As you read this, the flamboyant rich lad, who won the tender to develop Nakivubo stadium, is facing it rough after a Kenyan bank confiscated the land title for his mufti-billion shilling multi-storied Ham Towers located near the main gate of Makerere University.
Ham Towers (Makerere)
This website can reveal that Hamis Kiggundu and his Ham Enterprises empire are sinking in the deep waters of the Pacific, after it emerged that he is entangled in a debt trap with banks.
Kiggundu’s misery stems from a US$2 million loan – equivalent to Ushs6.7 billion, which he took from Imperial bank, a Kenyan bank before it ran into capital problems. xclusive ug established that Ham as he is popularly known obtained the loan on September 26, 2014. He deposited the title for his beautiful and strategically located Ham towers at Makerere as security for the financing.
The young man who shocked many in Kampala with his overnight riches that include a hotel like mansion on the shores of late Victoria, has now resorted to court to fight it out with Exim Bank, the one that took over Imperial Bank, to recover the title whose particulars are LRV 296, Folio 1, Plot 409 and its physical locality is Makerere Hill road.
Along the way, Ham found problems repaying the loan. Consequently, the bank recalled the loan on August 7 last year.
At the time the bank sent the demand notice, the loan facility stood at USD4,337,065. The lender threatened to auction the security upon Ham’s failure to settle his liability.
In a letter addressed to the directors of Ham Enterprises who are Hamis Kiggundu and Jalia Nakayiza, Authored by T.W Vaidya Nathan and Joseph Matsiko, the Imperial bank’s credit manager and legal officer respectively, the letter sets out by giving the date when Ham obtained the loan and then notes how his repayment had turned irregular.
“You are 41 days in arrears on the loan by USD83550.25. Note that USD1,994,170.50 is (will be) outstanding by October 12, 2015,’ the letter reads further.
Upon receipt of the demand note, Ham spoke to Orient bank which undertook to buy out the loan. It pledged to hand Ham a total of USD6.5m out of which Ham would invest USD2.1 in re-capitalizing his businesses.
In the interim, Ham had written to Imperial bank on November 4, 2015 inquiring how much he owed. The bank returned a figure of USD4,337,065.
The lender was undertaking to release the title upon full settlement of the loan quoted above and advised Ham to send the funds to his dollar account using “RTGS”. The letter bears the name of the bank’s legal manager, Leila Nalule.
But where as Orient bank duly wired the money to Imperial bank, Ham states that the recipient bank has since refused to turn the gesture by releasing the title to the former.
On the contrary, the bank has since written to Orient, stating that it will have to seek for permission from its main branch in Nairobi before releasing the title. The bank’s head of credit and its legal affairs wrote on November 9, 2015 changing goal posts.
The letter carries reference IBUL/Credit/JW/037 and carries the headline” Collection of Title Deed” and refers to an earlier correspondence of Orient delivered on that very day.