By Our reporter,
The Federation of Motorsport Club of Uganda (FMU) risks losing its management to tycoon Sudhir Ruparelia if its leadership led by Dipu Ruparelia fails to settle the sh61m debt within 14days.
Sudhir through his company Prime Finance Company Ltd Provided FMU with a sh50m loan, but FMU in January managed to pay and remained with a balance of sh30m which has attracted a sh31m interest to total it to sh61m todate.
In a letter dated August 19,2020 Sudhir demanded payment of the loan or sue FMU.
“We last received a payment in January, 2020 and since then despite several reminders you have continually ignored, refused and failed to fulfill your loan obligation as per the signed agreement,” the letter read.
“We strongly advise that FMU clears the principal loan amount together with the accumulated interest as shown in the table below with immediate effect,” it stressed.
However, what caused panic in the federation was Ruparelia demanding for the constitution of FMU yet he is not a member.
“Furthermore, you are required to provide us with the latest Constitution and all the documents relating to registration of FMU together with a list of current and Executive members who are duly registered,” part of the letter read.
when contacted on Monday said,” I do not want to discuss this matter in the media. We found the debt when we came into office and we are trying to see how we can manage it.”
On Sudhir requesting for executive members and registration documents for FMU, Dipu said, “I assume Executive members are like directors of the federation.”