Prominent motivational speaker and tycoon, Patrick Bitature, struggles with debts, mandated to repay UGX 244 billion.

Businessman Patrick Bitature has been ordered by the International Chamber of Commerce Court of Arbitration in London to repay over $65.7 million (about Shs244 billion) to Vantage Mezzanine Fund II Partnership, a South African investment fund. The ruling follows default risks and breach of contract by Bitature and his affiliated companies. The sole arbitrator, Prof Fidfelis Oditah KC, SAN, issued the orders on July 31, noting Bitature's obstructive approach during the arbitration process as a contributing factor. The conflict dates back to 2014 when Vantage lent Bitature $10 million (approximately Shs37 billion) for investments in Moyo Close Apartments and Skyz Hotel in Naguru. The funds were not repaid, and legal challenges arose when Vantage sought to enforce securities against Bitature. The arbitration ruling mandates Bitature to reimburse $25.4 million (about Shs94.4 billion) for breach of contract, while his companies (Simba Telecom, Linda Properties, and Elgon Terrace Hotel) are collectively responsible for paying an outstanding balance of $35.8 million (about Shs133 billion) as of February 16, 2023, along with additional costs. Bitature's response remains undisclosed, with his lawyer, Mr. Fred Muwema, planning to consult with him before determining the next steps. This resolution marks the end of a prolonged legal process, which involved legal suits that hindered Vantage's attempts to auction Bitature's properties. The ruling underscores the intricate legal and financial aspects involved in business disputes and contract enforcement, particularly when substantial sums of money are at stake across international boundaries.