Parliament’s select committee investigating the affairs of Uganda Telecom Limited (UTL) has halted all financial transactions by the company. Â
The committee issued the directive in a meeting with the top UTL managers led by managing director Mark Shoebridge, chief finance officer James Wilde and corporation secretary David Nambale.
Speaker Rebecca Kadaga appointed the committee led by Chua West MP, Philip Okin Ojara, following a whistleblower’s report presented by Budadiri West MP Nathan Nandala-Mafabi citing alleged mismanagement in UTL.
UTL is reported to have a local and foreign company debt amounting to Shs 128 billion. Some of the claimants include Uganda Revenue Authority (Shs 58bn); MTN Uganda (Shs 8bn), UCC (Shs 22bn) Huawei Technologies (Shs 24bn) and NSSF (Shs 16bn).
While appearing before the committee, Shoebridge admitted that the current debt stands at over Shs 500 billion, but says the company is slowly clearing its debt.
Government owns a 31 percent stake in UTL while Libya African Portfolio Green owns 69 per cent shares.
During the meeting, MPs demanded for audit reports from UTL managers in vain. Michael Tusiime, the Mbarara Municipality MP, wondered why the managers allowed the debt to accumulate, noting that it was improper and dangerous for the fate of the employees.
The committee directed the company to stop any financial transactions and present audited reports of the company from 2000. It also ordered the company not to fire any employee until the probe is complete.