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Former top government honcho cited in Liquid Silk woes

by Editorial Team
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By Kampala Sun writer

A local tabloid known for whistle blowing was, earlier today, the bearer of an allegation that an arrest warrant had been issued for city tycoon, Elvis Ssekyanzi. The story stirred quite the storm amidst the business circles. It turns out it is a suspected case of defamation.

This website has since learned that the documents that had been leaked to the newspapers aren’t any different from the many previous defamation attempts from the same group of business men. The blog alleged that Ssekyanzi went into a business agreement with Mash Investments.

“The background to the claim is that in May 2014, Sekyanzi together with one Isaac Mulindwa and Mash Investments Ltd entered into a pre-incorporation agreement to incorporate and run an entity known as Liquid Silk Bugolobi Limited. However, along the way, Sekyanzi went against the agreement before sidelining his business partner-Mash Investments Limited.

In his judgment, Justice David Wangutusu ordered Sekyanzi to pay for general damages, interests as well as costs of the suit to Mash Investments Limited,” reads an excerpt of the blog.

News however reaching our desk has it that Masha Events owner, Francis Mashate is allegedly the one distributing these rumors as a jilted business partner. Rumors have it that Francis wanted to outwit Elvis Ssekyanzi and Isaac Mulindwa and use their business, Liquid Silk, then situated at Village Mall Bugolobi,  to ‘clean’ his money from hideous sources.  To his chagrin, the business closed before any of his plans could come to fruition.

The interior of the swanky club Liquid Silk in Bugolobi ( Photo: file)

A source at Uganda Bureau Of Statistics, where Mashate Francis served as Deputy Executive Director intimated that the Masha Events proprietor knew that the anti-corruption axe and audits would soon catch up with him, so planned to put the money in properties and already operating businesses thus choosing Liquid Silk. It is a public secret that he procured a number of properties in Luzira, Mbale and is also the current owner of Krishna Mall, Portbell Drive, Bugolobi.

His partners thus, later found out the business arrangement was just a convenient money hiding ploy they didn’t want to be part of. On noticing what his plans were, Mashate’s business partners; citing not wanting to associate with ‘dirty’ money, planned to close the business and told him to keep his money.

Former top government official Mashate has been cited in Liquid Silk foul play (photo: file)

“This didn’t sit well with Masheta. He insisted and poured cash in the administration of the different facets of the business, even without knowledge of how to operate the business. Like a person operating selfishly on ill-informed agendas, he made little to no consultation with the gurus while operating and as such, made losses. After failing to recover his money, he then sought the services of the contract,” intimated a close source to both parties.

Mashate, Not New To Money Scandals

Francis Mashate is not new to money scandal. In 2018, Mashate was the cause of such disgrace for the Bugisu kingdom (he was serving in the capacity of Prime Minister) when arrest warrants pointing at him pinged from all parts of Mbale.

He contacted whistle blowers and claimed he’d been duped by con men in the guise of connecting him to the president, and others who interested him in an imports and exports trade. Critics were quick to dismiss his supposed PS stunt.

“He is just a canning man who has outlived his days. People have washed their eyes and are now smart. He is simply reaping what he sowed. A man of his experience, educational background and exposure (UBOS ED) can’t be conned to the tune of those moneys (Sh150m). This sounds like another empathy-vote-seeking antic from him,” said a Social media critic.

It is rumored that Mashate fears to openly pursue the case in the public domain because he will be asked where a civil servant like him acquired $230,000 (over Shs830 million) and Shs31 million that he purportedly invested in Liquid Silk.


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