• Latest
Gov’t enters MoU with Bitature to bail him out of South African lender debt

Gov’t enters MoU with Bitature to bail him out of South African lender debt

October 13, 2023
Okello George Rwember Nominated UPC Flag Bearer for Amolatar LCV Seat

Okello George Rwember Nominated UPC Flag Bearer for Amolatar LCV Seat

July 16, 2025
Gov’t Grants King Caesar University Charter Status

Gov’t Grants King Caesar University Charter Status

July 16, 2025
VINAStech Advert
Why free grid connections still leave Ugandans in the dark?

Why free grid connections still leave Ugandans in the dark?

July 16, 2025
PRAU Launches 4th National Public Relations Symposium

PRAU Launches 4th National Public Relations Symposium

July 16, 2025
Victoria University Backs Pastor Bugembe’s 20-Year Gospel Music Milestone

Victoria University Backs Pastor Bugembe’s 20-Year Gospel Music Milestone

July 16, 2025
Opposition Demands Arrest of Perpetrators of Violence in NRM Primaries

Opposition Demands Arrest of Perpetrators of Violence in NRM Primaries

July 16, 2025

Anyoli Nominated UPC Flag Bearer for Kaberamaido LC5 Seat

July 16, 2025
Police Warns Against Fake Pastors

IGP Byakagaba Appoints Zonal Commanders to Oversee Electoral Security

July 16, 2025
UPC Extends Deadline for Parliamentary and Local Government Nominations to July 18

UPC Extends Deadline for Parliamentary and Local Government Nominations to July 18

July 15, 2025
Museveni Urges Kampala Residents to Vote NRM for Effective Service Delivery

Museveni Warns Against Misuse of PDM Funds

July 15, 2025

Over 102 Cleared to Contest for Parliamentary and LCV Seats on UPC Card

July 15, 2025

Salaama Road Construction Project to Be Completed by December, Contractor

July 15, 2025
  • About Us
  • Internship
  • Contact Us
Thursday, July 17, 2025
Parrots Media
No Result
View All Result
  • Login
  • News
    Okello George Rwember Nominated UPC Flag Bearer for Amolatar LCV Seat

    Okello George Rwember Nominated UPC Flag Bearer for Amolatar LCV Seat

    Why free grid connections still leave Ugandans in the dark?

    Why free grid connections still leave Ugandans in the dark?

    Anyoli Nominated UPC Flag Bearer for Kaberamaido LC5 Seat

    Police Warns Against Fake Pastors

    IGP Byakagaba Appoints Zonal Commanders to Oversee Electoral Security

    Museveni Urges Kampala Residents to Vote NRM for Effective Service Delivery

    Museveni Warns Against Misuse of PDM Funds

    Over 102 Cleared to Contest for Parliamentary and LCV Seats on UPC Card

    Trending Tags

  • Climate Change
  • Business
  • Science and Technology
  • Sports and Entertainment
  • Business
  • Others
    • Education
    • Lifestyle
    • Religion
    • Opinions
  • News
    Okello George Rwember Nominated UPC Flag Bearer for Amolatar LCV Seat

    Okello George Rwember Nominated UPC Flag Bearer for Amolatar LCV Seat

    Why free grid connections still leave Ugandans in the dark?

    Why free grid connections still leave Ugandans in the dark?

    Anyoli Nominated UPC Flag Bearer for Kaberamaido LC5 Seat

    Police Warns Against Fake Pastors

    IGP Byakagaba Appoints Zonal Commanders to Oversee Electoral Security

    Museveni Urges Kampala Residents to Vote NRM for Effective Service Delivery

    Museveni Warns Against Misuse of PDM Funds

    Over 102 Cleared to Contest for Parliamentary and LCV Seats on UPC Card

    Trending Tags

  • Climate Change
  • Business
  • Science and Technology
  • Sports and Entertainment
  • Business
  • Others
    • Education
    • Lifestyle
    • Religion
    • Opinions
No Result
View All Result
Parrots Media
No Result
View All Result
Home

Gov’t enters MoU with Bitature to bail him out of South African lender debt

Parrots Media by Parrots Media
October 13, 2023
in RELIGION
0
Gov’t enters MoU with Bitature to bail him out of South African lender debt
0
SHARES
0
VIEWS
Share on FacebookShare on X

Credible reports from the ministry of finance, plannning and economic development – Uganda show that the government has paid business mogul, Patrick Bitature millions and billions of money to bail him from unpaid debts with a South African money lender, Vintage Capital.

This follow a recent ruling by the London arbitration court, International Chamber of Commerce Court of Arbitration which ordered Bitature, his wife Carol Nzaro and their companies to pay the lender $65.7 millions.

READ ALSO

Victoria University Backs Pastor Bugembe’s 20-Year Gospel Music Milestone

Police Urge Vigilance Amid Ongoing Terror Threats

According to court documents, Patrick Bitature has been directed to personally pay $25.4 million as a result of a breach of contract. This amount represents both the breach itself and the compound interest at a rate of 13 percent per annum, calculated quarterly from February 16 to the date of the award.

Additionally, the court has mandated the transfer of 30,000 shares from Bitature and his wife, Carol Nzaro Bitature, to Vantage Capital. His companies were also ordered to pay Vantage Capital a sum of $35.44 million.

This payment includes a component of $115,591 for pre-arbitration legal fees, disbursements, and related costs. Moreover, a payment of $241,727, attributed to the stamp duty paid for the transfer of shares, is also included. Compound interest, mirroring the earlier calculation, applies to these amounts as well.

The London court ordered Simba Telecom, Linda Properties, and Elgon Hotel to pay Vantage Capital $4 million for breaching a contract related to the KCB Facility and securities without the consent of the South African company.

Insiders at the ministry said the minister of finance, Hon. Matia Kasaija has already entered a Memorandum of Understanding with the tycoon which will see government taking over his Electromax Power Plant in Torooro at a still concealed huge amounts of money.

Another source from the Auditor General office said the AG. John F S Muwanga did the auditing before the signing of an MoU.

Signing of the MoU came after Bitatura proposed to the government to take over his Electromax Power Plant in a deal to bail him out. The proposal was according to anonymous sources approved by cabinet on Sunday but, the amount of money which Bitature will pocked in the transaction deal remains concealed from the media.

Background

ADVERTISEMENT

The dispute traces its origins to a loan provided by Vantage Capital to Bitature in 2014. Initially a $10-million investment in Ugandan real estate, the debt grew exponentially due to accrued interest, charges, and penalties, now standing at over $60 million.

The loan, which was intended to finance the development of the Moyo Close Apartments and Skyz Hotel in Naguru, has led to sour relations between the once-promising partners. Bitature’s Simba Group, an East African conglomerate, engaged in a legal defense alongside the businessman himself, challenging the authority of Vantage Capital to lend in Uganda.

Tags: MenzzazineMofedPatrick BitatureVantage capital

Related Posts

Victoria University Backs Pastor Bugembe’s 20-Year Gospel Music Milestone
News

Victoria University Backs Pastor Bugembe’s 20-Year Gospel Music Milestone

July 16, 2025
Police Urge Vigilance Amid Ongoing Terror Threats
Religion

Police Urge Vigilance Amid Ongoing Terror Threats

June 6, 2025
Journalists blocked from Martyrs Day Venue
Religion

Journalists blocked from Martyrs Day Venue

June 3, 2025
News

Malawian, Tanzanian Students Jet In for Uganda Martyrs Essay Awards

June 2, 2025
RELIGION

UPC Urges Reflection and Reform Ahead of Uganda Martyrs Day

May 28, 2025
News

Kasujja Warns Against Secularism as UMU Trains Chaplains to Tackle Youth Crisis

May 26, 2025
Next Post
Over 1.7m passengers used Entebbe Airport in 2023

CAA Bans Study Tours At Entebbe Airport

POPULAR NEWS

Catholic Priest Speaks Out Against Museveni and Son’s Leadership

Catholic Priest Speaks Out Against Museveni and Son’s Leadership

February 16, 2025

Former IGP Okoth Ogola Dies

February 14, 2025

A Love Beyond Distance: A review of Leonard Kamugisha Akida’s poetic tribute on valentine’s day

February 14, 2025

Besigye Sends Easter Message from Luzira Prison as Archbishop Kazimba Urges for Release of Political Prisoners

April 18, 2025
Brutality at KIU: Students Assaulted by Officials at Examination Hall

KIU Loses Bid to Block Payment of Shillings 46.8 Billion to Housing Finance Bank

March 12, 2025

EDITOR'S PICK

One arrested in attempted robbery at former MP’s residence

Ex-MP Remanded For Destroying Resident’s Cassava Garden

June 6, 2023
MoH moves to decentralize Uganda Medical Board services to regional hospitals

MoH moves to decentralize Uganda Medical Board services to regional hospitals

October 8, 2023

New strict narcotics law will fix gaps in the use of illicit drugs, protect children, says Tayebwa

August 23, 2023
Reproductive and Mental Health Left in the Cold in Uganda’s FY2025/26 Budget

Reproductive and Mental Health Left in the Cold in Uganda’s FY2025/26 Budget

June 12, 2025
VINAStech advert VINAStech advert VINAStech advert
ADVERTISEMENT

About

Parrots Media

A Public Relations and Media Services Company registered and licensed to operate in Uganda and the Great Lakes Region.

Follow us

Categories

  • Business
  • BUSINESS REPORTS
  • CLIMATE ACTION REPORTS
  • Climate Change
  • COMMUNITY REPORTS
  • Education
  • Entertainment
  • FEATURES
  • Health
  • Lifestyle
  • News
  • News
  • Obituary
  • OBITUARY
  • Opinions
  • RELIGION
  • Religion
  • Science and Technology
  • Sports
  • Sports and Entertainment
  • TOURISM

Recent Updates

  • Okello George Rwember Nominated UPC Flag Bearer for Amolatar LCV Seat
  • Gov’t Grants King Caesar University Charter Status
  • Why free grid connections still leave Ugandans in the dark?
  • PRAU Launches 4th National Public Relations Symposium
July 2025
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
28293031  
« Jun    
  • About Us
  • Internship
  • Contact Us

© 2025 Parrots Media | Website Designed and Maintained by VINAStech

No Result
View All Result
  • Parrots Media
  • News
  • Business
  • Science and Technology
  • Sports and Entertainment
  • Lifestyle
  • Others
    • Climate Change
    • Education
    • Religion
    • Opinions

© 2025 Parrots Media | Website Designed and Maintained by VINAStech

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

You cannot copy content of this page