Businessman Patrick Bitature has 30 days to save his multibillion Skyz Hotel by clearing a loan he acquired from South African money lenders.
A sale by public auction notice has been placed in the newspaper on Wednesday.
“Duly instructed by M/s Kirunda & Wasige Advocates, on behalf of their client the registered mortgagee, we shall proceed to sell by public auction/private treaty the undermentioned property under the Mortgage Act, 2009 unless the debtor/mortgagor pays the entire outstanding loan balance and all costs attendant to our clients within 30 calendar days from the date of this advert, our client shall sake or take possession of the property described here to recover all the monies owed,” the notice reads in part.
However, Mr Bitature has referred to the notice as blackmail saying he has instructed his lawyers for further management.
The Quickway Auctioneers and Court Bailiffs gave Bitature’s Simba Properties Investment Company Limited, under which the three properties are owned, 30 calendar days within which to clear the loans or watch the properties auctioned or sold by private treaty.
The bailiffs say they have been given orders by M/s Kirunda & Wasige Advocates, representing a financial institution that lent Bitature’s company money.
Besides Protea Hotel – Naguru (Skyz Hotel), other properties that Bitature and his Simba Telecom Limited as well as Simba Properties Investment Company Limited could lose include: Elizabeth Royal Apartments and Moyo Close Apartments.
This is a developing story….