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Silk Events Boss Elvis Ssekyanzi Released on Bail After Two Weeks in Jail

Renown city businessman and events owner Elvis Ssekyanzi Wavamunno has been released on bail after spending two weeks in jail.

He was detained to Luzira prison over failure to clear an outstanding debt amounting to Shs 830 Million .

Last week, Elvis’s team and his lawyers had planned how to help him to be set free with a request for bail,the court then asked Elvis to least pay a quarter of the debt so that he can be granted bail which he failed to do and was hence further remanded to Luzira.

However, today 7 July he made a plea following heated arguments between lawyers and court bailiff Sarah Komugisha on how much she should receive in costs.

“If you do not agree on the issues of costs, I will collapse here,” said Sekyanzi, who has spent a week in Luzira Prison over sh830.4m debt, arising from a botched investment deal.

Sarah Komugisha was demanding sh20m, but later accepted sh12m, for effecting a court order, which resulted into the arrest of Sekyanzi at his restaurant in Bugolobi, Kampala, popularly known as Whispers.

“It is very difficult to arrest Sekyanzi. I got the warrant on June 1, and effected the arrest towards the end of the month. That is why he should pay my costs before he is released,” Komugisha insisted.

The Commercial Court, however, released Sekyanzi from Luzira Prison after paying court bailiff’s costs, warning that if he fails to pay the balance within the specified period, he will be arrested.

Mash Investment Limited and Sekyanzi had agreed to establish, operate and run an entity known as Liquid Silk, Bugolobi Limited, but Sekyanzi breached the contract and failed to return $136,000 (about sh487m) given to him by Mash.

But he was later bailed out by his father, Gordon Wavamunno, the Spear Motors boss, who paid part of the money in exchange for his release.

Wavamunno reached a consent with Mash Investment Limited to have the money reduced to sh400m in final settlement of the debt, inclusive of costs.

Following the consent, Wavamunno paid Mash Investment sh250m on behalf of his son and pledged to pay the remaining balance (sh150m) in the three-month period, from the date of the deed of settlement.

“Upon default of payment of the sh150m balance, within the agreed three months, the entire sum in the warrant of arrest in execution dated June 1, 2022 become due and owing,” deputy registrar Juliet Hatanga warned.

KY Jamal
KY Jamal
I am a Uganda born Writer , Entertainment news journalist , influencer , Marketer ,News editor and critic for the latest East African Entertainment news
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