UGANDA, Kampala | Real Muloodi News | The Commercial Court has issued an arrest warrant for event guru and entertainment club owner, Elvis Sekyanzi Wavamuno, for failure to service outstanding debts totalling USD$230,000 (over USh830 million) and USh31 million.
Sekyanzi is the former proprietor of Liquid Silk Limited and Silk Events. He is also the son to tycoon Gordon Wavamuno, the owner of Spear Motors Limited, the sole distributor of Mercedes Benz in Uganda.
The arrest warrant has arisen from Civil Suit No. 225 of 2016 that was filed by creditor Mash Investments Limited, accusing Sekyanzi and Silk Liquid of failing to refund USD230,661 and USh31,800,000.
In the warrant of arrest in execution notice, Sekyanzi was ordered by the decree in a court case dated 8th February, 2021 to pay Mash Investments Limited the abovementioned amounts, together with unspecified amount of money for the cost of executing the process.
The arrest warrant is to be executed by Joseph Yamurebire T/A Swift Auctioneers and Court Bailiffs, who is mandated work with any police officer anywhere in the country to ensure that Sekyanzi is arrested and brought before the Court.
“You are hereby commanded to arrest the said judgement debtor and unless he pays to you the said sum of of $230,661 and Shs31, 800,000 together with shillings…… for the cost of executing this process, to bring the said judgment debtor before the court with all convenient speed,” the Deputy Registrar said in the warrant dated 24 November, 2021.
“You are also hereby ordered to return this warrant on or before the 24 December, 2021 with an endorsement certifying the day in which it has been executed or the reason why it has not been executed. This serves to direct every police officer to ensure that the execution is done as ordered by Court.”
Sekyanzi was the owner and operator of the once booming Club Silk, which was located in Industrial Area. However, Sekyanzi ended up crashing the business.
After the collapse of Club Silk, in May 2014, Sekyanzi together with one Isaac Mulindwa and Mash Investments Ltd entered into a pre-incorporation agreement to incorporate and run another entity known as Liquid Silk Bugolobi Limited, a modern and plush restaurant & bar in the Village Mall.
However, along the way, Sekyanzi went against the agreement and sidelined his business partner-Mash Investments Limited.
In 2016, Mash Investments then sued Sekyanzi and Liquid Silk Limited for recovery of USD$136,000 (over USh480 million), which Sekyanzi had unlawfully used in his operations at Liquid Silk in Bugolobi, since 2014.
In his judgement, Justice David Wangutusu ordered Sekyanzi to pay for general damages, interests as well as costs of the suit to Mash Investments Limited.
If you have real estate news that you would like featured on Real Muloodi News Network, contact us via email at [email protected]
READ MORE LIKE THIS: