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Uganda’s top court paused enforcement of a $10 million award against businessman Patrick Bitature, giving him temporary relief in his long-running loan dispute.
Ugandan tycoon Patrick Bitature faces $10 million legal setback from South Africa’s Vantage Mezzanine Fund II Partnership.
Ugandan tycoon Patrick Bitature suffers another legal defeat against South Africa’s Vantage
If found guilty, the 60-year-old Ugandan businessman and his 56-year-old wife could face severe legal consequences.
The growing number of legal disputes surrounding Bitature has raised concerns about his financial standing.
Prior to the recent ruling, the International Chamber of Commerce Court of Arbitration ordered Bitature, his wife, and their companies to pay a total of $65.7 million.
Bitature sought government assistance after being embroiled in a court battle with a South African lender over a loan repayment.
According to court documents, Bitature has been directed to personally pay $25.4 million as a result of a breach of contract.
Simba Telecom is a Kampala-based telecom enterprise.
Bitature is the group CEO of Simba Group.
The decision comes at a crucial time for Bitature.
The ruling implies that the auction of Bitature’s real estate empire can continue.
Bitature is the founder, chairman, and group CEO of Simba Group, an East African conglomerate.
Bitature is the founder, chairman and group CEO of Simba Group.
Bitature has been on the board since November 2007.