On May 12, 2004, Parliaments Committee on Finance, Planning and Economic Development released a report on the activities of Tri-Star. The MPs inquiry followed complaints by striking workers that they were being treated like slaves by their employers.The MPs revelations would make any patriotic Ugandan hide his/her head in shame. In brief, the MPs found that government had literally donated $5.2 million to two unserious Sri Lankan businessmen, plus free premises, trained workers, tax exemptions, and other incentives.These Sri Lankan businessmen, according to the report, tried to get money from Uganda Development Bank but were adjudged not to be serious. Government ignored the banks judgment and gave them the money.UDB had also warned government against lending Tri-Star Money at less than 12 percent interest rate, but our leaders went ahead and gave Tri-Star a rate of 7 percent.The MPs even quoted the Presidents own Advisor on AGOA, Onegi Obel, as saying that the company was poorly managed and its owners were unprofessional.The Weekly Observer reported on June 4, 2004 that Tri-Star had accumulated losses of up to Shs 7billion and was insolvent. All this went unheeded.Unfortunately, the government never learns from its mistakes when committing money on behalf of Ugandans. What procedures must we go through? What counsel must we seek, if any?Perhaps if government had consulted Parliament or taken action after its report, todays scenario would have been averted.
More often than not, Mr. President, procedure is the only sure way to ascertain substance. Otherwise you loan billions of money to investors who are so dishonest that they have to be expelled from a golf club for cheating the score board.The Weekly Observer&&&&&&&&&&&&&&Defrauding the pizanti has never been easier! All you have to do is find a willing foreign collaborator. He blows into town and claim to be an investor. But first the government must give him/her some "incentinves" -- including money (i.e. taxes paid by the pizanti), land, freedom from taxes, etc.With his/her profits paid upfront, including your cut, the "investor" has absolutely nothing to lose when the venture goes belly-up shortly there after. As an added bonus, pesky donors have no grounds to hound you as being corrupt.And, the hapless pizanti, who feeds on fish bones after you have exported the fillets, is left holding the bag -- including any additional government-guaranteed loans the "investor" had since taken.What a con!
Talk is cheap. Use Yahoo! Messenger to make PC-to-Phone calls. Great rates starting at 1¢/min.
_______________________________________________ Ugandanet mailing list [email protected] http://kym.net/mailman/listinfo/ugandanet % UGANDANET is generously hosted by INFOCOM http://www.infocom.co.ug/
The above comments and data are owned by whoever posted them (including attachments if any). The List's Host is not responsible for them in any way. ---------------------------------------
