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The past five years have not gone particularly well for Uganda’s billionaire class. Once the undisputed symbols of local enterprise and ambition, several of the country’s most prominent businessmen have found themselves entangled in complex financial and legal battles — most of them involving commercial banks and cross-border lenders. Among them, Hamis Kiggundu, the property and retail magnate behind Ham Enterprises, waged one of Uganda’s most closely watched banking disputes. His companies owed USD 4,014,444 to Diamond Trust Bank Uganda and USD 6,974,600 to Diamond Trust Bank Kenya — a combined USD 10.99 million (approximately UGX 40 billion) in credit…
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Despite having received UGX578.4 billion (USD million) in capitalisation from the government of Uganda, part of which was to be used to settle his indebtedness with Equity Bank, controversial pharma-entrepreneur, Matthias Magoola is yet to repay Equity Bank and Equity Bank Kenya. In a surprising plot twist, he has instead turned around to sue the two banks for a raft of accusations, top of which is a claim that the two banks, irregularly and unlawfully debited and or inflated the loans by UGX 47,652,951,120/= from the accounts of his two firms⏤ Dei Industries International Ltd And Dei Biopharma Ltd (formerly…
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President Yoweri Museveni, on Friday, October 21, commissioned the Dei Biopharma manufacturing facility in Matugga, near Kampala. The pharmaceutical plant will produce high-quality yet affordable medicines across a range of therapeutic areas such as cancer medicines and malaria treatment, that will make a difference to millions of families across Africa. The facility is also the only African pharmaceutical company now manufacturing Covid-19 therapeutic medications and getting gearing to produce one billion doses of mRNA vaccines, guided by World Health Organisation standards. Speaking at the commissioning of the UGX. 1.8 trillion pharmaceutical manufacturing facility in Kigogwa, Matugga, President Museveni praised the…
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The High Court in Kampala has quashed a warrant of arrest issued against the managing director of Dei Minerals International, Matthias Magoola, in which former Isaac Musumba sought to be paid UGX268 billion in legal fees. Delivering her ruling dated September 5, Lady Justice Anna B Mugenyi has quashed the warrant of arrest against Mr Magoola questioned the manner in which the former minister of Urban Development Isaac Musumba, and his lawyers obtained the warrant —describing it as an abuse of court process. “I agree with Counsel for the Appellant and find that the application for execution was an abuse…
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MATUGGA – Dei Biopharma is awaiting approval of the World Health Organisation (WHO) to out it’s Molnupiravir drug, which will be the first such product to treat Covid-19 infection in the world.DEI Biopharma has also laid out the plans for other essential newer products — including Paxlovid, Fluvoxamine, Ritonavir, Nirmatrelvir, and Rilpivirine.The development was announced by DEI Group Managing Director Matthias Magoola during a visit of a team of experts from WHO at the Matugga based multibillion facility on Monday, March 7, 2022.“When we get approvals, we can now actually offer treatment for Covid-19,” Magoola said.The WHO experts are on…
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A company, setting up a pharmaceutical plant at Matugga on Bombo Road, on the outskirts of Kampala, has pinned a South African contractor of breaching terms and instead resorting to using politicians and security agents to intimidate them to pay for work not done. Dei Natural Products International Ltd (Dei), which is part of the Dei Group, says whereas they contracted Mutoni Construction (U) Ltd and paid it the required money, the latter has failed to finish the production plant and has instead turned around and dragged them to police, claiming they were not paid. On October 14, 2021, Mutoni…
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