The sectoral committee on Tourism Trade and Industry chaired by Hon. Mwine Mpakalast week on Friday November 5, invited businessman Sudhir Ruparelia to explain the existence of government shares in Commonwealth Munyonyo Resort and why it had taken long to transfer the shares to Uganda Development Cooperation (UDC).
UDC is an agency of the government of Uganda. It promotes and facilitates the industrial and economic development of Uganda.
The DailyExpress understands that Munyonyo Commonwealth Resort has four shareholders with Mr Sudhir as the majority shareholder (30724866604), Government of Uganda under Ministry of Finance with 15061309 shares, Meera Investment Limited holding 843277107 shares and Jyotsna Ruparelia with 6024483648 shares.
Until today, government of Uganda has not transferred its shares to the rightful entity- UDC.
Responding to the Committee of Parliament, Dr Sudhir Ruparelia indicated that government holds its 25% shares but said he wouldn’t be available on 12 November as to when he is required to appear before the MPs to explain existence of the shares because he will have a trip on that day.
Sudhir also explained to MPs that the government of Uganda is free to decide by whom its shares are held.
“We have not received communication from the Minister of Finance, Planning & Economic Development regarding GOU decision to transfer its shares to UDC as the chosen and preferred entity to hold GOU shares,” he responded to Parliament.
“In case we missed it, kindly share a copy so that when we appear we address you 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 entity holding GOU shares.”
Upon his explanation the sectoral committee on Tourism Trade and Industry should invite Minister of Finance and his officers to explain the position of government shareholding in Munyonyo Commonwealth Resort.