Is BMK empire crumbling already?

According to the advert, CL Risk Management, the auctioneers, is calling for bidders to compete for the properties in order to recover money owed to their client.

“We have been instructed by our client, a financial institution which is the registered mortgagee, to advertise and sell by auction or private treaty to recover the outstanding loan balance and other costs. The owners are hereby notified that unless full payment to client is effected within 30 calendar days from the date of this advert, the properties shall be disposed of to recover our client’s money,” the advert stated.

It is not yet clear how much money is being demanded from the family, however, media reports in the previous week by one of the dailies indicated that one of the sons of the late businessman mortgaged some of the family property for a loan of sh1b. The son allegedly went abroad after securing the loan which led to some family members seeking help from the land registry.

The properties being auctioned are registered in the name of Harunah Muwanga Kalule, Sophia Baiga Muwanga and Shadia Nabunya. According to the advert, HRN Business Services Limited is the debtor.

One of the properties up for sell is a palatial house on Plot 15 Upper Naguru Road seating on 0.271 hectares of land.

The auctioneering will take place on Tuesday December 28, at the auctioneer’s office in Kampala at 10: 00 am and Kyuzo Plaza, second floor, suite 11, Kabakanjagala road.

Businesses belonging to Ugandan businessmen and women are usually challenged after the demise of the sole proprietor.

Wealth creation expert, Samuel Kasibante, says this comes as a result of poor planning on the side of the said businessperson.

“Our people here only think of making money and forget to plan for when they will have gone. I always encourage the rich to form trusts that would help manage their assets,” he said