UTL Libya Owners in Uganda Over Ailing Company

The financial woes surrounding Uganda Telecom Limited (UTL) have forced top managers of Green Libya African Portfolio (LAP) to plan meetings with government over the same.

The Libyan company owns a 69 percent stake and is majority shareholder in UTL, which is currently under investigation by a select committee instituted by Parliament to probe allegations of financial impropriety and mismanagement.

David Bahati, State Minister of Finance told the select committee that the Libyan company has since last year failed to inject funds into the company due to financial challenges and international sanctions.

Bahati says the two teams will meet at the end of January to chat out a solution to save the company currently in financial crisis. He did not, however, disclose how much will be invested.

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Last year, Budadiri West MP, Nandala Mafabi blew the lid in a report to Parliament, detailing information on gross mismanagement of funds by top managers, including irregular sale of company property and land; as well as managers irregularly increasing their salaries.

During investigations, top officials led by UTL Managing Director, Mark Shoebridge revealed that the current debt of UTL stands at over 500 billion shillings.

However, members of the committee, including Rubabo County MP, Paula Turyahikayo, wondered how much funding is going to be invested into the company, which she says has been grossly neglected.  

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Mafabi, who is the whistle-blower, however faulted the investors for failing to implement their initial investment plans.

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However, Bahati pleaded with the MPs to give the Libyans a chance to revive the company, stating that it had been given conditions to inject resources.

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