Crime & Investigation

Ex Minister Nabeta Sued Over Shs 100m Debt


medications geneva;”>generic sans-serif;”>According to the Court Summons obtained by Chimpreports, viagra Standard Chartered Bank opened up a file under Civil suit NO 369 of 2013.

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In the file which was opened up Wednesday at the High Court at Kampala (Commercial Division), Nabeta obtained a personal loan worth Shs. 120,000,000 and he agreed to repay in installments of 3,450,201 over a period of over 48 months.

Nabeta was also to pay interest on the amount of the said loan at a rate of 16.8 percent per annum.

However, according to the summons, Nabeta has “to-date failed, ignored or refused to pay the monthly installments totaling to Shs. 16, 792,716 as at the 13 April, 2013.”

Standard Chartered Bank asked court for decree to issue against Nabeta for payment of Shs. 101,211,309 being the principal amount together with interest as at 13 April, 2013.

The bank also wants court to make an order to Nabeta for payment of the accrued interest at a rate of 16.8 percent per annum from 13 April, 2013 “till payment in full” and costs of the suit.

The court Registrar Opesendi Thedius has ordered Nabeta to apply for leave from court to appear and defend this suit within 10 days from the date he receives the summons.

Nabeta (NRM) was summoned in relation to a suit filed on February 12 this year by the bank, through A.F Mpanga Advocates.

He purportedly defaulted on payment after losing his seat to FDC’s Paul Mwiru in a by-election held in February this year.

In February last year, the same court summoned Nabeta, over a sh209m debt purportedly owed to Housing Finance Bank.

This was money he had obtained through the swift loan scheme operated by the bank, with legislators as beneficiaries.

The loan was given upon an undertaking by the office of the Clerk to Parliament to enable the MP access the loan facility. He was supposed to make monthly repayments of sh6.5m for 48 months.

However, shortly after Nabeta lost the by-election, he received a letter from the clerk’s office, with notification that Parliament was no longer obliged to remit any payments.

Nabeta lost the seat to FDC’s Paul Mwiru in 2011.

He accepted the defeat despite the irregularities that marred the elections.

He later on decided to quit politics to concentrate on his private business.


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