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Auditor General John Muwanga has, in his latest report, faulted private shareholders of the Atiak Sugar Factory for failing to provide their capital contribution to the company leaving the burden to the government. The government owns 40 per cent of the shareholding of M/S Horyal Investment Holding Company (HIHC), the implementing company for Atiak Sugar Factory. The rest of the 60 per cent shareholding is owned by private investors. The Auditor General noted that the government fully contributed its 40 percent share capital amounting to UGX 80 billion, and provided shareholder’s loans to the company. On 30th October 2017, the…
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Bank of Uganda (BoU) is undercapitalised to a tune of UGX671.712Billion According to the Auditor General, John Muwanga this poses a risk to the Central Bank’s operations. Auditor General, John Muwanga says this financial position poses a risk to the Central Bank’s operations The details of the Central Bank’s woes are contained in the 2018/2019 audit report of Bank of Uganda which carries queries that were raised by the Auditor General’s team. The audit report highlighted that as per the Bank of Uganda Act, Section 14 (3), the issued and paid up capital of the Bank shall be a minimum…
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