Ruth Sebatindira is many things including being one of the few female lawyers to have headed the mighty Uganda Law Society (ULS) where she made wonders. Even as a practicing female lawyer, her law firm Ligomarc, based on Security House, is financially doing very well especially when it comes to collection and recovery of money from loan borrowers from banks who default on repayment. She is very strong in that area and the latest reaching us is that she has since been contracted by DFCU bank’s lawyers of MMAKS & Daudi Mpanga’s BOWMANs to recover billions of money embedded in the more than 300 properties associated to the defunct Crane Bank borrowers. The total sum that has to be recovered from these is over Shs466bn. The three loan firms then share 5% on every recovery they make-and that’s the deal with DFCU bank entered under the supervision of BoU. This entitles them to more than Shs25bn. It’s understood that the flamboyant Sebatindira has lately been smiling all the way to the bank because the two prestigious law firms give her 2% on each successful recovery she makes. In its peak days, Crane Bank incidentally had retained the same two law firms to serve as its transactions advisors-and the partners behind these two law firms must have been born with a silver spoon in their mouth because, on taking Crane Bank, DFCU immediately engaged them as collection agents entitled to 5% per collection/recovery they make. This is very generous remuneration considering that the industry practice is 1% per recovery. Gratefully our own Ruth Sebatindira is partaking of this windfall which isn’t bad for the colleagues she works with at Ligomarc. For comments, call/text/whatsapp us on 0703164755.
