Mr. Fred Kamunyu the owner of the Akamwesi investments denies allegations of feasting on the Covid-19 cash.
His statement comes to clear the air after a group of legislators under the leadership of Henry Musasizi questioned the Minister of Finance Matia Kasaija over the lending of chunks of money to city tycoons.
“Some manufacturers who want to expand their agro-businesses have been denied loans. We want to know why the people who are not supposed to receive this money such as tycoons are receiving it,” firmly stated Kumi County MP, Mr Charles Ilukor.
While speaking to the media, Mr. Kamunyu cleared the air as he confirmed he indeed got money from the Uganda Development Bank but as a loan which he plans to use for investment into his yet-to-be-completed shopping mall along Gayaza road and into Agribusiness too.
He further states that the process to acquire the loan was long started before even the Covid-19 period and this is clearly reflected on his interest rates that are high since interest rates in loans only dropped after the pandemic.
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“I applied for that loan even before Covid-19. All records are there. This money isn’t, that is why the interest rate is at 14 per cent compared to about 10 per cent,” he informed while speaking to the media.
Due to this, Mr. Kamunyu asked the members of Parliament to thoroughly investigate before throwing allegations around and he also confirmed that the members of Parliament may have had a political motive to their actions.