They want KIU to pay the outstanding balance which is equivalent to 22.4% of the purchase at the current market value of the same plot of land at shs800m
Four City businessmen have dragged Kampala International University (KIU) to Kampala High Court, lands division, demanding over sh224.8m in unsettled land transactions.
In their suit, Edward Martin Mukasa, Martin Jengo, Joseph Mukasa and Charles Lwango through Shwekyerera, Kalera and company Advocates, allege that between December 22, 2010, they entered into a sale agreement with KIU for sale of a plot of land comprised on Kyaddondo block 245 plot 492 measuring 0.041 hectares land at Kiuliriza at a consideration of sh670,000,000.
They aver that, KIU paid installments and remained with a balance of 150m which was supposed to be cleared before February 21, 2011, but it refused to pay up to date.
The paintiffs further allege that they sold their land in 2010 for a purpose and the refusal by KIU to pay the balance in time had denied them use of money.
They want KIU to pay the outstanding balance which is equivalent to 22.4% of the purchase at the current market value of the same plot of land at shs800m.
The plaintiffs contend that the refusal by KIU to pay the balance in time breached the agreement and general damages should be awarded to them for the breach of contract.
They also want an interest at a commercial rate of 26% per annum on the outstanding balance since February 2011.
The complaints further contend that KIU's agents have not only refused to clear the debt in question but have gone ahead to ignore the plaintiff's continuous demands to settle the debt.
Meanwhile, the Lands division court registrar has summoned KIU to file its defence within 15 days from the date of service of summons.
"Should you fail to file a defence on or before April 07 the plaintiff (S) may proceed with the suit and judgment may be given in your absence,"court ordered.