Last month renowned businessman Elvis Sekyanzi was arrested and remanded to Luzira prison to sleep there for 6 months.
Sekyanzi’s arrest stemmed from a breach of the contract he entered with Mash Investments Limited to startup the now-defunct Liquid Silk Bugolobi.
In 2014, Elvis Sekyanzi obtained money worth USD 230,661 which he failed to refund in the specified time, leading to his arrest.
After spending a week behind coolers, his lawyers and friends teamed up, storming court with a bail request.
However, the court turned down the bail application, on grounds that the businessman has to pay at least a quarter of the debt which wasn’t available and hence sending him back at the “university of understanding”
READ ALSO: Silk Events’ Elvis Sekyanzi Wavamunno Arrested Over Failure To Clear His Debts
Elvis Sekyanzi’s father Gordon Wavamuno, later intervened in the matter reaching a conclusion that Mash Investment reduces the money demanded to UGX 400M
The Spear Motors boss paid Mash Investment cash upfront UGX 250 M in exchange for his son’s freedom and vowed to clear the UGX 150 M balance in a three-month period.
