Pastor Peter Ssenyange who has a Facebook account registered as Semambo Patrick has lost his school after failing to pay a Shs400m bank loan.Ssenyange is the proprietor of Kampala City Parents 2004 Limited.
Ssenyange used the property as collateral to obtain a loan of over sh400m from Uganda Development Bank Limited in 2014.
After failing to pay back the loan in the agreed time, Ssenyange promised to find buyer of his property in order to pay back the loan.
However, court documents seen by the Ugandan indicate that for months, Ssenyange failed to find a buyer prompting the bank to find another alternative.
As a result, the Bank found a buyer who was willing to pay Shs500m although the loan had soared to over Shs1Billion. Nonetheless, the bank accepted the Shs500m for fear of losing out completely.
The High Court commercial division in Kampala gave the bank a go-ahead to sell off the school in order to recover the money.
Pastor defiant
However, in an interesting twist of events, the pastor has now sued the bank claiming they sold his property cheaply, insisting that he was cheated.
“Even if you get a drunken valuer, he/she will not value that property for anything less than Shs2Billion. I swear and unless this bank is a den of thugs, I need to know how they can sell off that property for a paltry Shs500m!” the bitter pastor told the Ugandan.
Meanwhile, a source close to bank’s legal department described the pastor’s reaction as “kicks of a dying horse” adding that the institution registered a huge loss but it let it go.
“He is free to go to court but if he says that it was worth Shs2Billion, how come he failed to bring a buyer for months until the bank got one? ” a member of the bank’s legal team said
The leagal officer lashed out at Pastor Ssenyange for “not standing on his word”.
“We cannot ascertain why the pastor used a different name to obtain the loan yet he uses a different Facebook account.”
Pastor Ssenyange is also known for his work as a public relations manager for Irene Gleeson Foundation (IGF), a multi-billion Non-Government Organization (NGO) based in Kitgum, Northern Uganda.
