The Shadow Cabinet on Tuesday scrutinized the Tax Bills that are currently being considered by Parliament and we discovered that Bujagali Energy Ltd was being lined up for another tax exemption!
Government invested $20m in the Bujagali Power Project while the foreign investors put $10m – half of what the Ugandan taxpayer invested. What’s outrageous is, despite being the project’s main investors, the Government has no powers in the management of the affairs at Bujagali.
The foreign directors of the company were accorded all the powers including borrowing monies from foreign sources as the Ugandan taxpayer bears the burden of paying back the loans!!!
They have been claiming that the company isn’t making any profits but our discovery is that the foreign shareholders hv been sharing among themselves $50m – $70m p.a in dividends.
Our cabinet resolved to move Parliament to stop this insanity orchestrated by the people at the Ministry of Finance who seem to lack the ability to read a basic agreement and understand it.
I’m happy that Parliament has listened, the voice of reason has prevailed. I thank the Speaker, Rt Hon. AnitahAmong for constituting a select Committee to get to the core of the problem.
A forensic audit will also be done. Shadow Ministers, Hon Muwanga Kivumbi (Finance) and Hon Karim Masaba (Tourism) plus Hon Nandala Mafabi will represent us on the Committee.