Eyewitness  News
  • Home
Wednesday, August 10, 2022
  • Login
  • Home
  • Diplomacy
  • ECONOMY
  • Agriculture
  • Faith
  • Security
  • Tourism
  • International
  • Latest News
No Result
View All Result
  • Home
  • Diplomacy
  • ECONOMY
  • Agriculture
  • Faith
  • Security
  • Tourism
  • International
  • Latest News
No Result
View All Result
Eyewitness  News
No Result
View All Result
  • Home
  • Diplomacy
  • ECONOMY
  • Agriculture
  • Faith
  • Security
  • Tourism
  • International
  • Latest News
Home Business

MPs Fear That Roko Is Selling Air To Govt

Admin by Admin
July 12, 2022
in Business
Reading Time: 2 mins read
0
1.4k
VIEWS
Share on FacebookShare on Twitter

MPs Fear That Roko Is Selling Air To Govt.

Officials from Roko Construction Limited found it a hard time to convince MPs on the committee of finance to approve the proposal by the Government to inject Shs202.13Bn into the company after failing to table before the committee the board resolution that resolved to have government come on board as a shareholder.

MPs discovered that the memorandum of incorporation of ROKO does not allow management to open up the selling of shares to the public.

Members on the parliamentary committee of finance who are scrutinizing the proposal by the government to acquire preferential shares in ROKO worthy Shs202bn, discovered from quoted clauses in the Memorandum of Incorporation Of Roko Construction Limited that barred the current managers to open up selling of shares to the public.

Paul Jacob Batte, Legal Counsel of Roko Construction informed the Committee that the Board Resolution is still in draft form and the new changes to bring in other shareholders haven’t been officially filed with Uganda Registration Service Bureau because Roko was awaiting approval of a tax waiver to a tune of Shs800M in case the Shs202.13Bn is injected into Roko Construction.

His response stemmed suspicion from MPs who wondered how the Ministry of Finance could table before Parliament the motion seeking to buy shares in Roko yet the company’s laws at the moment bar such a move.

More suspicion arose from documents of Roko Construction Company indicated that the company made profits to a tune of Shs790m in 2017, Shs4.4Bn in 2018, Shs2.8Bn in 2019, and a loss of Shs3.3Bn in 2020 and wondered why the company didn’t seek for cheaper funding from Uganda Development Bank (UDB) instead of seeking for funding from Government, yet the shares being proposed to Government don’t give taxpayers any voting rights in the company.

Mark Koehler, Executive Director of Roko Construction Company revealed that currently, the company has projects in the pipeline to a tune of Shs1.2Trn and of these, projects worth Shs700Bn are coming from Government and the Shs202.13Bn will be repaid within 8years.

MPs were also irked to discover that the government is not acquiring ordinary shares but preferential shares which are redeemable after a period of time; a status that doesn’t give the government any voting rights in the company.

According to Roko Construction Company, the Shs202.13Bn financial bailout will help the company retire part of its debt, and invest in some of the projects in the pipeline.

 

 

 

Previous Post

Kaabong CAO Admits Paying 328M In Error

Next Post

Parliament Calls for A Salary Review Commission

Related Posts

Govt Assures On Fuel Supply As Kenya Goes To Polls
Business

Govt Assures On Fuel Supply As Kenya Goes To Polls

August 7, 2022
0

Govt Assures On Fuel Supply As Kenya Goes To Polls. Despite the Uganda National Oil Company (UNOC) admitting before Parliament...

Read more
Kadaga Summoned Over Unfair VAT on Imported Rice

Kadaga Summoned Over Unfair VAT on Imported Rice

August 1, 2022
MPs Set Tough Terms For ROKO Deal

MPs Set Tough Terms For ROKO Deal

July 11, 2022
Speaker Tips Banks  On Community Develoment

Speaker Tips Banks  On Community Develoment

July 8, 2022
Gov’t Pledge to Revamp  the Cooperative

Gov’t Pledge to Revamp the Cooperative

July 5, 2022
MPs Reject Proposal To Exempt Wheat, Older Computers From VAT

MPs Reject Proposal To Exempt Wheat, Older Computers From VAT

May 17, 2022
Next Post
Parliament Calls for A Salary Review Commission

Parliament Calls for A Salary Review Commission

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
MPs – Reaction to The State of Nation Address

West Nile MPs, Govt Chief Whip Clash Over Electricity in the Region

September 11, 2021
Phaneroo Boss, Sudhir Grilled Over Nakawa Land

Phaneroo Boss, Sudhir Grilled Over Nakawa Land

April 22, 2022
Adjumani East MP  Mamawi-Speaks Out on Charcoal Theft -Claims

Adjumani East MP Mamawi-Speaks Out on Charcoal Theft -Claims

March 16, 2022
Spice Diana Roasted Alive By Fans on Social Media For  Being A Covid -19  Potential Carrier

Spice Diana Roasted Alive By Fans on Social Media For Being A Covid -19 Potential Carrier

March 24, 2020
Budget Advocates Concerned With New Wave Of Corruption In Govt.

Budget Advocates Concerned With New Wave Of Corruption In Govt.

1
Musoke Ibrahim a father to Rahim who is now eight years

Being A Good Father Does Not Mean Money But Love & Care

1
URBRA Cautions On NSSF Mid-Term Access 

URBRA Cautions On NSSF Mid-Term Access 

1

Hello world!

0
Speaker Donates Solar Equipment to Arua Hospital

Speaker Donates Solar Equipment to Arua Hospital

August 9, 2022
Speaker Among Tips Youth to Seek For Opportunities

Speaker Among Tips Youth to Seek For Opportunities

August 7, 2022
Parliamentary Forum on Children Starts Campaign Against Orphanage Homes

Parliamentary Forum on Children Starts Campaign Against Orphanage Homes

August 7, 2022
Govt Assures On Fuel Supply As Kenya Goes To Polls

Govt Assures On Fuel Supply As Kenya Goes To Polls

August 7, 2022

Recent News

Speaker Donates Solar Equipment to Arua Hospital

Speaker Donates Solar Equipment to Arua Hospital

August 9, 2022
Speaker Among Tips Youth to Seek For Opportunities

Speaker Among Tips Youth to Seek For Opportunities

August 7, 2022
Parliamentary Forum on Children Starts Campaign Against Orphanage Homes

Parliamentary Forum on Children Starts Campaign Against Orphanage Homes

August 7, 2022
Govt Assures On Fuel Supply As Kenya Goes To Polls

Govt Assures On Fuel Supply As Kenya Goes To Polls

August 7, 2022

Eyewitnessug.com is Licensed by Uganda Communications Commission (UCC) Under Dominion Media Limited.

Dominion Media Limited is registered by Uganda Revenue Authority.

For Advertisement Reach out to Marketing Department via.
Email: [email protected]

Contact us through our Postal Address.
P.O.BOX 21157 Kampala-Uganda.

Browse by Category

  • Agiriculture
  • Agriculture
  • Business
  • Development
  • Diplomacy
  • ECONOMY
  • Editor's Pick
  • Education
  • Entertainment & Arts
  • Enviroment
  • Faith
  • Feature News
  • Governance
  • Health
  • International
  • Latest News
  • obituary
  • Opinion
  • Politics
  • Politics
  • Security
  • Social
  • Sports
  • Technology
  • Tourism

Recent News

Speaker Donates Solar Equipment to Arua Hospital

Speaker Donates Solar Equipment to Arua Hospital

August 9, 2022
Speaker Among Tips Youth to Seek For Opportunities

Speaker Among Tips Youth to Seek For Opportunities

August 7, 2022
  • Home

© 2021 Allrights Reserved EYEWITNESS NEWS UGANDA

No Result
View All Result
  • Home
  • Diplomacy
  • ECONOMY
  • Agriculture
  • Faith
  • Security
  • Tourism
  • International
  • Latest News

© 2021 Allrights Reserved EYEWITNESS NEWS UGANDA

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
error: Content is protected !!