Story By Andrew Cohen Amvesi.
ARUA.
Yovan Adriko, the Vurra County Member of Parliament (MP) in Arua district has been committed to six months civil prison for failing to clear debts amounting to shs55,677,400.
Adriko was on Thursday evening sent to Arua government prison to serve six months shortly after his arrest at Slumberland hotel in Arua City.
Paul Mawa of T/A Vitality Associates, the court bailiff assigned to arrest the MP, duped him to come and pick some money for a land transaction at Slumberland hotel where he picked him like a baby after a long hunt.
Adriko was immediately arraigned before Her Worship Karungi Leo, the Deputy Registrar of Arua High Court who later committed him to imprisonment not exceeding six months.
Adriko was sent to the coolers for failing to clear shs48m which is the principal and interest of the shs52,798,595m he borrowed from Jubilee Finance Limited in 2021.
According to Richard Bundu of Bundu and Co. Advocate, the Lawyer representing Jubilee Finance Limited, Adriko borrowed shs52,798,595m at an interest rate of 15 percent to be paid back in a period of one month but failed to do so.
He said after failing to pay back the money for nearly a year, Jubilee Finance Limited later sought for his services in 2022 to recover the money which had accrued with interest to shs68m.
“The money together with interest was shs68m. We went to court to recover shs68m which means the principal and the interest. Once we got a judgement in favour of our client, the judgement was for shs68m, I communicated to Hon. Adriko; this is where we have reached and you have been ordered to pay this money, can you pay it before we take extra steps against you,” Bundu said.
“He paid shs10m and it came to shs58m, he paid another shs10m and it came to shs48m, but the money he is paying is exactly what took us to court. From there he refused to pay any more money until court entered judgement and awarded costs which came to shs55,667,400. So, that is the money that has taken him to prison,” Bundu said.
Bundu noted that they have been pushing Adriko to pay the money but he kept on playing his usual games of lying to them.
“So, until the moment I felt it was enough and advised my clients to take another step leading to his arrest and subsequent imprisonment,” Bundu stated.
Never borrow money to start a bussiness.Borrow money to boost a bussiness . Borrow according to how much net profit do you get from your bussiness.This helps you to service the loan and also not to borrow large amounts of money which are beyond the performance of your business
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