General Kagame auctions Ubumwe Grande Hotel at US$ 30 million to a Security Guard.

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Gasana, whose only known employment in Rwanda is that of a security Guard came out the winner of a 30 million dollar hotel.

This is not the first property to be auctioned by the RPF government belonging to individuals that are close to Uganda, it has become a norm that every businessman who falls out with Kagame and has connections to Uganda loses his business in Rwanda.

Ubumwe Grande Hotel was Monday morning auctioned for $34,053,888 (about Rwf30.2 billion) after months of disputes among the shareholders resulting in failure to honour a loan of $18m from KCB Rwanda.

The property was previously owned by Alykhan Karmali of Mukwano Group and Private Sector Federation Chairman Robert Bafakulera and global multi-national, Chaudhary Group (CG Corp Global).

Bafakulera Robert is a known associate of the RPF regime meaning that Rwandan president was already behind the misunderstanding, The Auction was carried out after shareholders failed to pay a loan of US $18 million from KCB Rwanda although that bank wrote saying the shareholders had the capacity to pay this loan but due to disputes between shareholders with cases in courts of law and arbitration they failed to meet their loan repayment obligations.

Start business in Rwanda at your own risk.

#theinformant

Seruga Titus

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Great Lakes Post is a news aggregation website run by Chris Kamo and the site consists of links to stories for from all over the world about life and current events .