Business magnate Sudhir Ruparelia has written to Parliament in response to why government’s shares in the Munyonyo Commonwealth Resort have not been transferred from the Finance Ministry to the Uganda Development Corporation, the investment arm of govenrment.
Sudhir says the facility has not received such a communication adding that government is free to decide by whom its shares are to be held.
“We have not received communication from the Minister of Finance regarding the government’s decision to transfer its shares to UDC as the chosen and preferred entity to hold the shares,” Sudhir wrote to the Clerk to Parliament in a letter copied to the finance ministry and the Chairperson of Parliament’s Tourism Committee where he has been requested to appear to shed light on the matter.
“In case we missed it, kindly share a copy so that when we appear, we address about it appropriately. The address will be confirmation that such a decision will be implemented through the normal procedures for transfer of shares and UDC will then be the entity holding the government’s shares,” he added in his letter dated November 10.
However, Sudhir requested that the Parliament meeting is rescheduled as he only returns to Kampala on the evening of November 12, yet the meet had been set for the same morning.
In his letter, Sudhir also detailed the shareholding of Munyonyo Commonwealth Resort, indicating that government owns a 25 per cent stake in the facility.
“The government of Uganda holds 25% shares (15,061,309,120) shares out of the 60,244,836,480 issued and paid up shares,” he notes in the letter.
The other shareholders are Meera Investments Ltd (8,434,277,107 shares), Sudhir Ruparelia (30,724,866,605 shares) and Jyotsna Ruparelia (6,024,483,648 shares).