A businessman, Rugiirwa Katatumba has been remanded to Kitalya Maximum Security Prison for failing to pay sh120m he borrowed from Prime Finance Company.
Katumba, the son to the late businessman Boney Katatumba appeared before the Buganda Road Court Magistrate, Fidelis Otwawo charged with obataining money by false pretences.
Katatumba denied the charges, but he was denied bail because he jumped a police bond on September 20, last year until his arrest on January 26. The State Attorney Miriam Akite said the accused person would not return to court once granted bail.
Katatumba’s lawyer sought for an adjournment to make a full reply against the objection to his client’s bail application.
Prosecutors allege that Katatumba while at Prime Finance Company Limited located at Crane Chambers in Kampala, obtained credit which incurred a debt of over sh120m from the sh60m he got in three instalments from the credit facility pretending that he would pay the money with an interest.
This allegedly happened in September, October and November 2019.