Young tycoon Hamis Kiggundu is one of the businessmen whose names appear on the list of companies seeking government bailout from collapse. He is seeking a Shs38bn bailout. CBS talked to him and we transcribed the interview.
Mr. Ham, what do you have to say about tycoons like you running to the government for bail-out after failing to pay debts?
The government doesn’t help us the tycoons, it helps Ugandans. How can we say we have failed to pay our debts? A company like mine has over 600 employees. When there’s a difference in the exchange rates and bank loan interest rates, definitely there’s a drop in business, but not one that kills a whole company. You people take this thing lightly, when big companies become shaky, it means the entire economy is going down. But if the government decides to come to our rescue as companies that employ a lot of people, what’s the harm in that?
Doesn’t it inconvenience the middle class people who might want to take loans when the government keeps bailing the rich people out?
Such questions need to be directed to the government finance officials. If a company employs 600 people and every employee has a family of 10, how many people is the company helping then?
Mr. Ham, this is just people’s opinion!
Anyway, I don’t know too much about it but all I know is that the government must help the companies on which the economy stands. That’s all. Otherwise, when companies start shaking, the entire economy goes down.
What do you think is the way forward?
You can’t handle everything at the same time. You must handle one thing at a time. You need to know what to do for what sector according to priority. The government is doing a lot of other projects beside this. It’s trying to see that there’s still some glue binding this economy together. Which I think is not bad.
About the news going around that you’re badly off, can you verify that?
People are entitled to their own opinions. What I know is that this thing is not about helping individuals but the country at large.
We hear that tycoons take loans only to spend the cash on extravagant life styles beyond their means?
That’s not true. When I go down to the bank for a loan to put up buildings, people will get employed which means that the loan is helping both myself and the people.
But what about spending the cash on expensive luxuries?
No that is different. Surely you people are not expecting a person who operates a $200m company to drive a Premio! I sometimes don’t know what Ugandans want. There are a few things that you should spend on yourself if God has blessed you.
What about the week-long parties at Munyonyo when you know you have a loan in the bank?
Why are you asking me such questions? Anyway, what I’ve told you is all I have to say about it. We must do our jobs although the economy is too shaky. The government realizes it. That’s what I think as a person. It’s not about us, it’s about the entire country.
When the rich inject money into the government during election time, yet they’re the same people who run to the government for bail out, should we call that a trap?
I’m not a politician. There’s nothing I can tell you about that.