SK Mbuga was arrested in February by international Police (Interpol) over allegations that he helped his wife to fleece a company UGX23bn.
The lanky city businessman was arrested from Dubai and is believed to be under detention at Awir Central Jail.
Socialite Jack Pemba, while refuting allegations of connivance that led to SK Mbuga's arrest, has revealed that 'his good friend' SK Mbuga might be getting out of prison on bail in the next 10 days.
"He is a very good friend of mine. He is doing very wll and he is going to be out on bail very soon. We talk, he is a good friend -- the conspiracy of me being part of his arrest is just not true. I think he will be out on bail in the next ten days," he said.
Last year, Jack Pemba, whose source of money remains a mystery to many, was being investigated by Uganda and Tanzania police over money laundering and dealing in illegal gold.