KAMPALA-UGANDA/NEWSDAY: Amid a harsh economic condition in the country, five properties of former Member of Parliament for Bukoto South Muyanja Mbambali have been staked for auction for inability to pay a bank loan worth billions of money to Diamond Trust Bank (DTB).
The properties include a home and shopping malls. One of the buildings is a six-floor in Mpigi; another at Kampala road in Masaka city, apartments in Ntinda, and a home in Kisugu. Mbabali acquired the loans through his MFK companies.
But Mbabaali has challenged the sale of his properties and has filed a suit against DTB. He said that his company sought clarification on the escalation of the interest in February but the bank never responded, instead it went ahead to advertise the sale of the properties through MMAKS advocates.
Mbabaali has been the Member of Parliament for Bukoto South for two terms since 2011 until 2021. He was also the chairman of Lwengo District before he became MP.
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