Home Business Bitature Saga: Court Clears Vintage Capital to Auction Tycoon’s Property

Bitature Saga: Court Clears Vintage Capital to Auction Tycoon’s Property

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The High Court- Commercial Division has dismissed an application filed by businessman Patrick Bitature in which he sought to block Vantage Capital, a South African money lending company off some of his property by auction in an effort to recover $34 million.

Bitature’s petition came 24 hours later after a May 18 advert appeared in print media where lawyers acting on the instructions of M/s Vantage Mezzanine Fund II Partnership intended to put on sale by public auction, multiple properties belonging to the city tycoon.

The properties earlier put on auction included; ‘Elizabeth Apartments, Kololo, Protea Hotel-Naguru, Sky’s Hotel in Kampala, and Moyo Close Apartments, Kololo gardens.’

Last month the protracted financial battle between Bitatature and South African financing and investment partnership company, Vantage broke to public and media attention.

This came after Vantage faulted Bitature for failure to pay the $10m (shs36.8b) loan he took from the institution when it was due.

Vantage alleged that the delayed loan repayment by businessman Bitature had soared to about $32 million (Shs117 billion) including penalties and compounded interest.

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The legal dispute between the two parties further exploded into the court of public opinion when lawyers representing the South African lenders advertised their intention to auction some of Mr. Bitature’s prime properties in order to recover their money.

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