By Kampala Post Reporter
Property belonging to Red Pepper directors have been advertised in local print media after they allegedly failed to fulfil their loan obligations.
Some of the properties advertised include a hostel belonging to the CEO of Pepper publications limited.
The properties advertised is called Madonna hostel located along Kamuli Road Kireka, behind Bavana Hostel. The multi-million hostel is a luxury home for university students from Kyambogo.
The buildings that have been listed are owned by Johnson Musinguzi Byarabaha, the chief finance officer (CFO) and his colleague Richard Tusiime.
Musinguzi’s two buildings including one in which he currently resides is also up for sale.
Sources familiar with the developments have told this the Kampala Post that shortly after the Red Pepper bosses were released from Luzira where they had been incarcerated following publication of disturbing news, those who had given them loans hurriedly demanded to be paid.
This website understands that all the Red Pepper bosses are struggling financially which they reportedly picked to buy luxurious vehicles.