Akright Estates boss drags Banyenzaki to CID over caveat
Mar 30, 2009
A housing firm has accused the Rubanda West MP, Henry Banyenzaki, of placing a caveat on land he purchased from former health minister Maj. Gen. Jim Muhwezi.
By Patrick Jaramogi
A housing firm has accused the Rubanda West MP, Henry Banyenzaki, of placing a caveat on land he purchased from former health minister Maj. Gen. Jim Muhwezi.
The Akright Estates managing director, Anatoli Kamugisha, on Friday filed a case with the Criminal Investigations Directorate (CID), accusing Banyenzaki of placing a caveat on the 84-acre piece of land in Nansana, on the Kampala-Hoima highway, that Akright purchased from Muhwezi.
“We entered into a joint partnership with Banyenzaki and with other 20 MPs to buy the land at sh2.5b.
When they failed to raise the required money, I secured a loan from the bank and paid Muhwezi,†he said.
A source at the CID headquarters confirmed that Kamugisha had filed a case against Banyenzaki.
“We have written to the Speaker of Parliament to inform Banyenzaki to report to CID headquarters for questioning,†the source said.
Kamugisha wants Banyenzaki to pay the sh1b that Akright refunded to the 20 MPs if he is to maintain 70% of the shares in the land deal. Each MP received sh50m, he added.
“He (Banyenzaki) initiated the idea. He asked me to own 30% of the shares, while he and other 20 MPs own 70%. Muhwezi wanted sh2.5b, but they paid sh435m and I paid the rest. How can he still claim to own 70% of the shares?†Kamugisha asked.
The MPs who were promised sh80m after one year, quit after realising they would not make a profit, he said. Kamugisha said the caveat was hindering him from developing the land.
Banyenzaki yesterday acknowledged being part of the joint venture, but denied any wrongdoing.
“They went against the company laws and sold their conscience for money,†he said.
He added that he would face the MPs in court.
“I started the company, Executive Property Holdings, and I also paid sh60m as the first payment for that land. I still have shares in that land deal,†he said.
The microfinance state minister, Ruth Nankabirwa, one of the MPs involved in the deal on Friday said: “We all thought it was a lucrative deal, but we are disappointed with our colleague (Banyenzaki).â€
A housing firm has accused the Rubanda West MP, Henry Banyenzaki, of placing a caveat on land he purchased from former health minister Maj. Gen. Jim Muhwezi.
The Akright Estates managing director, Anatoli Kamugisha, on Friday filed a case with the Criminal Investigations Directorate (CID), accusing Banyenzaki of placing a caveat on the 84-acre piece of land in Nansana, on the Kampala-Hoima highway, that Akright purchased from Muhwezi.
“We entered into a joint partnership with Banyenzaki and with other 20 MPs to buy the land at sh2.5b.
When they failed to raise the required money, I secured a loan from the bank and paid Muhwezi,†he said.
A source at the CID headquarters confirmed that Kamugisha had filed a case against Banyenzaki.
“We have written to the Speaker of Parliament to inform Banyenzaki to report to CID headquarters for questioning,†the source said.
Kamugisha wants Banyenzaki to pay the sh1b that Akright refunded to the 20 MPs if he is to maintain 70% of the shares in the land deal. Each MP received sh50m, he added.
“He (Banyenzaki) initiated the idea. He asked me to own 30% of the shares, while he and other 20 MPs own 70%. Muhwezi wanted sh2.5b, but they paid sh435m and I paid the rest. How can he still claim to own 70% of the shares?†Kamugisha asked.
The MPs who were promised sh80m after one year, quit after realising they would not make a profit, he said. Kamugisha said the caveat was hindering him from developing the land.
Banyenzaki yesterday acknowledged being part of the joint venture, but denied any wrongdoing.
“They went against the company laws and sold their conscience for money,†he said.
He added that he would face the MPs in court.
“I started the company, Executive Property Holdings, and I also paid sh60m as the first payment for that land. I still have shares in that land deal,†he said.
The microfinance state minister, Ruth Nankabirwa, one of the MPs involved in the deal on Friday said: “We all thought it was a lucrative deal, but we are disappointed with our colleague (Banyenzaki).â€