Court bailiffs from the Magistrate court were sent out yesterday to arrest city tycoon Pemba over un paid borrowed money. It is said that Jack pemba borrowed nearly 1.3 Billion shillings from fellow tycoon Godfrey Kirumira last year in November but he has not paid a shilling back yet as agreed. However Jack reacted and gave his reasons why he did not pay that money.
Just like any other person lending money, security is an important aspect. Pemba gave in a few of his expensive cars from his fleet as security for this loan. However, it is said that Kirumira went ahead to use these cars for his business gains. He hired the cars out for functions and also drove some of them around town. According to Pemba, this was a contract breached because they never agreed to have the cars used. Because of this, he chose not to get the cars back. This was enough to pay back the loan if Kirumira sold them. This is one of the reasons he gave for buying the new Lexus that cost him over 620 Million shillings. He vowed not to pay the money. Let’s see where this ends.