Another day, another set of frustration, problematic Crane Bank is back in the news.
Just four months ago, embattled Crane Bank owner and property mogul Sudhir Ruparelia tried to shed past local authorities and sale to Atlas Mara Group in a $300m deal to meet the bank’s capital adequacy requirements as it hobbled by close to $90 million of impaired loans.
Under commercial law, a person that is declared bankrupt forfeits the right to hold directorships in any business entity until he is absolved of the bankruptcy.
It didn’t work then after Uganda’s Central Bank took full control, and now news has emerged of the arrest of a ‘prospective investor’. Andrew Graham, from Geothermal Technologies in Switzerland was arrested a few days ago and detained at Bugolobi Police Station on charges of obtaining credit by false pretense according to local media reports.
The Swiss national who entered the country on October 3rd 2016 at the invitation of beleaguered city tycoon Patrick Bitature who even made sure he was picked from Entebbe International Airport in a very expensive car with a Police lead.
According to sources, Graham is said to have claimed to be an investor who wanted to buy Bitature’s thermal power generation plant, Electoramaxx in a ‘phony’ $120 million deal.
An excited Bitature is said to have splashed money on lavishing the Swiss national and his Rwandese girlfriend, Emily Nyagatare during their many weeks of endless lovemaking at Mweya Safari Lodge as negotiations continued before returning to Kampala to sign a memorandum of understanding facilitated by Stanbic Bank MD, Patrick Mwehairwe using Graham’s Kenyan lawyers. Conversely, Graham was enticed away from Bitature by Gen. Salim Saleh’s close friend Madam Ampumuza to her Serene Suites Mutundwe hotel leaving a debt of $8000 (about Ushs30m), undies and Emily’s knickers at Royal Suites Bugolobi as described by local daily, RedPepper.
Madam Ampumuza who had eavesdropped the Bitature deal secretly met with the investor in Bugolobi and convinced him that there was a better deal – a huge bank was on sale for the same or less ($120m) amount thus on a small brokerage fee, she was ready to take Graham to Gen. Saleh who would in turn facilitate the deal by taking the Swiss national to President Museveni. On hearing the juicy business, Graham and his Rwandese girlfriend fled Royal Suites and set up base at Ampumuza’s swanky Muntundwe pad and Police later traced them to and arrested them over not clearing their previous lodging debt of $8000.
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In a rather dramatic turn of events, the ‘prospective Crane Bank buyer’ had no money with him thus Ampumuza was forced to fork out $4000 to his captors to let Graham and Nyagtare free on hypothesis that she should benefit from the Crane Bank deal as the broker.
A source says that when the generous and loaded Gen. Saleh learnt of the embarrassing turn of events, he was upset how the presumed bank investor Ampumuza had brought to him could flee a hotel without clearing his bills moreover of a few thousand dollars. Saleh’s security lads are said to have quizzed Graham before he asked for mercy and divulged how he was just a front-man who had been sent to Kampala by his bosses at Geothermal Technologies to look for business.
In the proceeding days, Graham and his curvy girlfriend are said to be seen cruising in Ampumuza’s customized SERENE monster cars, hitting different city casinos and high-end hangouts night after night.
A customer relations lady at Royal Suites told TheUgandan: ‘I just want to ask someone from the legal department to give you the official statement.’
Madam Ampumuza is stuck with the Swiss investor with uncleared bills as the owners of Royal Suites keep knocking for their outstanding balance and tycoon Bitature cut his losses awhile ago.
We shall keep your posted.
