There is a battle among city tycoons and this time it is not the flashy type. Jack Pemba has adamantly vowed never to payback USD 200,000 that he borrowed from fellow tycoon Godfrey Kirumira. He says Kirumira can sell off his cars he gave him as security to recover his money.
Forget the sex-tape for a moment, this is business now. Embattled moneybag Jack Pemba’s troubles never seem to end amicably. The city socialite has in the past weeks been reported to be in hiding over Shs 1 billion that he failed to payback to fellow rich man Godfrey Kirumira.
Pemba borrowed USD 200,000 (about Shs 720m) from Kirumira when he needed to execute a certain deal with hope of accumulating more wealth and paying back in time. He actually surrendered three of his luxurious cars worth over Shs 1.2 billion as security for the loan he took. But on reaching the time to payback, Pemba did not show up and he refused to meet with Kirumira. An arrest warrant was the issued by court last week demanding that Pemba should be arrested for failure to pay Shs 720m which had actually accumulated to Shs 1 billion in interest.
Pemba has now vowed never to payback the money because his cars that he surrendered as security ended up being driven around by Kirumira’s children and hence a depreciation in their value. Pemba claims this was contrary to the contract the two made and he cannot take back the cars in that sorry state.
The moneybag has now urged Godfrey Kirumira to selloff the cars since they are worth Shs 1.2b to recover his Shs 1b that he badly wants.
That is Jack Pemba for you!!