The Observer (Kampala)

Uganda: Police Quiz Tycoon Over Bounced Cheques

Police have questioned Moses Masiko, the director of Pinnacle Security group, over reports he issued false cheques worth Shs 750m to another city tycoon, Ephraim Ntaganda.

It is understood that Masiko was trying to buy the Industrial area-based T1 Club from Ntaganda, but his three cheques bounced. Police spokesperson Ibn Senkumbi explained that Ntaganda had acquired a lease interest in this plot of land from one Erieza Kaggwa.

But Masiko expressed interest since he was already operating his business from the place and promised to pay the money on November 26, 2011. When the payment was not forthcoming, Ntaganda reported the matter to the police, who picked up Masiko on Wednesday evening.

Masiko recorded a statement with the police on Thursday, before entering into discussions with Ntaganda and Kampala Metropolitan Police chief Andrew Felix Kaweesi on when he will pay the money.

Senkumbi said Masiko will be charged with issuing false cheques, if he fails to pay Ntaganda. If convicted, Masiko could face up to five years in jail for the offence. Ntaganda owns several buildings in the city, including E-M Plaza and E-Towers on Kampala road.

Ads by Google

Copyright © 2012 The Observer. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.