HAM loses 8 buildings to bank & businessman after failing to pay loan
Kampala Businessman, Hamis Kiggundu popularly known as HAM has lost eight buildings over failure to pay loans.
According to a source, HAM’s troubles began when he took a loan of Shs16billion from then Barclays Bank and failed to pay back.
On taking over Barclays Bank in Uganda, absa Bank followed up on their loan to HAM and once he failed to pay, they threatened to take over his buildings that he mortgaged to secure the loan.
To save his buildings, he ran to another Kampala Businessman, Godfrey Kirumira for a loan of Shs4billion to save some of his properties. Kirumira extended the requested loan to HAM but with time he failed to pay his loan obligations to both Kirumira and absa Bank as agreed, leaving them with no other option other than taking over buildings that he placed into their custody as security.
We have established absa Bank has taken over 4 buildings and Kirumira too has also taken over 4 buildings.
It ought to be remembered that HAM is also in court failing to pay a loan of Shs40billion which was extended to him by Diamond Trust Bank.
He risks losing four other buildings including; Plot 328 located at Kawuku on Block 248 Kyadondo, three plots that include 36, 37 and 38 on Folio 1533 Victoria Crescent II situated in Kyadondo and land on Makerere Hill Road on LRV 3716 Folio 10 Plot 923 Block 9 to DTB over the loan.