For Red Pepper directors, it never rains but it pours. This is because they are increasingly getting troubled, with the latest indicating that these creative entrepreneurs are set to lose properties worth millions due to bank debts.
The directors on the verge of losing multi-million properties are Richard Tusiime, Johnson Byarabaha Musinguzi and James Mujuni, according to Kyazze, Kankaka and Co. Advocates, the law firm representing the financial institutions demanding money from the said persons.
Tusiime, the majority shareholder of Red Pepper is set to see his multi-million hostel- the Madonna hotel in Kyambogo auctioned unless he clears the loan in less than a month.
According to adverts placed by Kyazze, Kankaka and Co. Advocates in Newspapers, Tusiime’s property/security is in Kyadondo Block 230 Plot 1863 land at Kamuli measuring approximately 0.216 hectares.
For Musinguzi, two properties including his home are up for sale.
One of the properties up for sale is in Kyadondo Block 226 Plots 238 and 239 at Buto measuring 0.047 and 0.043 hectares. These plots have a residential house of Musinguzi.
The other property up for sale is in Kyaggwe Block 111 plot 684 land at Mawoto measuring approximately 0.158 hectares.
For Mujuni, the law firm recently indicated that his property in Kyaggwe Block 110 Plot 3696 at Seta measuring approximately 0.027 hectares was up for auction. This plot houses Mujuni’s Kalahari bar.
“The occupants are hereby directed to vacate from the above mentioned property within 14 days from the date of this advert, failure of which we shall evict them at their cost and embarrassment,” the law firm warns the said persons.
It is worth noting that five Red Pepper directors were arrested and imprisoned for over a month after Red Pepper in its November20, 2017 edition published a story “prejudicial to national security titled, “M7 plotting to overthrow Kagame – Rwanda”,.
Red Pepper remained closed for over two months until President Yoweri Museveni pardoned the paper’s directors and editors. The paper’s closure for a long period must have complicated the company’s cash flow, leaving the directors in a tight corner so much that they are finding it hard to honour their loan repayment obligations.