- Patrick Bitature set to lose all his businesses.
- DFCU is to collect from all outstanding debtors.
- Is this the end of the business tycoon as we know him?
Talk of the town now in the business circles is how Mr.Patrick_Bitature‘s businesses are about to be taken over by the new look DFCU Bank following a recent takeover of Crane bank. While embattled Sudhir_Ruparelia has become the face of huge financial misappropriations, scores of other rich men; his longtime friends like Patrick Bitature, also owe millions of dollars to the new owners of Sudhir’s former cash cow, Crane Bank Ltd.
The controversial tycoon behind Simba telecom and Protea-hotel among other investments has been singled out as one of the biggest loan defaulters of DFCU Bank that is re-evaluating some loan agreements after the huge takeover. It is believed that, Sudhir who keeps a neat tight circle of friends used his influence as the bank owner to assist his friends access loans even though some of them did not have the right loan requirements that the Central Bank of Uganda stipulates.
Patrick Bitature is said to have owed Crane Bank up to 150 billion Uganda shillings a debt piled up from mid June 14 2016. He is said to have staked all his businesses in order to receive this massive loan through the old Crane Bank. Bitature had allegedly failed to clear his loans and when Crane Bank tried to attach his buildings, he ran as fast as he could to the Indian-Ugandan businessman begging him to prevail over his lawyers to give him more time to pay. Unfortunately for him, time has officially run out.
It is understood that at the peak of this, Dfcu is set to attach Bitature’s securities; Kyadondo Block 244 Plot 3317 land in affluent Kisugu, Kyadondo Block 244 Plot 3318 also in Kisugu, Plot 17 Kyadondo Road, Plot 1A, Bill Road Kyadondo County, Plot 90, 92, Lake Drive Luzira, Plot No.32 Hill Lane, Kampala and Block 2 Plot 134 at Kaseeta, Buhanguzi, Hoima District.
Also to be taken over by DFCU is Bitature’s signature firm Simba Telecom Limited that has several branches in Kampala and other top towns of Uganda, his Luzira Marina Limited and Chapter Eleven Limited.
According to a source privy to the transaction, the businessman used the multi-billion loan to construct an oil plant in Hohwa Village, Kaseeta Parish, Kabwoya Sub county, Hoima District to engage in treatment, handling, storage, transportation and disposal of oil and gas. Although this was a good idea at the time, a now desperate man stands to lose all he has worked his entire life for.
Apparently, the only ‘real’ rich people like Madhvani_Group the late Mulwana, Charlie-Lubega and Mukwano know how to keep wealth because they always separate business from their private life. They are true wealth keepers who know how to grow their businesses from small to big, from strength to strength, they become very unique and successful over a number of years. The rest fail badly because they mixed business with politics, seeking unnecessary public attention and useless public approval and combining everything with extremely idiotic pleasures that get them ruined especially when they fall out with government.
What will happen next is unknown at the moment but it sends chills down our spines knowing that so many families are going to be affected by these decisions. Mr. Patrick is just one of many who took advantage of the close friendship he shared with Sudhir; so this is just the tip of the iceberg.