An audit report by Pricewaterhouse Coopers has established that liabilities of state-owned telecom company, Uganda Telecom stands at Shs700b which is way past its asset base at a meagre Shs248b.
According to reports, the government is struggling with sourcing a strategic partner, as well as look for cash to inject into the debt-riddled Uganda Telecom. The government has also secured a court order against possible attachments of its assets.
Evelyn Anite, the state minister for finance in charge of privatisation and investment says that placing UTL under an administrator, would offer space for engagement with the debtors and creditors of the state-owned firm.