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Archive for the tag “KPMG”

Uganda Telecom Limited (UTL): New owner, clearly disconnected

Since March 2017, the Uganda Telecom Limited (UTL) have been struggling, it started even before then, but at that time. The state started to intervene, by the next month in April 2017. The state had already put the company under provincial ownership. Meaning, that the state took it over and has tried to find new ownership of this company. Something it hasn’t succeeded in. This all happened because of the Libyan crisis in 2011 and the frozen accounts of Libya Post Telecommunications & IT Company (LPTIC), which had a majority ownership in the UTL until that point. However, they didn’t get all out before March 2017. Even as there was a set-up a new board in the Company in fall of 2016. Even, with all of this, the UTL continues to live, but by mere state injections and not because it is viable for business.

Even after a year in May 2018, the Cabinet announced that they were looking for new owners, alas, meaning that the state wouldn’t have the major stake in the company. Why I am saying all this? Well, the news this week that Minister Evelyn Anite and government sources states this:

The source added that the government had created incentives to make the company more attractive. They include managing the backbone, wiping all the liabilities off the balance sheet, and that the government would take responsibility for the pension liability of more than Shs 30 billion to former UTL employees. Other liabilities that the government would take care of include the regulator’s fees and taxes. “All these wipe off the balance sheet and handed it [UTL] to you, clearly you can start from a clean slate.” the source said” (URN – ‘Gov’t offers to pay Shs 500bn UTL liabilities’ 20.04.2019, link: https://observer.ug/news/headlines/60467-gov-t-offers-to-pay-shs-500bn-utl-liabilities).

With this in mind, the state would clean the slate of the company, an embattled one who is fighting in a competitive market. Where it is directly competing against the mighty MTN and Airtel. Therefore, the UTL needs an decent upgrade, as it has been in a stalemate for years now. Where the lack of investment in the company and the debt it have already.

We can clearly see that the company is not so viable. The lack of interest and value is shown as the President even needed to direct the state ministries to use the UTL Internet Services and mobile phone services by a letter in January 2018. That is why, a year after that, the government sources are trying to connect it even more and juice it up. Even if it has little to offer.

The UTL doesn’t look solid or offering something of strong value for a buyer. As it has a strong competition and they are on point when concerning the telecom infrastructure, which the UTL haven’t the ability to afford to do or invest in. Therefore, the next owner has to pick up, where the Libyan owners left off. Since, the state haven’t done anything else, than keeping it alive. Peace.

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RSA: DA Leader Mmusi Maimane letter to President Cyril Ramaphosa – “Urgent Appeal for Full Transparency on the Extent of our Country’s Energy Crisis” (22.03.2019)

RSA: Mmusi Maimane letter to President Cyril Ramaphosa on Jacob Zuma’s legal fees (07.01.2019)

Opinion: Degraded yet again, Zuma ordered to pay legal fees!

Former South African President Jacob Zuma has today lost in Court as he battles the State Capture case and bountiful of other charges, as his time in the limelight and being the Executive is ceased indefinitely.

Zuma has gone from being the king-maker, the almighty dealer and corrupt state official, the high-ranking official who secured his fellow family and cronies jobs, tenders and work with the State Owned Enterprises. Now, he is battling in Court to defend his actions. Clearly, as the time goes by, that it is not going well. He is not sipping tea in Saxonworld anymore; he is lingering between trials and awaiting further judgment.

The judges have even ordered that the three previous occasions, when the courts has allowed it to be covered by the state, have been revised. Meaning, the old legal fees and the ones that has been paid by the state has to be recovered from the previous President. That is a costly affair, as he is paying back legal fees into early 2005 or so. We are in the midst of 2018 and there are more to come.

That the previous President has come into this bargain is all on his own. It is his own intention and miscalculation, as of one point, it didn’t seem to ever backfire. The planned corruption and the grand corruption done while in office. While now, as times goes by and the skeletons are out of the closet. The reality is dawning.

The reality is actually damning. He is pinched, his friends has abandoned him and left him alone. The previous ally and now President Cyril Ramaphosa, didn’t even try to counter sue or try to test the case put forward by Economic Freedom Fighters and Democratic Alliance. As the EFF and DA got a final revenge after the hardships for justice in this case.

Malema must be jolly, as he was stabbed in the back for supporting the previous President as the Youth League and Wonder-Boy, who was cast astray as he challenged him after the anointing. Therefore, this is a payback for the time; he was got banned from the African National Congress (ANC). This here is at last a little vindication for Julius.

Certainly, Zuma has gone from vast fortune and power, into the unsure oblivion and misfortune. Where his allies has vanished, where his cronies has fled and the ones thriving man are now struggling. Now, he has to cough up money and surely empty deposits, maybe even sell real estate too. Also, not marry another wife for a while to bear the costs of legal jeopardy he is in at the moment. Since the state will not cover the expenses anymore.

Zuma is fallen, now it is just to find out how hard and what that counts they will charge him with and how deep the state will go, since he wasn’t in it alone. Zuma was doing with the ANC and the more that is out. The more people are implicated, not only in the Gupta Family, but also within the leadership of the ANC. That is the reality and time will tell, because Zuma was the big-man, but not big-man alone on his quest. There was A Tribe Called Quest following him and doing as his asked. He was Q-Tip and the others followed the pursuit to happiness. Peace.

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RSA: EFF Rejects the IMF and its views expressed after its official visit to South Africa (31.07.2018)

RSA: EFF Rejects Patrice Motsepe Coporate Tax Break Proposal (31.07.2018)

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