Pr. Kakande Cons Investor Shs5Bn, Faces Arrest
By Our Reporter
Prophet Samuel Kakande, the pastor of Synagogue Church of All Nations, in Mulago, is in trouble for allegedly defrauding over Shs5Bn from a Swedish investor, who now wants him arrested.
Johannes Guangul Gebre, a Swedish national of Eritrean origin, alleges that Kakande defrauded him of money and property worth Shs5Bn, which was meant to be invested in setting up a bakery with a chain of outlets and delivery trucks.
According to documents seen by this newspaper, Gebre dragged Kakande to the High Court Commercial Division, in a case in which he prays that court orders him to reimburse all the misappropriated monies and property he illegally occupies, all which were meant for Daily Bread Bakery LTD and DBL Stone Quarry, which both Gebre and Kakande had agreed to set up before the Pastor turned around and fleeced the dime.
The documents indicate in part that sometime in 1993, Daily Bread (U) Ltd was incorporated with the two shareholders the Prophet Samuel Kakande and Gebre as the only shareholders holding equal shares of 50% each.
The principal objective of the Company was to construct and build a modern bread making factory in Uganda.
After thoroughly evaluating the business and being satisfied that the cash flow projections and project as a whole were viable, the two shareholders, Kakande and Gebre made an agreement to reflect the different capital contributions to start the business.
Gebre raised an initial USD 120,276 and later USD 50,000, which was used to purchase machinery for the bread factory. Kakande leased part of his land situate at Plot 416, Great North Kitante Road, Wandegeya , Kampala for 30 years to the company.
The cost of building the factory was also met by Gebre. They agreed that another branch be opened at Luwum Street making Bread under the name and style of TOP CLASSIC BAKERY & TAKE AWAY. The machinery for this branch was bought again by Gebre at USD 100,000.
However, despite their agreements, pastor Kakande double-crossed the investor by putting the money to personal use and refusing to surrender the land as agreed. Currently Gebre prays that court orders Kakande to refund all the money that he didn’t invest as per the Memorandum of Association, plus the property, failure to do which will see the pastor arrested and prosecuted for fraud and obtaining money by false pretense.