Government sources confirm that the Ugandan cabinet last week picked General Electric (G.E), one of the companies vying for the financing and construction of an oil refinery, to complete the venture. The meeting was held at State House Entebbe, the residency of the President. GE, an American company is a part of the Intra-continental Asset Holdings (IA) consortium, Mauritius-based private equity firm, and includes amongst others Washington based Yaatra Ventures
Uganda has been taken off the monitoring list of countries with high risk of money laundering and terrorist financing. The list is compiled and monitored by the Financial Action Task Force, a powerful body whose ultimate effect – through peer action, is to strengthen the health of the global financial system. The sanctions a country faces for non-compliance can be serious. Blacklisted countries such as North Korea for example can
24
Aug 2017
$ 4.5 billion refinery deal far from closure. Fate of Energy PS tied to controversy over award
Uganda’s $ 4.5 billion refinery project could be delayed by a protracted dispute if one of the competitors, choses to go to court over the way the procurement process is being handled. Subsequently the new permanent secretary at Uganda’s Ministry of Energy Stephen Isabalijja is under pressure with rumors of his firing doing rounds. Amongst others it is said he may have prompted legal action after he personally ruled out