ZARI CHOKES ON SEMWANGA'S LOANS
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Title : ZARI CHOKES ON SEMWANGA'S LOANS
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Title : ZARI CHOKES ON SEMWANGA'S LOANS
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It doesn’t rain but it just pours sorrows for late Ivan Ssemwanga’s widow Zari Hassan. Words flying around the corridors has it that Ssemwanga’s Brooklyn college Empire is on verge of collapse.
It is said that Zari, who is the manager of Ssemwanga’s estate, is being distressed by banks over loans. It is said before his death, the tycoon had accumulated several loans and had staked most of his property as security, including his houses in South Africa.
Sources reveal that Zari is on tenterhooks running out of options to give up some of the properties in South Africa. It is said that one of the houses Ssemwanga owned in Pretoria is set to be taken over by a financial institution because it was originally on mortgage.
We have since learnt that Zari is going through a financial crisis, finding a hard time to manage the fallen businessman’s Brooklyn Colleges, whereby staffers are complaining of unpaid salaries and threatening to quit.
Sources indicate that Zari has been struggling with work at the Colleges with threatening indications of closure as some employees are quitting.
Apart from the properties in South Africa, reports reveal that even the Muyenga house was staked as collateral.
It is also said that the Makerere Kikoni Hostel title was staked as security after a Kikubo Tycoon extended Shs600m loan to Ssemwanga.
Family members say that due to heavy loans, Zari had failed to even pay the hospital bills at Nakasero Hospital where the management had refused to release the body of her late mother Halima Hassan.
This is also the reason why Zari refused to fly her children to Uganda for burial because of travel expenses.
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