As the country continues to give incentives to foreign investors, its unfortunate that a number of Nationals and local investors have ended up suffering the plight of unfair treatment from their counterparts.
News reaching our desk indicates that an Indian investor identified as Reddy K. Venkateshwar of Sumadhura Technologies Ltd, is on the spot of sidelining, frustrating and threatening to kill a local investor Eng.Elijah Kisembo over selfish gains and evil desire to grab his land.
Eng. Elijah Kisembo, a retired Marine Engineer that has a wealth of experience across the globe. He returned home in 2006 and embarked on a private practice journey. With his skills and exposure, one of the first projects was to provide expertise to the marine transport services unit during the CHOGM.
On realizing the gap in the marine transport sub-sector, he approached some industry stakeholders that trusted him and he was allocated land for development of a marine institute in Port-Bell Luzira. Operating under his company called Kisenya Holdings Ltd, he was granted 8 acres of land to develop Uganda’s fist marine institute in 2008.
His dream is on, but being frustrated buy a certain investor called Reddy K. Venkateshwar of Sumadhura Technologies Ltd. Eng. Kisembo’s troubles started a while back when he got into an arrangement with Mr. Reddy for joint development of the institute. The transaction type changed and was now a sale of part of the land between 2014 and 2015. He needed this money for development of the land, and unfortunately Mr, Reddy ended up stealing and extra one acre of land. Reddy claimed that the additional land was taken up to create a public road which is untrue.
Negotiations have been on-going to resolve the matter and in December 2020, the two parties agreed to conduct a fresh survey of the land. To Eng. Kisembo’s surprise, Mr. Reddy started backfilling the land that is under dispute, taking advantage of the financially weak retired Engineer.
We have since tried to know more about this investor and several negative reports have pooped up and we shall up publishing them in our subsequent articles.
The occurrence of this saga comes at the time when the President has for reechoed his voice against land grabbers putting locals lives and businesses at stake.