Tycoon Wavamunno’s Son Elvis Sekyanzi Sent To Study Financial Management Course At Luzira ‘Univserity’ Over UGX 800M Debt!

Tycoon Wavamunno’s Son Elvis Sekyanzi Sent To Study Financial Management Course At Luzira ‘Univserity’ Over UGX 800M Debt!

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By Spy Uganda

It’s a challenging moment for event guru and entertainment club owner, Elvis Sekyanzi Wavamunno who is reportedly bedding in Luzira prison over failure to service outstanding debts totaling USD$230,000 (over USh830 million) and USh31 million.

READ ALSO: Court Issues Arrest Warrant Against Gordon Wavamuno’s Son Sekyanzi Over Debts

Sekyanzi is the former proprietor of Liquid Silk Limited and Silk Events. He is also the son to tycoon Gordon Wavamunno, the owner of Spear Motors Limited, the sole distributor of Mercedes Benz in Uganda.

The arrest arise from Civil Suit No. 225 of 2016 that was filed by creditor Mash Investments Limited, accusing Sekyanzi and Silk Liquid of failing to refund USD230,661 and USh31,800,000.

In December, 2021, the Commercial Court issued the warrant of arrest against Sekyanzi after he failed to honor the Court decree that ordered him in February, 2021 to pay Mash Investments Limited the above-mentioned amounts, together with unspecified amount of money for the cost of executing the process.

“You are hereby commanded to arrest the said judgement debtor and unless he pays to you the said sum of of $230,661 and Shs31, 800,000 together with shillings…… for the cost of executing this process, to bring the said judgment debtor before the court with all convenient speed,” the Deputy Registrar said in the arrest warrant dated 24 November, 2021.

“You are also hereby ordered to return this warrant on or before the 24 December, 2021 with an endorsement certifying the day in which it has been executed or the reason why it has not been executed. This serves to direct every police officer to ensure that the execution is done as ordered by Court.”

Now, after failing to comply with all the above and slapped with an arrest warrant, he was finally arrested this week and aligned before Commercial Court yesterday that sent him to Luzira for six months and if this period elapses without clearing the debts, he will be likely to lose some of his properties.

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