Moneybags Jack Pemba has just bought a Shs 620m LX 570 Lexus, so it is clear money is not among his problems at the moment.
But then an arrest warrant was issued last week with tycoon Godfrey Kirumira demanding that Pemba pays back Shs1 billion for $200,000 (about Shs720m) that he borrowed from him and its arrears.
Pemba says he borrowed $200,000 from Kirumira and gave him his three prized cars jointly valued at over Shs1.2 billion as security.
The cars included a Range Rover with customized license plates ONLY 1 JP, valued at $140,000 (about Shs513m), a brand new 2017 Land cruiser ZX 2017 model license plate “MR PEMBA” which Pemba had spent $175,000 (about Shs642m) and a Hummer H3 valued at $35,000 (about Shs128m).
Pemba says the cars were supposed to be parked in safe custody but Kirumira unfortunately drove his cars and also gave them to his children to drive.
“They depreciated in value, and that really annoyed me,” Pemba said.
It was reported last year that Kirumira was seen driving Pemba’s “ONLY 1 JP” Range Rover to the Pearl of Africa Hotel. When Pemba read the news, he was very angry because Kirumira hadn’t stuck to the agreement.
Pemba says because Kirumira had driven the cars and their value depreciated, he had made up his mind to sell them and repay Kirumira, something that Kirumira refused.
Sources also told us that Kirumira became very angry after he realized that Pemba had bought the brand new Lexus valued at over Shs620m and he flew in Congolese star Koffi Olomidde to perform at his wife Sheebah Kassami’s birthday party at the Sheraton Hotel where he blew more than Shs100m. Pemba also recently entered a new mansion valued at over Shs2 billion.
A cross Kirumira run to court to compel Pemba to repay him, but Pemba wonders why his cars that were supposed to be kept as security were driven.
Pemba adds that Kirumira also rented out the cars to weddings and crashed the Land cruiser.
Since the agreement between Pemba and Kirumira was a sales agreement, Pemba says the option Kirumira had was to sell the cars instead of running to court.