President Museveni has directed State Minister for Privatization and Investment, Ms Evelyn Anite to institute an audit in the activities of Uganda Telecommunication Limited (UTL).
This comes in a later dated July 16, 2019. “This is to direct you to institute an audit in the activities that are going on in Uganda Telecommunication Limited. I have heard of some allegations,” Museveni’s letter reads.
In early 2017, UTL was in debts of more than Shs700b when the Libyans, who held 69% shares left.
This prompted government to liquidate the firm or save its collapse by putting it under provisional administration to allow a search process for competent investors to take it over.
In May 2017, UTL went under Administration Deed and government appointed the Registrar General of Uganda Registration Services Bureau (URSB), Mr Twebaze Bemanya, as the provisional administrator.
One of his tasks was to find an investor to buy UTL within six months. Others were to clear liabilities to all creditors.
However, two years later, the firm is still struggling to stay on it’s feet.
