Toro Kingdom to lease land to clear debt
Jul 16, 2009
CASH-strapped Toro Kingdom is to lease part of its land to pay a sh76m debt to an architectural firm, Plantek Consultants.
By Hope Mafaranga
CASH-strapped Toro Kingdom is to lease part of its land to pay a sh76m debt to an architectural firm, Plantek Consultants.
This follows the Commercial Court’s order last month to the kingdom leaders to pay the money before July 17 (today) or risk having the headquarters at Muchwa attached.
The kingdom contracted the consultants in 2000 to draw architectural plans of the palace at Karuzika, which was to be renovated with support from the Libyan leader, Muammar Gadaffi. The palace is the traditional seat for the kingdom.
Plantek’s consultant Enock Kibamu accomplished the job and the renovation of the palace was done. The kingdom, however, failed to pay Kibamu sh76m.
During the Orukurato, the kingdom’s supreme council meeting on Tuesday, the members put the prime-minister, William Nyakatura, to task to explain if he had paid Kibamu. Nyakatura replied that the kingdom had no money to clear the debt.
The private secretary to Omukama Oyo Nyimba Kabamba Iguru IV, Francis Mugenyi, suggested that the kingdom gets a bank loan to clear the debt.
Nyakatura, however, rejected the idea, saying it would increase the debt portfolio.
The meeting then resolved to lease some land in Nyaburara in South Division before today.
CASH-strapped Toro Kingdom is to lease part of its land to pay a sh76m debt to an architectural firm, Plantek Consultants.
This follows the Commercial Court’s order last month to the kingdom leaders to pay the money before July 17 (today) or risk having the headquarters at Muchwa attached.
The kingdom contracted the consultants in 2000 to draw architectural plans of the palace at Karuzika, which was to be renovated with support from the Libyan leader, Muammar Gadaffi. The palace is the traditional seat for the kingdom.
Plantek’s consultant Enock Kibamu accomplished the job and the renovation of the palace was done. The kingdom, however, failed to pay Kibamu sh76m.
During the Orukurato, the kingdom’s supreme council meeting on Tuesday, the members put the prime-minister, William Nyakatura, to task to explain if he had paid Kibamu. Nyakatura replied that the kingdom had no money to clear the debt.
The private secretary to Omukama Oyo Nyimba Kabamba Iguru IV, Francis Mugenyi, suggested that the kingdom gets a bank loan to clear the debt.
Nyakatura, however, rejected the idea, saying it would increase the debt portfolio.
The meeting then resolved to lease some land in Nyaburara in South Division before today.