News coming in indicates that, the Buganda Road court issued criminal summonses against renowned businessman Patrick Bitature, and his wife Carol Bitature. They are to answer several counts of conspiring to defraud more than Shs100 from a South African money lending company, Vantage Mezzanine Fund.
This requires the accused couple to appear before Buganda Road Chief Magistrate’s Court on February 6. Orders have been signed by Chief Magistrate Ronald Kayizzi on the request of Kirunda and Company Advocates who represent Vantage Mezzanine Fund.
Additionally, this issuance of the summonses follows an order by Kampala High Court Judge, Rosette Kania, who on January 8, ordered the prosecution of the duo on charges linked to fraud.
Furthermore, the couple is accused of filing false annual returns in respect of Elgon Terrace Limited at the Uganda Registration Services Bureau to cheat Vantage of its value in security interests on charged shares.
The prosecution alleges that, between 2019 and 2020, the couple fraudulently altered shares of their companies Elgon Terrace Ltd and Simba Telecom to defraud the Vantage Mezzanine Fund of a total sum of $26, 486, 634.78 which is about Shs100 billion.
According to the court, the 60-year-old businessman and his 56-year-old wife Carol will answer to Seven charges of giving false statements by directors, fraudulent alteration of shares, and conspiracy to defraud.
Moreso, last week, the Criminal Division of the High Court in Kampala ordered the commencement of the private criminal prosecution of Mr. Bitature and his wife with fraud charges in connection with the said money.
“…In the premises, I set aside the learned trial magistrate’s decision in criminal miscellaneous application no.38 of 2022.0n perusal of this court and of the lower court, I find an inordinate delay in concluding this matter. I find it necessary to remind the lower court of the dictate of Arti-clutz 6(2)(b)…justice shall not be delayed,” Justice Kania ruled.
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It is further alleged that, in December 2014 while at Diamond Trust Building along Kampala Road, Simba Properties Investment Company owned by Mr. Patrick Bitature and his wife Carol Bitature, borrowed $10,000,000 (about Shs38b) from Vantage Mezzanine Fund, under a written agreement.
They in return offered their shares in several of their companies such as, and Simba Telecom Ltd, Elgon Terrace Ltd, Simba Properties Investment Company Ltd, and Linda Properties Ltd, all referred to as Simba Companies.
According to Vantage Mezzanine Fund, these actions by Patrick Bitature and Carol, were in contravention of Section 323 of the Penal Code as they allegedly committed fraud contrary to Section 323, and issued false annual returns in respect of the companies contrary to section 309.
We are set to see them appear before Buganda Road Chief Magistrate’s Court on February 6, 2024. Another battle the two are fighting among others that they have been involved in together.
