Rwanda : B&B heritage to clear DN international property outstanding loans
New investor B &B heritage took over DN international property and agreed also to pay FINABANK all debts DN international owed the bank.
After DN international left with FIN BANK loans, the government intervened with B&B heritage, BRD to pay 80 m Rwf to Rwandan investors instead of 100 m Rwf.
“Both parties have agreed on one decision, FINABANK has agreed to give 60m Rwf respectively, BRD gives 10m Rwf and the new investors gives 10m Rwf too for buying 80m Rwf rather than 100m to pay back Muvunyi and Uziel land” Tharcisse Karugarama, the minister of justice revealed.
He added that the money asked to the house owners is the money normally everyone pays as house grant but also they agreed to pay taxes before they get their property.
The government initiated the negotiations between Rwandan investors and new investors to end DN international saga.
After the long discussion they have come out with an agreement, where all concerns have contributed together 80 millions to pay back the Rwandan investors who owned the estate land which was estimated on 100m Rwf.
However by solving the problem, the owners of Kagugu estates agreed to lose 20m Rwf in the process.
Paul Muvunyi, one of the land owners says that they cannot consider the 20m lost as loss because many people lost too their funds, and they were looking for common understanding.
DN international had took a loan from FINABANK for building 28 houses at Kagugu estate, but things turned wrong when DN left the country without paying the loans, where by Fin BANK proceeded the auction for getting their funds.