The case in question came to the public domain when Vantage a South African-based lender with aid of their Ugandan agents advertised through the daily monitor newspaper on the 18th of May 2022; the sale of property that belongs to the Simba group.
The move by vantage was on grounds of litigation for the failure of the Simba group to pay back the money they had borrowed from Vantage. A few weeks ago, there was a court ruling that purportedly claimed that Vantage was a foreign company that had no capacity to sue in Uganda since it was not a registered entity in Uganda. It was also one of the reasons that were raised for the failure to pay back the money.
However today, the above ruling has been overturned by another ruling by Justice Mubiru on grounds that the former ruling was not based on evidence. It is for that reason that Vantage has been given a go-ahead to advertise and sell; Moyo close apartments, Kololo gardens, Elizabeth apartments in Kololo, and Protea Hotel Naguru (Skyz’s Hotel)
The sale of the above properties is an attempt by Vantage to raise the $32,064,075 that Simba group owes them. Formerly, the loan was a mere $10 but after the failure of Simba group to pay back even a single penny, the loan esclated to more than triple the amount which Mr. Bitature through his press releases has attributed to the failure to agree on certain terms of the loan just after they had received the money from Vantage.