Pastor sued over Shs190 million debt

Kampala. A pastor, Mr Patrick Makumbi, of International Gospel Healing Centre has been sued by a money lending company for allegedly failing to pay a $51,000 loan (about Shs190m).
The suit is before the High Court Commercial Division.
The company, Patoz Capital Solution, sued Pastor Makumbi through its loans manager Adrine Kobusingye.
In support to their case, Mr Kobusingye states that on February 23, 2018, Pastor Makumbi approached him at their offices on Nkrumah Road in Kampala requesting for a loan offer of about Shs190m.

“I told the defendant [Pastor Makumbi] that the company will charge him 0.8 per cent of the principal amount ($51000) which he agreed to pay within a period of one month from the date of receipt of the money,” Mr Kobusingye’s affidavit reads in part.
Mr Kobusingye says as security to guarantee payment of the loan with interest, Mr Makumbi submitted his land title and a car log book all registered in his names as reflected on his Ugandan national identity card.

He contends that Makumbi has since defaulted on payment of both the principal and the accrued interest to-date despite several reminders.
“The defendant reached an extent of avoiding my calls which prompted service of demand notice onto him which he also failed to comply with hence this suit,” Mr Kobusingye states.

Accrued interest
According to the agreement between Patoz Capital Solution and Pastor Makumbi, he was to repay the loan together with accrued interest and all other charges, costs and expenses on or before March 23, 2018.
It was also noted that the borrower has the right to prepay all or any part of the principal amount of this loan together with accrued and unpaid interest thereon at anytime without payment penalty or premium of any kind
“In the event of default, the borrower shall pay to the lender all costs of collection including reasonable attorneys’/ lawyers’ fee,” the agreement reads in part.

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