Govt to sell stake in Speke Resort
Nov 10, 2008
THE Government is to sell its sh15b stake in Munyonyo Commonwealth Resort, MPs have heard. The resort is a joint venture with Meera Investments owned by city tycoon and hotel magnate, Sudhir Ruparelia.
By Paul Kiwuuwa
THE Government is to sell its sh15b stake in Munyonyo Commonwealth Resort, MPs have heard. The resort is a joint venture with Meera Investments owned by city tycoon and hotel magnate, Sudhir Ruparelia.
The foreign affairs ministry’s permanent secretary, ambassador James Mugume, told MPs on the Public Accounts Committee (PAC) that Sudhir had already issued the Government with share certificate.
“The share certificate will help the Government sell its 25% stake in Munyonyo. This is what we have been waiting for,†Mugume explained.
“There is nothing to stop us from privatising our shares in Munyonyo Commonwealth Resort. We are going to forward the share certificate to the Ministry of Finance so that the Privatisation Unit can handle this process,†he said.
The PAC had ordered the Government to pull out of the deal, insisting that it was lopsided for the Government to do business.
The Government agreed and said the deal was not a “long-term†undertaking, but only struck for last year’s Commonwealth meeting.
Appearing before the committee in January, the deputy secretary to the Treasury, Keith Muhakanizi, said the Government was pulling out of the deal because “it’s a private sector affair.â€
“We would like to have this hotel as our number one venue for high-profile summits and guests because of its location and five-star status,†Mugume said.
The committee chairman, Nandala Mafabi, demanded that the privatisation process be done fast and in accordance with the law.
THE Government is to sell its sh15b stake in Munyonyo Commonwealth Resort, MPs have heard. The resort is a joint venture with Meera Investments owned by city tycoon and hotel magnate, Sudhir Ruparelia.
The foreign affairs ministry’s permanent secretary, ambassador James Mugume, told MPs on the Public Accounts Committee (PAC) that Sudhir had already issued the Government with share certificate.
“The share certificate will help the Government sell its 25% stake in Munyonyo. This is what we have been waiting for,†Mugume explained.
“There is nothing to stop us from privatising our shares in Munyonyo Commonwealth Resort. We are going to forward the share certificate to the Ministry of Finance so that the Privatisation Unit can handle this process,†he said.
The PAC had ordered the Government to pull out of the deal, insisting that it was lopsided for the Government to do business.
The Government agreed and said the deal was not a “long-term†undertaking, but only struck for last year’s Commonwealth meeting.
Appearing before the committee in January, the deputy secretary to the Treasury, Keith Muhakanizi, said the Government was pulling out of the deal because “it’s a private sector affair.â€
“We would like to have this hotel as our number one venue for high-profile summits and guests because of its location and five-star status,†Mugume said.
The committee chairman, Nandala Mafabi, demanded that the privatisation process be done fast and in accordance with the law.