Justice Patricia Mutesi, from the Commercial Division of the High Court, issued an administrative order on January 5, 2024, putting a halt to the sale of a disputed piece of land in Kampala worth over sh76.2 billion ($20 million). The property, scheduled for sale by the Bank of India (Uganda) Limited, faced classification as a non-performing asset, alleging that investors Bharani J and Madhuri (Madhoo A), owners of ALPS Investments Limited, failed to repay a loan of sh4.9 billion ($1.3 million).
Bharani and Madhuri contend that they had paid sh4 billion ($1.05 million) by December 2023 for a facility set to conclude in March 2024. Alarmed by the swift sale process, they turned to Col Edith Nakalema, head of the State House Investors Protection Unit, who interrupted her holiday to save their property. The case, known as miscellaneous application number 0012 of 2024, arises from ‘Originating Summons’ number 001 of 2024 regarding a mortgaged property on Kanjokya Street, Central Division, Kampala.
Judge Mutesi, in an order made from her chambers, directed a halt on property transactions, maintaining the status quo until January 15, 2024. Lawyers for both parties were instructed to make submissions on that date, after which a ruling date would be determined. Francis Gimara, representing the investors, argued urgency under Section 33 of the Judicature Act, emphasizing the bank’s alleged failure to follow legal procedures and conduct proper property valuation.
Madhoo, speaking outside court, revealed the company’s investments in construction, coffee, and maize in Mityana district. She credited Col Nakalema as their savior, expressing gratitude for the restoration of hope amid frustrations and plans to sell off all their investments and leave the country. Despite the challenges, Nakalema’s intervention allowed them to regain faith and move forward.
The State House Investors Protection Unit, established by President Yoweri Museveni, played a pivotal role in this case. Nakalema, head of the unit, rushed back from her Christmas holiday upon learning of the sale attempt. The Electronic Investors Protection Portal, commissioned on December 13, 2023, serves as an online platform for reporting issues, making inquiries, and receiving feedback. It guides investors, both local and foreign, on authentic government information, supports enforcement, and promotes transparency in investment dealings.
Nakalema urged investors to use the portal to avoid fraud, emphasizing its role in tracking ministries’ and agencies’ performance in relation to investors.
