BCU engaged in negotiations to regain Mount Elgon Hotel
MBALE, January 9, 2024 – The Chairman of Bugisu Cooperative Union [BCU], Nathan Nandala-Mafabi, has said negotiations are ongoing for the Bamasaaba community to reclaim ownership of the renowned Mount Elgon Hotel & Spa in Mbale City.
He shared the latest development while addressing coffee farmers recently.
The hotel, previously owned by the union, was sold off by former BCU leadership to European investors.
Nandala remains optimistic that, under his administration, the hotel will be repurchased using funds generated by BCU.
BCU former leadership mortgaged several of its assets to raise more than US$ 1.6 million [about Shs 6 billion ] to pay creditors.
The mortgaged properties included the popular Mount Elgon Hotel, four commercial buildings, a coffee factory, and the Doko flats in 2007.
Nandala blames the state of affairs on mismanagement by the Union’s Board of Directors who he claims squandered the loans.
He said the US$ 1.6mln borrowed was never given to coffee farmers as initially planned.
Furthermore, Nandala disclosed that the renovation of BCU’s Musundi House in Mbale City into a five-star hotel is nearly complete, with 95 percent of the work finished.
Nandala who doubles as the Budadiri West Member of Parliament, said BCU’s the endeavours aim to provide employment opportunities for the Bamasaaba community and enhance the overall appearance of Mbale City.
Nandala urged all Bamasaaba to support BCU and emphasised that the union’s leaders and managers are readily available to address any concerns.
https://thecooperator.news/bcu-donates-shs-20mln-towards-mt-elgon-trek/
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