MPs take over real estate firm
Apr 06, 2009
EIGHTEEN Members of Parliament have taken over a real estate firm in which they had invested sh435m. This follows the collapse of a joint venture they had with Akright Projects.
By Vision Reporter
EIGHTEEN Members of Parliament have taken over a real estate firm in which they had invested sh435m. This follows the collapse of a joint venture they had with Akright Projects.
“We have uncovered gross irregularities in the ownership of the firm. Some of the shareholders’ signatures were forged in the process of transferring ownership,†said Jessica Alupo, one of the legislators.
The legislators have also elected new directors to guard their interests during a recent extra-ordinary general meeting at Fang Fang Restaurant in Kampala.
The meeting was attended by the initial shareholders of the Executive Property Holdings (EPHOL), which was formed to purchase and develop an 84-acre piece of land in Nansana on the Kampala-Hoima highway, with Akright.
The legislators, who contributed sh20m each to establish EPHOL in 2006, fell out with Henry Banyenzaki, who was the executive director.
They accused him of changing the ownership of the firm by awarding himself more shares and deleting some of them from the shareholders’ list.
Alupo said the MPs would petition the Speaker of Parliament, adding that they had ordered their lawyers to file an injunction preventing Banyenzaki from transacting business on the firm’s behalf.
Upon collapse of the joint venture late last year, Banyenzaki requested that the sh435m contributed to the joint venture should not be paid to individual contributors, but handed over to him as the EPHOL boss. This prompted Akright to seek legal redress.
EIGHTEEN Members of Parliament have taken over a real estate firm in which they had invested sh435m. This follows the collapse of a joint venture they had with Akright Projects.
“We have uncovered gross irregularities in the ownership of the firm. Some of the shareholders’ signatures were forged in the process of transferring ownership,†said Jessica Alupo, one of the legislators.
The legislators have also elected new directors to guard their interests during a recent extra-ordinary general meeting at Fang Fang Restaurant in Kampala.
The meeting was attended by the initial shareholders of the Executive Property Holdings (EPHOL), which was formed to purchase and develop an 84-acre piece of land in Nansana on the Kampala-Hoima highway, with Akright.
The legislators, who contributed sh20m each to establish EPHOL in 2006, fell out with Henry Banyenzaki, who was the executive director.
They accused him of changing the ownership of the firm by awarding himself more shares and deleting some of them from the shareholders’ list.
Alupo said the MPs would petition the Speaker of Parliament, adding that they had ordered their lawyers to file an injunction preventing Banyenzaki from transacting business on the firm’s behalf.
Upon collapse of the joint venture late last year, Banyenzaki requested that the sh435m contributed to the joint venture should not be paid to individual contributors, but handed over to him as the EPHOL boss. This prompted Akright to seek legal redress.