Kampala High Court has ordered businessman Obadiah Ntebakaine to pay a loan worth Shs1.12billion to Prime Finance Company Ltd.
This is after a successful case filed by Prime Finance Company accusing Ntebakaine, of Bushenyi Commercial Agencies for failing to pay a loan of approximately Shs740 million which accumulated to $ 304,595 (approximately Shs1.12 b) basing on the interest rate charged.
Justice Musa Ssekaana ruled that Prime Finance company is entitled to a recovery of the loan amount advanced to Ntebakaine with an interest of 0.6 per cent plus costs of the suit.
The judge ordered Ntebakaine to clear his loan of approximately Shs1.12bn and also Shs12 million to the money lending company for the inconveniences suffered.
Evidence before the court shows that on October 2nd 2018, Ntebakaine entered into a loan agreement with Prime Finance Company in which he borrowed USD 200,000 payable within two months.