The New month of July didn’t come well with City Tycoon Elvis Sekyanzi as he was arrested on Thursday afternoon around Bugolobi.
According to sources, Elvis who doubles as a son to business man Gordon Wavamuno failed to pay a debt amounting to over 230,000 US Dollars. The debt was taken in May 2014 from Mash Investments Limited by Elvis and his business partner Isaac Mulindwa to start up a Club Silk Branch in Bugolobi.
To their dismay, the club later named Liquid Silk didn’t return profits as earlier expected a point that led to its closure. Two years later in 2016, Mash investments dragged Sekyanzi to court over failure to pay the money and court ruled he pays the money in a period not disclosed by sources!
It’s however revealed that as of November 2021, Elvis had still failed to clear the debt and on 24th November 2021, Court issued an arrest warrant against him. After months of allegedly hiding, the tycoon was finally arrested on Thursday around his Offices in Bugolobi.
He was later aligned before the commercial court and sent to Luzira for six months. The big worry according to close associates is if six months elapse without paying off the debts, a large sum of his property will be seized to pay off!