Zzimwe family fail to get his money
THE Registrar General has refused to register new signatories to the bank account of the late Zzimwe’s construction company, prompting his family to sue the office.
By Andante Okanya
THE Registrar General has refused to register new signatories to the bank account of the late Zzimwe’s construction company, prompting his family to sue the office.
“The company has loans, major contracts with the Government and suppliers which are threatened by the registrar’s decision,†Paul Kasagga, one of the sons, said in an affidavit.
In a reaction, the acting Registrar General advised the company to first obtain letters of administration from the Administrator General before any changes to the account signatories.
Zzimwe, whose real name is Andrew Kasagga, passed away on May 3, after a long battle with pancreatic cancer. His estate is estimated at sh20b.
The company is called Zzimwe Enterprises Hardware and Construction.
In the papers filed at the Commercial Court, the family said they wanted to appoint new signatories to enable them get money from the bank to run the firm and also meet other “contractual†obligations.
When the registrar general of companies threw out their request, the family asked the court to compel the officer to allow them change the signatories. The application will be heard today.
The family said after Kasagga died, the company directors met at the head office at Kabalagala, a Kampala suburb, on May 4, and appointed new signatories.
They are Paul Kasagga, Catherine Nakimbuggwe and Josephine Kasagga, all children of the late tycoon.
A resolution was submitted to the registrar, Bisereko Kyomuhende, to change the signatories of the accounts at Bank of Africa, Tropical and Crane banks.
Defending his decision, the registra said: “Andrew Kasagga had majority shares, was company director, as well as a key stakeholder in the management of the firm, and therefore, letters of administration are crucial for any transaction.â€
Paul Kasagga said no one has yet been given powers to administer the estate. Him and his father were the sole signatories.
Among the major deals the company has is a sh500m contract to renovate the Old Taxi Park in Kampala and another sh6.2b contract for maintenance of city roads.
Last evening, Paul Kasagga said the court action was an inevitable procedural issue and did not mean a disagreement within the family over the estate. He said the family has a Will left by their father, which spells out how to manage the company.
THE Registrar General has refused to register new signatories to the bank account of the late Zzimwe’s construction company, prompting his family to sue the office.
“The company has loans, major contracts with the Government and suppliers which are threatened by the registrar’s decision,†Paul Kasagga, one of the sons, said in an affidavit.
In a reaction, the acting Registrar General advised the company to first obtain letters of administration from the Administrator General before any changes to the account signatories.
Zzimwe, whose real name is Andrew Kasagga, passed away on May 3, after a long battle with pancreatic cancer. His estate is estimated at sh20b.
The company is called Zzimwe Enterprises Hardware and Construction.
In the papers filed at the Commercial Court, the family said they wanted to appoint new signatories to enable them get money from the bank to run the firm and also meet other “contractual†obligations.
When the registrar general of companies threw out their request, the family asked the court to compel the officer to allow them change the signatories. The application will be heard today.
The family said after Kasagga died, the company directors met at the head office at Kabalagala, a Kampala suburb, on May 4, and appointed new signatories.
They are Paul Kasagga, Catherine Nakimbuggwe and Josephine Kasagga, all children of the late tycoon.
A resolution was submitted to the registrar, Bisereko Kyomuhende, to change the signatories of the accounts at Bank of Africa, Tropical and Crane banks.
Defending his decision, the registra said: “Andrew Kasagga had majority shares, was company director, as well as a key stakeholder in the management of the firm, and therefore, letters of administration are crucial for any transaction.â€
Paul Kasagga said no one has yet been given powers to administer the estate. Him and his father were the sole signatories.
Among the major deals the company has is a sh500m contract to renovate the Old Taxi Park in Kampala and another sh6.2b contract for maintenance of city roads.
Last evening, Paul Kasagga said the court action was an inevitable procedural issue and did not mean a disagreement within the family over the estate. He said the family has a Will left by their father, which spells out how to manage the company.