Uganda is among the 192 countries that are exhibiting at the 2020 Dubai World Expo, which began on October 1 and will run up to March 31.
With just five days since the Expo begun, Uganda’s controversies at the event are not about to end. After a display that was mocked on social media, the Uganda Investment Authority (UIA) also seems to have been duped by Modha Investments.
According to UIA Director General Robert Mukiza, Uganda has already secured investment deals worth $650 million (about Shs2.3 trillion) at the Dubai Expo.
By extensively looking at Uganda’s first investment deal at the Expo, UIA signed a contract with Modha Investments, a multi-industry company dealing in commercial agriculture, food processing, commercialization of Cashews, Macadamia Nuts & Avocado.
Going by the details available online about the Modha Investments, the company is one year old as it was incorporated on June 1, 2020, and its share capital is $100 (about Shs350k).
Modha Investments is also categorized as a dormant company. For starters, a dormant company is an excellent opportunity to start a company for a future project or hold an asset/intellectual property without having significant accounting transactions.
This is not the first type Uganda is being duped. For example at the outbreak of COVID-19 in Uganda last year, former Speaker Rebecca Kadaga took a ‘covid’ professor to meet President Yoweri Museveni after telling parliament that the professor had developed a spray that kills the coronavirus. We all know what has happened since then!
In August, the government was on the spot once again after signing a deal with a Russian Company, Joint Stock Company Global Security to implement the smart tracking project for a period of 10 years. The deal involved mounting tracking GPS chips in all automobiles in the country at the owner’s expense.
However, it was found out that the Russian company is said to be facing multiple bankruptcy proceedings in Moscow. The company also has no online presence nor digital footprint to establish its prior related experience.