Shumuk Group At Verge Of Collapse As Its CEO Is Fired
Hardly a year after losing a high profile court case to Pakistan Consul to Uganda, Bony Katatumba, Mr. Shukla Mukesh of Shumuk Group has yet landed into problems.
Shumuk Group of Directors which is supreme in running of the company, of which Mr. Mukesh is a member, sat early this year in Nairobi, Kenya and reportedly relived him of his juicy position as Chief Executive Officer (CEO) and transferred him to lesser job in London, UK.Mukesh has been in court battles with Katatumba over several property but Katatumba defeated him
Highly place sources after their impromptu Board meeting in Nairobi, they sent a team of Auditors from International Audit firm to Kampala where they discovered that over $2m was not accounted for.
Mr. Mukesh sources say, failed to explain to the Board sitting in Nairobi, India and UK the problems affecting the factory, after the sale of the company buildings and plots of land in upscale Kampala.
“Mukesh Shukla is still in Kampala in order to make sure that all cases against the company or against him as a person in courts of law are disposed off”, a source on condition of anonymity said.
But went wrong to the most successful business tycoon and what is the Board accusing him of? Sources privy to this information say he is being accused of accumulating Bank loans that the company has not been able to service totaling to over $10m and its believed that Crane Bank is in a process of taking over Shumuk Group head office in Nakawa.
The tycoon is also faulted for entering into partnership with Emarald Hotel (now in court) and Kasese Hotel with the family of former Army Commander, Late Gen. James Kazini.
Sources further indicate that Mr. Shukla used his position and sold off al company property such as offices for Kenyan High Commission in Kololo, Two ware houses on 6th Street Industrial Area and a chunk of land allocated to Shumuk Group by Uganda Investment Authority (UIA) in Namanve among others.
The alleged meeting between President Yoweri Museveni, Mr. Mukesh and Bony Katatumba over the weekend is a hoax according sources from Katatumba family.
Angella Katatumba rubbished the meeting with the president
“There is no more meetings with the President etc. Shumuk as of now has to pay us $12M USD. And was ordered to cancel all the titles of our properties; Hotel Diplomate, Katatumba Suites and Banda Island that he fraudulently put in his names and put them back in the names of Dr Boney Katatumba,” Angella Katatumba told us.
