Katto should withdraw the petition with costs to the Nile Bank, which he wanted to include in the petition. Thomas Katto, represented by Apollo Makubuya, said he was unable to pay sh3.095,973,111 debt. “I hereby petition for a bankruptcy,” he said. Makubuya said Katto’s petition NO16/2001 had not included a Nile Bank loan of sh145,007.849 and another debt owed to his defunct bank amounting to sh2,369,249,261. The petition had also not included a Sanyutex’s sh37,695,155. Katto was managing director of the company. Katto also owes sh2,369,249,261 to ICB. Among the items Katto declared was a pen, a mobile phone, a Toyota Four Runner, two square miles of land at Gomba Block 299, a watch, a Sonny radio all worth sh60m. Ends

Patrick Katto Files For Bankruptcy

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