Renowned City tycoon Elvis Sekyanzi Wavamunno ushered in the new month of July behind coolers following his arrest on Thursday.
In May 2014, businessman Elvis Sekyanzi and his business partner Isaac Mulindwa borrowed money from Mash Investments Limited to startup the now-defunct Liquid Silk Bugolobi.
However, the nightclub did not return the profits as earlier speculated by Elvis Sekyanzi leading to the nightspot’s closure.
In 2016, Mash Investments Limited dragged Sekyanzi to court over the failure to refund the USD 230,661 and costs of UGX 31,800,000.
A final verdict was made by Justice David Wangutusi who ordered Sekyanzi to clear his debts to nil.
Following Sekyanzi’s failure to comply with the court ruling, an arrest warrant was issued against the businessman on 24th November 2021.
After months of hiding, Elvis Sekyanzi Wavamunno was arrested opposite his office in Bugolobi and aligned before the commercial court. Sekyanzi was later sent to Luzira prison for six months.
According to rumor around town, if the six months elapse minus Sekayanzi clearing his debts, some of his property will be seized to pay his debts.
