IT HAS ENDED IN TEARS: Uganda Telecom to be transferred to UTCL; the new gov’t owned telco outfit; over 110 companies to lose over UGX300bn in unpaid debts

Uganda Telecommunications Corporation Limited (UTCL)—the newly formed government-owned telco is expected to, this Friday, November 18th, 2022, take over the assets of the now insolvent Uganda Telecom. Uganda Telecom was previously owned by the governments of Libya and Uganda. UTCL the new owner of Uganda Telecom is 60% owned by the Ministry of Finance, Planning and Economic Development (MoFPED) and 40% by the Ministry of ICT and National Guidance (MoICT&NG). UTCL was incorporated on 8th April 2021 and on 23rd February 2022, entered into an Asset Sale and Purchase Agreement to buy the assets- and not debts and or liabilities…