Finance

Finance (520)

Lawyer Isaac Ssemakadde congratulated Dr Sudhir Ruparelia

This Victory Is Not Just Yours, Lawyer Ssemakadde Congratulates Sudhir After BoU Withdrawals Crane Bank Appeal Case

This week, Bank of Uganda announced that it was withdrawing a Supreme Court appeal that was contesting the Court of Appeal’s dismissal of the case it filed on behalf of Crane Bank Ltd (in Receivership) vs. Sudhir Ruparelia and Meera Investments Ltd.

The withdrawal gave an unprecedented victory for businessman Dr Sudhir Ruparelia who because of now well-known unfair witch-hunt by Bank of Uganda lost his bank Crane Bank, injured his reputation and billions of money in lost revenue.

Reacting to the news, lawyer Isaac Ssemakadde congratulated the businessman for achieving a historic, hard-fought and well-deserved Supreme Court victory against the Bank of Uganda.

In a widely well received congratulated message, Ssemakadde said: “When no one dared to hold the shambolic & near-defunct Central Bank and it's corrupt and crooked lawyers to account, you risked all by bringing to them 'the mother of all battles’.

Adding: “You withstood insult and innuendoes, you ignored naysayers and doomsday prophets and you focused on the basic principles of law - and you have vindicated. This victory is not just yours,”

Ssemakadde, recently trending as the legal rebel, equated Sudhir’s fight with Bank of Uganda to that of the biblical David v Goliath. He explained that Sudhir’s win is ‘an emphatic call to action, for all the downtrodden and citizens of goodwill to muster courage and strike massive blows against all bullies in their respective spaces, in accordance with the law.’

“Your family and your businesses did not need this battle; you shouldered this burden for Uganda and especially the meek and less fortunate, for whom the protection of the law had become a myth,” he said before congratulating Rajiv Ruparelia, Sudhir's only son, for effectively coordinating this might pushback effort.

He also congratulated Sudhir’s legal  team at Kampala Associated Advocates for articulating the case from the High Court to the Supreme Court with sublime adroitness and dexterity.

Bank of Uganda governor Emmanuel Tumusiime-Mutebile

Bank Of Uganda Withdraws Appeal Against Sudhir, Meera

The Bank of Uganda (BoU) has withdrawn a Supreme Court appeal that was contesting the Court of Appeal’s dismissal of the case it filed on behalf of Crane Bank Ltd (in Receivership) vs. Sudhir Ruparelia and Meera Investments Ltd.

In a September 15 notice of withdrawal, the Supreme Court Registrar indicates that the central bank has decided not to prosecute the appeal and will pay costs.

The notice is signed by the central bank lawyers Messers Byamugisha & Co Advocates. On June 23, 2020, the Court of Appeal upheld the judgment of the Commercial Court in an application filed by BoU seeking a refund of UGX 397 billion from city tycoon which he allegedly pulled out from Crane Bank, before it was closed by the central bank in January 2016.

Justice David Wangutusi of Commercial Court in August 2019 dismissed the first case in which BoU claimed that Ruparelia and his Meera Investments Ltd fleeced his own Crane Bank Ltd (now in receivership) of UGX397 billion.

On Tuesday, June 30, the BoU had insisted that receivership does not take away the corporate personality of a company which includes the right to trace and recover assets and the right to sue for those assets.

In the preliminary stages of the appeal, the Supreme Court in August this year, dismissed with costs, an application by lawyers representing the Bank of Uganda (BoU) in which they sought to substitute the court record from Crane Bank Ltd (in receivership) to Crane Bank Ltd (in Liquidation), with the court rejecting the move, as in bad faith and intended to circumvent facts.

Earlier in the High Court, Justice Wangutusi noted in his ruling that at the  time BoU and Crane Bank (in receivership) filed the suit against Mr Ruparelia and his Meera Investments in January 2017, Crane Bank was a non-existing entity, having been terminated when the Central Bank sold its assets to DFCU Bank in October 2016.

The judge ruled that this rendered Crane Bank in receivership incapable of suing or being sued since there would be no assets to be claimed for.

Court noted that the public notice made it clear that BoU as the receiver had done an evaluation of the respondent (Crane Bank in receivership) and arranged for the purchase of its assets and assumption of its liabilities by another financial institution.“

In his [BoU] notice, he specifically stated that the liabilities of the respondent had been transferred to DFCU Bank Ltd and that because DFCU Bank had taken over the liabilities, it would, by way of consideration, be paid by conveying to it the respondent’s assets,” the judge ruled.Bank of Uganda, through their new attorney Dr. Joseph Byamugisha of Byamugisha & Co Ltd the chose to file an appeal.

SOURCE: PMLDaily

Peter Kamya

Former Simbamanyo Estates Owner Peter Kamya Loses Another Fraud Case

The former owner of Simbamanyo Estates, Peter Kamya has lost another fraud case in which he sold property in Munyonyo, took deposits and then sold the same property to a third party and refused to refund.

Bahamas Investment Ltd sued Peter Kamya for recovery of Shs 1.3 billion as money deposited to purchase property comprised in Kyadondo Block 255 Plots 126 and 213 in Munyonyo. Bahamas also claimed Shs 130 million being 10 percent of the deposit in event of default by Kamya.

Bahamas further sought general damages, interest and costs of the suit.

The background to the suit as discerned from the pleadings is that the Bahamas Investment Ltd, a dealer in real estate wanted to buy land. Peter Kamya being the proprietor of land comprised in Kyadondo agreed to sell to Bahamas.

The two agreed at a Shs 5,090,000,000 as the purchase price.

In the agreement which they reduced into writing, Bahamas was to pay Shs 1.3 billion on signing the agreement. The balance was to be paid within 30 days from the date of signing.

According to Bahamas, Kamya did not deposit the Certificate of Title with the Bank after paying Shs1,300,000,000. Furthermore, Bahamas Investment Ltd leant that one of the Certificates of Title had been deposited with the Court of Appeal by Kamaya as security for costs.

Bahamas also claim that Kamya attempted to sell the same properties to Bank of Uganda.

Bahamas alleges that it had approached Kamya with the balance of Shs3,790,000,000 on condition that he deposits the certificate of title with the bank or a neutral lawyer but he refused. This prompted Bahamas to terminate the sale in a letter dated October 20th 2016.

In his ruling, Justice David Wangutusi said the defendant (Peter Kamya) breached the agreement and ordered to pay 25 percent per annum interest on the Shs 1.3 billion from 10th October 2016 date of termination till payment in full.

The Justice also ordered Kamya to pay the costs of the suit and interest of 6 percent on general damages from date of judgment in full.

This also comes at a time when the former owner of Simbamanyo Estates lost an appeal in which he sought to recover a multi-billion city building and a hotel from Equity Bank Uganda Limited.

The bank seized Simbamanyo House and Afrique Suits Hotel on Mutungo Hill in Kampala last year after the city tycoon Peter Kamya and his Simbamanyo Estates failed to pay outstanding loans to a tune of $10.8m (about Shs40 billion).

Sudhir Ruparelia acquired the Simbamanyo House in October 2020 after emerging as the highest bidders with $5 million about (Shs18.5 billion) through his company Meera Investment Limited.

SOURCE: Eagle Online

Bank of Uganda governor Emmanuel Tumusiime-Mutebile

Constitutional Court Pronounces Bank Of Uganda Can Be Sued Directly

The Constitutional Court has nullified sections 118 and 124 of the Financial Institutions Act that has been prohibiting Bank of Uganda and its employees from being sued directly, Watchdog News reports.

According to media reports, the sections were quashed by Justices; Muzamiru Kibeedi, Elizabeth Musoke, Egonda Ntende, Irene Mulyagonja and Cheborion Barishaki.

The five justices of Constitutional court in their ruling said it was unconstitutional for the Central Bank to hide under sections 118 and 124 to shield themselves from the law and yet under 21 of the same constitution, it gives powers of equal treatment before and under the law.

“This gives unjustified and arbitrary protection to the BoU, which is contrary to article 21 of the Constitution which provides that all persons are equal before and under the law in all sphere of political, economic, social and cultural life and every other respect and shall enjoy equal protection of the law. Given that BoU’s directives to freeze a person’s account have a bearing on the constitutional right to property, it is vital in safeguarding those rights that the courts retain the powers to scrutinize the actions of Bank of Uganda on their merits. This will ensure, not only freezing orders are not unjustly made but also that the BoU’s receives equal treatment as other persons who in similar circumstances will be amenable to legal proceedings,” the judges said.

The landmark ruling arose out of constitutional petition No 50 of 2013 of Peter Ssajabi and Swift Commercial Establishment Limited versus Attorney General and Bank of Uganda.

The petitioners challenged the constitutionality of provisions in certain acts of parliament and hence seeking court’s interpretation of the constitution so as to determine whether certain acts were allegedly done by the respondents in contravention of the constitution.

The petition was brought in pursuant to articles 2,137 (1) (1) & (4) and 150 of the constitution and the constitutional court.

Ssajabi, the National Secretary East Africa Beneficiary Association was arrested during the investigation of the pension scam, that engulfed the Ministry of Public Service in 2012 and accused of working with a one Mr Ssentogo of Cairo Bank, to create accounts for more than 1,000 ghost pensioners and at some instance, allegedly changed account numbers and transferred some of the funds to his accounts.

His accounts were then promptly freezed by BOU and remain locked seven years later. However, the Constitutional Court had now reversed this action of the central bank.

Mr. Ssajabi joined EACBA in 1994 to help put pressure on government to pay pension and gratuity to former workers for the East African Community.

Stanbic Bank has released the Purchasing Managers’ Index (PMI) for August 2021 indicating a warm up in business activity following the partial lifting of the second lockdown.

Ugandan Private Sector Warms Up To Relaxed Lockdown Measures

The headline Stanbic Purchasing Managers’ Index (PMI) moved back above the 50.0 mark in August, posting 50.2 from 34.6 in July.

Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration. 

The growth is attributed to the partial lifting of the 42-day COVID-19 lockdown in Uganda which helped spur a return to growth of both business activity and new orders in August, with companies confident of further growth over the coming year. 

Ronald Muyanja, the Head of Trading at Stanbic Bank Uganda said, “a return to growth in output and new orders recorded in August gives hope that as lockdown restrictions are eased further, that will spur growth in business activity in the coming months.” 

Cautious Optimism 

However, Muyanja calls for ‘cautious optimism’ noting that despite the growth seen in August, the PMI reading is still below the series’ average as businesses remain reluctant to raise staffing levels or input purchases. 

“Notably, the employment sub-index is yet to recover,” Muyanja said. 

The PMI notes that while demand is recovering, post the June lockdown, it remains weak, with little indication that capacity is under pressure. It is likely that stronger demand in coming months will also drive the recovery of the employment sub-index. 

Despite the lifting of the lockdown and renewed increases in output and new orders, companies continued to lower their staffing levels, purchasing activity and inventory holdings during the month. There was little sign of capacity coming under pressure as backlogs of work fell again. 

Focus on August

The August PMI report indicated a growth in both business activity and new orders following the loosening of some of the COVID-19 lockdown measures. 

It was a refreshing development that will buoy the market through September, following two successive months in lockdown which had caused reductions in output and new business. 

A look at sectors showed that construction was the only one to remain in contraction territory, with growth recorded elsewhere. 

Output prices decreased for the third month running, although some companies raised charges in line with higher input costs, others lowered selling prices as demand remained relatively soft.

The lifting of the lockdown is expected to lead to further growth in business activity over the coming year with more than 80% of respondents optimistic in the year ahead outlook. 

August also saw an overall rise in input prices following a reduction noted in July. This trend matched the picture seen for purchase costs where product shortages led to higher prices for a range of materials. But staff costs continued to fall. 

Sponsored by Stanbic Bank, the monthly PMI survey involving some 400 respondents is produced by IHS Markit and has been conducted since June 2016. It covers the agriculture, industry, construction, wholesale/retail, and services sectors. 

The headline figure derived from the survey is the Purchasing Managers’ Index (PMI) which provides an indication of operating conditions in Uganda.

 

It is a composite index, calculated as a weighted average of five individual sub-components: New Orders (30%), Output (25%), Employment (20%), Suppliers’ Delivery Times (15%) and Stocks of Purchases (10%).

I&M prides itself on its strong values and key strengths of innovative service and strong customer relationships.

I&M Group PLC Delivers 33% Profit After Tax Growth

Regional Financial Services Group, I&M Group PLC has announced an increase of 33% after tax profit for its 2021 half year financial results up from UGX 102.5 billion to UGX 134.6 billion.

The Group’s Total Assets recorded a growth of 12% to close at UGX 12.2 trillion up from UGX 10.9 trillion in June 2020 bolstered by expansion into Uganda and increased private and public sector lending. The acquisition of Orient Bank Ltd (OBL) in Uganda has expanded the Group’s balance sheet by UGX 753 billion as at the reporting date. 

Net interest income recorded strong growth of 28% to UGX 285.2 billion up from UGX 221.1 billion in June 2020 attributed to increased interest income from government securities. The Group’s total Non-Funded Income reduced by 6% to UGX 124.9 billion from UGX 134.6 billion.

Net non-performing loans reduced by 8% compared to June 2020, to close at UGX 240.3 billion attributed to strengthened remedial actions in improving the loan book quality.

Customer deposits recorded a 10% growth from UGX 8.09 trillion in June 2020 to UGX 8.87 trillion as at June 2021.

Commenting on the Group's financials, Mr. Daniel Ndonye, I&M Group PLC Chairman confirmed that the Group’s focus on increased lending to both the private and the public sector was key in determining the bank’s growth at a time when economies world over were hard hit by the effect of the COVID-19 pandemic. 

This is on the back of strong capital and liquidity base at group and country levels reported all well above regulatory minimums. At Group level, capital adequacy ratios closed at 21% at the same level as previous year, while liquidity ratio was 48% well above the statutory minimum of 20%.

The period under review saw the Group finalise the acquisition of a 90 percent shareholding in Uganda’s OBL. This is part of the Group’s broader regional expansion strategy to serve the needs of all customers at local and regional level, while promoting trade flows within the region.

 “We will continue to focus on our customers across all the banking segments through a series of products and innovations that are tailored to enhance customers banking experience across all our subsidiaries;” he added

Key to note, the Group, during the period under review, also rolled out, through its wholly owned subsidiary, I&M Capital Limited, a host of Wealth Management solutions.  This is expected to boost revenue diversification through provision of customized investment solutions, Asset Management, Retirement Income and Financial Planning for high network individuals.

Additionally, the Rwandan and Tanzanian subsidiaries launched Whatsapp banking, a key milestone in the Group’s digital transformation journey to provide customers with freedom of modern banking.

“We will also continue to invest and offer cutting edge technologically driven solutions to our customers and expand opportunities to attract more investors,” Mr. Daniel Ndonye concluded.

The Group’s Executive Director, Sarit Raja Shah underscored significant investment made during the first half of 2021. “Along with innovation of market driven solutions, we have also made significant investments in new systems across the Group in a bid to increase operational efficiencies and improve our customers’ banking experience.”

Further, the Group progressed on its strategic effort to create long-term value for stakeholders, through continued investments in Environmental, Social and Governance initiatives as a means to building resilience as well as to mitigate against emergent operational, cyber and credit risk. During the period under review, the Bank invested in a new Risk Management infrastructure for Anti-Money Laundering, Operational Risk and Fraud Management, as a key step in protecting its customers from the threat of financial crime on the Bank’s systems.

Through the I&M Foundation, the Group collaborated with like-minded organisations to drive its shared growth agenda in key thematic areas namely: Education and Skills development, Environmental Conservation, Economic Empowerment and Enabling Giving.

Key to note was that the Foundation partnered with the Kenya Community Development Foundation to drive environmental conservation initiatives spearheaded by the youth in Narok and Kilifi counties. The Foundation continues to support education scholarships for bright but financially constrained students at Strathmore University and the Palmhouse Foundation.  Additionally, the Foundation donated towards the Maa Trust’s Mau Bead-Work project, to cushion the Trust’s beneficiaries from the impact of the COVID-19 pandemic.

Meanwhile, the Group’s Rwanda and Mauritius entities received accolades during the period under review. I&M Bank (Rwanda) PLC was recognized as the best bank (2021) by Capital Finance International (CFI.co), a print and online journal reporting on business, economics and finance. The Award recognized the Bank’s product offering, strategy, short-term and medium growth plans as well as client diversity. The Bank was also recognized for its technological innovations such as Near Field Communication (NFC) enabled ATMs with contactless technology enabling for operational efficiency and enhanced user experience. The Awards judges’ report also heralded the Bank’s growth strategy driven by a three pillar approach – driving business, building resilience, and optimizing the operating approach. In addition, the Mauritius joint venture, Bank One Limited, was awarded the Best Bank in International Banking Services and Best Custodian Bank, wherein the Bank was recognized for its role in supporting businesses in Sub-Saharan Africa based on its unique onshore and offshore capabilities.

Businessman Harshad Barot and son Miraj Barot are the proprietors of Tirupati Development Limited, a real estate entrepise.

COURT VICTORY: Tirupati Defeats Jay Patel In Controversial Jinja Land Case

The high court in Jinja City has ruled that property developer Tirupati Development Uganda Ltd are the rightful owners of a 13-acre piece of land situated on plot 24 Kyabazinga Way, in Jinja City.

In the court ruling, Tirupati Development defeated controversial deal maker Thummer Jay Maganlal Patel, the proprietor of Nile Agro Group of Companies who was falsely laying claim on the prime land using his corrupt connections within the leadership of Jinja Municipality, now a city. 

Evidence and testimonies presented in court overwhelmingly put victory into the hands of Tirupati Development owned by businessman Harshad Barot, a real estate mogul based in Kampala. 

On the disputed land, according to sources, Tirupati’s Barot plans to set up one of the biggest modern multi-billion shopping malls that will be the first of its kind outside Uganda’s capital, Kampala. Tirupati Development has over the years demonstrated that it has the capacity to take on multi-billion dollars projects in Kampala. 

The ruling now puts to end a long legal battle that has stalled the development of the said land. Tirupati Development now retains its 25 years lease it attained from Jinja Municipality, now a city.

The court battle had sucked in some of the leading political and business leaders in Jinja; many of whom appeared before presiding Judge, Lady Justice Jeanne Rwakakooko to be cross-examined and to testify. The majority exposed the corruption within the leadership of Jinja which dubious Patel has been using to enrich himself. 

During the recently concluded witness testimonies and cross-examinations, Tirupati Development lined up the Nalufenya B Village chairman, Nicolas Elwangu, outgoing Mayor Majid Batambuze, and former Jinja District Land Board Chairperson, Innocent Ndiko Ngobi who argued that the whole processes were “littered with irregularities and illegalities”.

The Tirupati – Patel land saga hit the headlines in 2019 when it became a subject of investigations by the Commission of Inquiry into Land Matters headed by Lady Justice Catherine Bamugeirere.

For more than 120 minutes in the witness dock, Ndiko who also appeared before the Commission described the Jinja Land Board as ‘problematic’, adding that minutes used in the allocation of land had numerous flaws making land transactions questionable.

The outgoing Jinja Mayor, Majid Batambuze testified against Patel maintaining that Tirupati Development which has several business outlets in Kampala still has a valid running sub-lease granted by the Council.

Batambuze told the Court that controversy broke out after a group of individuals acquired titles over the same piece of land in 2018, allegedly with consent from both Jinja Municipal Council and Jinja District Land Board.

Former Jinja West Member of Parliament Moses Grace Balyeku while appearing before the Commission of Inquiry into land matters in August 2019 claimed he had spent '2.4 Billion shillings to buy off interests' in the contested land.

He told the Commission that he bought the interests for him and his business associate  Thummar Jay Maganalal Patel to utilize for setting up a shopping mall, private university, and offices for rentals.

Balyeku said he ended up registering the land in Thummar Patel’s name to give the investor confidence after the cancellation of the 25 years lease of the first investor, Tirupati Development Uganda Limited by the Ministry of Lands, Housing and Urban Development in 2016. This, the Commission said, was wrong. 

Bank of Uganda governor Emmanuel Tumusiime Mutebile

Another Dead End For BoU In Case Versus Sudhir Ruparelia

The Supreme Court has dismissed an application in which Bank of Uganda sought permission to amend the Memorandum and record of appeal before hearing the Crane Bank appeal case, Trumpet News reported Friday afternoon.

Bank of Uganda wanted to substitute Crane Bank Limited (in receivership) with Crane Bank Limited (in liquidation), saying it is still a licenced financial institution under resolution and the financial Intelligence Institutions Act of 2004.

Justifying the need for the amendment, Bank of Uganda lawyers led by Joseph Byamugisha argued that it was necessary for the disposal of the appeal that the capacity in which the Central Bank is managing and controlling Crane Bank and its assets and liabilities be stated.

However, in a ruling delivered on Thursday, Justices Ruby Opio-Aweri, Faith Mwondha, Lillian Tibatemwa, Ezekiel Muhanguzi and Percy Night Tuhaise, dismissed the application saying BoU’s concern of reflecting the capacity in which the Central Bank is managing and controlling Crane Bank can be addressed in the commencement of the hearing.

“The substitution of an entity in receivership with that in liquidation in the appeal would taking into account the gist of the pending appeal not assist this court to resolve issues on the legality and lapse of the receivership and power of the receiver to sue, which are a subject of the appeal,” the Justices said.

“This application is therefore dismissed with costs to the respondents,” the panel further ruled in an unanimous judgement.

On June 23, 2020, the Court of Appeal upheld the judgment of Commercial Court in an application filed by BoU seeking a refund of Shs397 billion from businessman Sudhir Ruparelia which he allegedly pulled out from Crane Bank.

Justice David Wangutusi of Commercial Court in August 2019 dismissed a case in which BoU claimed that Mr. Ruparelia and his Meera Investments Ltd fleeced his own Crane Bank Ltd (now in receivership) of Shs397 billion.

SOURCE: Trumpet News

The bank’s focus in the first half of the year was on how to achieve a fine balance between growing shareholder value while supporting customers to remain resilient through the pandemic.

Stanbic Uganda Sees 21.5% Half Year Profit After Tax Growth Despite COVID19 Pandemic

Stanbic Uganda Holdings Limited (SUHL), a member of the Standard Bank Group, has demonstrated business resilience, weathering through the effects of the Covid-19 pandemic to post a robust performance in the first half of 2021 with strong growth across all key metrics.

The strong performance has largely been driven by Stanbic Bank Uganda Limited, the anchor subsidiary.

According to Stanbic’s half year financial results released on Friday August 6, 2021, customer deposits increased to UGX5.7trn in June 2021 compared to UGX5.2trn in June 2020, indicating an 9.5% growth.

Its assets also grew by 9.8% driven by an increase in loans and advances amounting to UGX 3.8 trillion compared to UGX 3.4 trillion in June 2020.

SUHL earned UGX154.9 billion in Profit after tax (PAT) representing an impressive 21.5% growth from the same period last year.

Growth in PAT was mainly driven by strong growth in trade revenue which accounted for UGX 37.5 billion as well as better management of loan impairments, which reduced by UGX 11.7 billion as compared to the same period last year.

The company remains well capitalised above the minimum regulatory requirement, ensuring that it is in a strong position to continue financing the private sector through the second half of the year.

Apart from Stanbic Bank Uganda Limited, other SUHL subsidiaries are: Stanbic Properties Limited; Stanbic Business Incubator Limited; FlyHub Uganda Limited, and SBG Securities Uganda Limited. The creation of the holding company corporate structure started in 2018 and was completed in 2020.

Andrew Mashanda, the Chief Executive for Stanbic Uganda Holdings Limited said, “The first six months of 2021 have been quite challenging especially with the second wave of Covid-19. Businesses and

individuals have felt the impact of the pandemic and as an institution we have done much to support our customers, our staff, and communities through this unprecedented period.

Commenting on the Bank’s performance, Anne Juuko, Chief Executive Stanbic Bank Uganda said, “We saw significant growth in our small and medium enterprises segment as we continued to support them

through this challenging period. Overall, through our financing to boost private sector growth, we saw loans and advances grow by 9.8% to UGX 3.8 trillion from UGX 3.4 trillion in June 2020.

SRI group of institutes in collaboration with Miraj Barot recently expanded in the field of Ayurveda by setting up a 100 bed Ayurvedic Hospital.

Tirupati’s Miraj, Ambassador Akello Promote Uganda’s Investment Potential In India

Businessman Miraj Barot, the managing director of Tirupati Group, a conglomerate that has business interests in real estate, manufacturing, agriculture, and steel fabrication, teamed up with Uganda’s ambassador to India H.E Grace Akello to invite investors in India to Uganda.

“Investors could take advantage of many business opportunities in Uganda in several sectors such as Agriculture, Infrastructure, Services, Health, Education, Energy, Mining, Transport, Tourism, Banking, ICT, among others,’’ Miraj told Indian investors.

He told investors that Uganda is the right investment destination and boasts a skilled but cheap labor force, a large market from the East African region, Africa, the American market under AGOA, and access to free markets in Europe.

Miraj together with HE Akello was in Gujarat, India to visit Shri Satsangi Saketdham “Ram Ashram” Education Trust (SRI EDUCATIONAL CAMPUS) located at Vadasma in Mehsana district of Gujarat.

HE Akello, like Miraj, urged investors in India saying that this would be the right time to take advantage of the opportunities presented to them as compared to waiting for the future years.

“This visit is a good opportunity to invite Indian investors to increase their investments in Uganda, our country is ready for foreign investment and we believe that now is the right time to do so,” said HE Akello.

SRI Group of institutes in collaboration with Miraj Barot recently expanded in the field of Ayurveda by setting up a 100 bed Ayurvedic Hospital, a college, and manufacturing of generic medicines after the establishment of a pharmaceutical company and a research center.

Later, Akello discussed with managing trustee, Dr.Bharat Rao of SRI group about the potential partnerships that can be developed in these fields that can benefit the students and pharmaceutical industry both in India as well as Uganda.

In Uganda, Miraji under Tirupati Group has several non-real-estate related subsidiaries, including; Bio-Waste Management Limited – A company that collects and disposes of bio-medical and pharmaceutical waste in an environmentally friendly and safe manner. Offices and disposal facilities are located 30 kilometres by road, northeast of Kampala.

Others include Tirupati Agricultural Development Limited – An agribusiness that operates a demonstration farm on 400 acres and maintains a sugarcane plantation on the adjacent 2,500 acres Crops on the demonstration farm include pineapples, maize, and onions situated in Kayunga District.

 

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