Billions of Shillings from 17 Liquidated Companies Goes Missing

Billions of shillings from assets of sold liquidated companies have reportedly gone missing.

A preliminary report says that government through Uganda Registration Services Bureau (URSB) has as of 2018 liquidated 39 companies, but monies from 17 liquidated companies is neither in Bank of Uganda/ consolidated fund nor the Auditor General or even any arm of government.

According to Peter Ogwang, Usuk County MP and backbench commissioner, the money from assets of these 17 liquidated companies is in the two private bank accounts owned by individuals.

“As of 2018, 39 companies had been liquidated. However, it is disturbing to know that billions of shillings from sold assets of 17 liquidated companies is stuffed in two private Bank Accounts owned by individuals. We shall soon know the real mafias,” Ogwang tweeted.

Impeccable sources have told the Insider that the monies are in two private Banks of Stanbic Bank and Standard Chartered Bank.

We need to know who are the holders of these two private bank accounts? Why has the money not taken to Bank of Uganda or the Consolidated Fund? Who are the signatories? How much money is there?” a source said.

Efforts to get Bemanya Twebaze, Registrar General of URSB were futile. Bemanya has been Registrar General and Chief Executive Officer of the Uganda Registration Services Bureau, since March 2012.

Here is the list of the 17 liquidated companies whose monies have not been remitted to government coffers.  

NAME:                        DATE OF SALE

Gobbot Limited        Jul-1996

Agro-Chemicals        Nov-1993

Coffee Marketing Board   Apri-2003

Johnas Brothers          Apr-2003

Lint Marketing Board      Jul-1994

Produce Marketing Board    1999

SINO Limited                Oct-1998

Uganda Fishing Marketing Corp    Nov-1993

Tororo Industrial Chemicals and Fertilizers   Aug-1991

Ugadev Bank Limited     1993

Uganda Airlines Holdings     Apr-2001 

Uganda Bags& Hessian Mills         Mar-1997

Uganda Consolidated Properties     Jan-2001

Uganda Cranes Industries         2003

Uganda General Merchandise         Jul-1994

Uganda Grain Milling         Jan-2004

Wolfram Investments          June-1997

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