A real estate firm, Nambi Holdings Limited, has dragged Mukwano Industries Limited over breach of contract after the latter terminated the contract it had awarded to the former as a commission agent to sell 10 properties that the manufacturing company was selling across the country.
The two parties signed the commission agreement in 2015 where Ranjeev Gadhoke signed on behalf of Mukwano Industries while Impala Associates signed on behalf of Nambi Holdings Limited.
Nambi Holdings Limited were surprised on April 14, 2016 after Karmali Alykhan, the Managing Director of Mukwano Industries wrote them a letter terminating the contract without giving any reasons, apart from appreciating them for the cooperation they offered.
In a related development, Alykhan is also a director of Exim Bank that in 2015 provided Nambi Holdings a US$725, 000 loan to purchase a commercial property on plot 321, Block 245 located in Kansanga and valued in the range of between US$1.6 million to US$2 million.
According to the agreement the US$725000 million was deposited directly on the account of Arrow Properties Limited, the seller of the said plot and the structures on it. But Alykhan is accused of conniving with others and grabbed the property that offers rental space from the company which is now the plaintiff in the case.
For seeking the loan, Nambi Holdings Limited had to hand over land titles for the suit property as well for plot 6 Kanokya Street as security among others, including rental income from the suit property to Exim Bank.
Now through its lawyer MESSRS IMPALA LEGAL, Nambi Holdings Limited, whose directors are Brian Kaggwa and Susan Kaggwa, accuses Alykhan, Krishnan Sabhapathy (director in Exim Bank), a one Ali Reza Walji of stealing its property. The company now wants court to hold the persons above personally liable to fraud among others in colluding to steal and acquire its property.
For instance, Nambi Holdings Limited accuses Evax and Sons Limited of illegally registering the suit property. It says Evax & Sons was purposely registered as a vehicle to carry out illicit and fraudulent activities to benefit Alykhan and Walji, Nambi Holdings Limited says. Nambi Holdings Limited wants court to reinstate it as the genuine proprietor of the suit property.
On June 25, 2019, Trust General Auctioneers & Court Bailiffs introduced to tenants Evax & Sons as the new landlord of the property on the suit property, hence has been collecting rent from tenants occupying the property formally owned by Nambi Holdings Limited.
Among others, Nambi Holdings Limited also wants an order to declare, cancel or remove Exim Bank, Sabhapathy, Amazal Holdings Limited (shareholder in Exim Bank) and Alykhan as unfit and improper entities and persons for operating a bank in Uganda.
It also wants compensation for financial and economic loss, special and general damages, exemplary damages and commercial interest of 15 per cent per annum