URA tax evasion case is coming out soon. Umeme and uecdl were depreciating the same assets for 8 years .
URA is preparing a tax bill for Umeme Page 43 of the IPO prospectus says the IPO purpose is to clear loan but Umeme has many debts to clear with aggreko and electromax . Who are they electromax and aggreko ? Read east African this week Electromax , Jacobson are owed 160 bn by Umeme Electromax owes Shell 70 bn heavy fuel bills . Electromax is Bitature and umeme is same same . Aggreko is Mbire and Mbire is chairman of board CMA! The in-charge of the IPO Kyayonka who is owed money is Shell and also board Chairman Nssf . Nssf is to pay 52 bn into this IPO without any due diligence ! Actis is a fund manager and CDC is the owner . Why is Actis demanding to sell and quit Umeme ? Umeme concession is for 20 years but 7 have elapsed so 13 to go what is projected performance in the 13? The Uganda parliament is releasing a report on Umeme soon ... Wait Saleh had a report on the energy sector and indeed Umeme please can someone get a copy . The finding here was that umeme had a fraudulent billing system related to how they calculated the technical losses . ERA refused clear CMA capital markets authority on this Umeme IPO why ? The electricity act was being flouted There are four conditions that had to be fulfilled but the cardinal one is that UMEME must verify the 135 m asset base dollar claim. MBu assets for Umeme on the ground are 135 m USD !my foot ! Pwc had to verify they were never contacted The concession agreement between govt of Uganda and umeme allows for losses of up to 28 % but this has been flouted and increased to 38 % and there is no solicitor generals approval Uganda government pays Umeme subsidies of up to 9 trillion shillings
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