On 10th March 2016, Lutaaya appeared in commercial Court in a case with Stanbic bank over huge debt. A few years ago, Lutaaya secured a Ugx. 45m from Stanbic to boost his band. Unfortunately, business has been slow, thus failing to service the loan. It has since accumulated to Ugx. 80m.
In court, Lutaaya was asked to pay at least Ugx. 70m and pay the balance of Ugx 10m in a week’s time. Before, he went to court, Lutaaya had asked his former colleagues turned rivals at Golden Production to escort his (as well as raise something for him) to keep his Durban hotel.
The team at Golden Production only raised Ugx. 20m. Unfortunately, Geoffrey Lutaaya did not have even a single coin with him.
Lutaaya made frantic calls to his friends, relatives and colleagues to raise the balance of Ugx. 50m without much success.
Having failed to raise the required amount, Durban Hotel is now under Stanbic Bank. Lutaaya was given fourteen days to raise the money or the bank completely takes over the Hotel.
Geoffrey Lutaaya take heart, you are not alone, even us writing these articles, we are not well off. Just quick one, kindly check with Mama Fina, she may do something for you.