City businessman Mukesh Shukla the director of Shumuk Investments is set to lose 7 of his properties after failing to service DFCU bank loan estimated be in excess of shs 10 billion.
According to Daily Monitor, a notice published at the weekend seven properties, including two storied residential units in Buye, Ntinda, three warehouse units in Banda, Kampala, an office block in Ntinda and an undeveloped piece of land in Ntinda will be sold within 30 days unless Shumuk Investments fully pays the debt.
“We shall proceed to sell the under mentioned properties after the expiry of 30 days,” the notice reads in part.
Mr Isaac Mpanga, the dfcu legal representative from MMAKS Advocates, told Daily Mohnitor in a telephone interview at the weekend that their client had explored all options and was only left with selling the said properties to recover the debt due to Shumuk.
“Shumuk have failed to pay [the debt] despite several reminders and going through all the usual procedure for the last nine months,” he said.
Mukesh when contacted told the media he is not aware of how much the company owes the bank.
“I don’t know yet. Let me find out and I will talk to you with details next week,” he said.
Several companies in Uganda are struggling to repay non-performing loans.
