BUSINESS: Tycoon Bitature vs vintage $10M Loan Saga

 

Delay of Ugandan oil has landed me into the $10m debt trouble-Bitature cries out

Troubled Kampala City Patrick Bitature has released another press statement on his recent $10m loan debt trouble with  Vintage Mezzanine, a South African based investment Fund.

Bitature has revealed that the decision to go for the risky loan was under the prospects  that Ugandan economy was heading for a big boast after the discovery of  65million barrels of oil reserves in the Albertine region.

“Like many other business players in Uganda, we were expecting an economic upturn, and therefore, in line with our innovative plans, groundbreaking and forward visions, we explored opportunities to generate value in the economy through sustainable investments. As one of the leading Ugandan business groups with a credible track record, we were well-positioned to harness this financing opportunity in order to grow and create more jobs and value for the nation.” Part of Bitature’s press statement reads.

This comes after several controversial statements released by his lawyer Fred Muwema. Muwema revealed that his client signed for the loan by mistake.

Bitature also says the money was signed to fund expansion including the completion of Skyz Hotel at Naguru Hill and for “our electromaxx power subsidiary.”