Housing Finance Bank to lose millions over illegal mortgage
By Executive Editor
info@kampalagazette.com
Uganda’s indigenous bank, Hosing Finance Bank, is set to lose millions over illegal mortgage.
These are detailed in a notice of intention to effect changes in the register. Vide Cause 256/12/02/24.
According to the Ministry of Lands, on February 7, 2024, the Ministry receieved a complaint from Target Engineers & Associates Ltd for land at Mukono Block 110 Plot 1649 at Seeta.
In a notice to Housing Finance Bank, Consytec Limited and Timothy Kigozi, the Ministry says Target Engineers & Associates Ltd. requested the Office of the Commissioner Land Registration for Cancellation of an illegally registered mortgage.
“The Cimplainant alleges that an illegal mortgage was erroneously registered on their land,” reads a notice to Housing Finance Bank and two others. “They are in current possession of Land and their Duplicate Certificate of Title in their custody. They further state that they never signed any documents in regards to any mortgage and have no knowledge of how the same got registered.”
To this, the Lands Ministry has invited all the parties involved to a public hearing. The hearing is slated for March 5, 2024.
“By copy of this notice, the complainant is informed and also required to attend the public hearing with all information pertaining to the ownership of this property,” reads part of the notice.
