KAMPALA — Former Bukoto South Member of Parliament Haji Muyanja Mbabaali also a businessman has launched a major dig at Diamond Trust Bank (DTB) —saying the financial institution is trying to auction his properties without following the law.
Mbabaali was this week given a 30-day ultimatum to pay up all his debts or risk losing five of his properties spread across Kampala, Masaka and Mpigi districts.
The private sector lender this week in a notice to MFK Corporation Limited, to which Haji Mbabaali is a proprietor, the client who DTB bank represented by MMAKS Advocates to warned businessman of the impending move to sell off five of his properties in order to recover the monies he borrowed.
Haji Mbabaali has since fired back— the bank was using underhand methods to take his properties.
He said the matter was before High Court and therefore the rush to auction his property is uncalled for.
Haji Mbabaali accused the DTB of luring him into a deal that turned to be a hoax.
“I was a customer for DTB and they are my clients at Masaka for the last 10 years. One day they came to me with a business deal that there was a hostel being sold at UGX. 7 billion. My account had UGX. 1. billion but they insisted on me buying, I insisted on not buying the idea but they suggested it was a good deal,” Haji Mbabaali said.
He added:” Mind you, they overvalued the property. And that is the genesis of all this crisis. After learning that the hostel was unproductive and no money is being generated from it, they resorted to attaching my property and the matter has been in High Court since early this year” Mbabaali said.
The properties are located in Mawokota Mpigi sitting on 2.153 heactares, another flat is located in Masaka Municipality, another one in Kyadondo, Kampala. There are two properties located in Ntind and Kisugu and all are flats.
The notice also called on all occupants to vacate premises within fourteen days from date of notice.
