• Latest
Govt Losing Money to its Munyonyo Commonwealth Resort Investment – Audit Report

Govt Losing Money to its Munyonyo Commonwealth Resort Investment – Audit Report

7 years ago
Museveni Pledges $500bn Economic Leap, Rejects Politics of Age and Careerism

Museveni Pledges $500bn Economic Leap, Rejects Politics of Age and Careerism

2 hours ago
Museveni Duly Nominated as Sole Candidate for NRM Chairman and 2026 Flagbearer

Museveni Duly Nominated as Sole Candidate for NRM Chairman and 2026 Flagbearer

4 hours ago
Magogo Re-Elected FUFA President, Sets Bold Agenda for 2025–2029 Term

Magogo Re-Elected FUFA President, Sets Bold Agenda for 2025–2029 Term

5 hours ago
Pictorial: Vibe, Dance and Fanfare as Museveni Arrives for NRM Nomination

Pictorial: Vibe, Dance and Fanfare as Museveni Arrives for NRM Nomination

5 hours ago
TikTok Tops Traffic: A Snapshot of Uganda’s Social Media and Streaming Platform Usage

TikTok Tops Traffic: A Snapshot of Uganda’s Social Media and Streaming Platform Usage

1 day ago
Among Faces Kadaga as Key Contenders Vie for NRM Entrepreneurs League Vice Chair

Among Faces Kadaga as Key Contenders Vie for NRM Entrepreneurs League Vice Chair

1 day ago
SoftPower News
Saturday, July 5, 2025
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
    • Fashion
  • Regional
    • Kenya
    • Rwanda
    • Tanzania
    • Burundi
    • South Sudan
    • DR Congo
  • Defence & Security
  • Sport
  • Entertainment
  • More
    • Agriculture
    • Africa
    • Columnists
    • Education
    • Health
      • COVID-19
    • International News
    • News in Pictures
    • OpEd
    • Pearl Of Africa
    • People
    • Politics
    • Special Reports
    • Women
No Result
View All Result
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
    • Fashion
  • Regional
    • Kenya
    • Rwanda
    • Tanzania
    • Burundi
    • South Sudan
    • DR Congo
  • Defence & Security
  • Sport
  • Entertainment
  • More
    • Agriculture
    • Africa
    • Columnists
    • Education
    • Health
      • COVID-19
    • International News
    • News in Pictures
    • OpEd
    • Pearl Of Africa
    • People
    • Politics
    • Special Reports
    • Women
No Result
View All Result
SoftPower News
No Result
View All Result
Home News

Govt Losing Money to its Munyonyo Commonwealth Resort Investment – Audit Report

by Nixon Segawa
January 5, 2019
Govt Losing Money to its Munyonyo Commonwealth Resort Investment – Audit Report

Speke Resort Munyonyo, built ahead of CHOGM in 2007.

14
VIEWS

The Auditor General, John Muwanga has expressed worry that government is losing alot of money due to poor control and performance of State Enterprises and Cooperations.

The Auditor General’s concern was highlighted in the 2018 Audit report that he handed over to the Speaker of Parliament Rebecca Kadaga on Friday.

Related Stories

Museveni Pledges $500bn Economic Leap, Rejects Politics of Age and Careerism

Museveni Duly Nominated as Sole Candidate for NRM Chairman and 2026 Flagbearer

Magogo Re-Elected FUFA President, Sets Bold Agenda for 2025–2029 Term

Muwanga said that since 2012, government has made investments in various projects through Uganda Development Cooperation (UDC) amounting to Shs 70.1bn.

“However, projects with investments of Shs 53.2bn are not operational, the only operational project of KIS with an investment of Shs16.9bn and 45.7 percent sharholding by UDC has not declared any profits to UDC since 2012,” Muwanga said.

He reported that some assets like Munyonyo Commonwealth Resort, Nile Hotel, Logistics and Tristar Apparels in which government has ownership over, have not been placed under the management of UDC, the investment and development arm of government.

“Government could be losing a lot of revenue from these investments,” the Auditor General said in his report.

During the preparations of 2007 CHOGM in Kampala, government injected about Shs 15 bn into what was said to be a joint venture with Commonwealth Resort Munyonyo owned by a business tycoon, Sudhir Ruparelia.

Government as well paid Shs 13.9 bn for the construction of marina and pathways making a total investment of Shs 29bn.

However, Sudhir has since insisted that there was no such joint venture arrangement between government and his management.

This explains why the money invested in the resort may never be recovered given the fact that it has never been taken over for management by UDC.

Muwanga as well noted that out of 27 State Enterprises, only 17 (58.6%) made profits during the year and of the profit making enterprises, only one entity (Vision Group) declared dividends to government.

Tags: Auditor GeneralinvestmentNewsSoft Power NewsSpeke Resort MunyonyoSudhir RupareliaUganda

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *


The reCAPTCHA verification period has expired. Please reload the page.

Recent Stories

Museveni Pledges $500bn Economic Leap, Rejects Politics of Age and Careerism

Museveni Duly Nominated as Sole Candidate for NRM Chairman and 2026 Flagbearer

Magogo Re-Elected FUFA President, Sets Bold Agenda for 2025–2029 Term

Pictorial: Vibe, Dance and Fanfare as Museveni Arrives for NRM Nomination

TikTok Tops Traffic: A Snapshot of Uganda’s Social Media and Streaming Platform Usage

Among Faces Kadaga as Key Contenders Vie for NRM Entrepreneurs League Vice Chair

Stanbic Bank Ad
SoftPower News Logo

SoftPower News is a subsidiary of SoftPower Communications LLC, a Ugandan digital media group. Keep posted of the latest from Uganda and East Africa.
Plot 4B Malcolm X, Kololo
P.O Box 1497, Kampala - Uganda
Tel: +256-392-001-701
Email: info@softpower.ug

This news site is licenced by Uganda Communications Commission (UCC)

ADVERTISEMENT
Stanbic Remittance Ad
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
  • Regional
  • Defence & Security
  • Sport
  • Entertainment
  • More

© SoftPower News

error: Content is protected
No Result
View All Result
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
    • Fashion
  • Regional
    • Kenya
    • Rwanda
    • Tanzania
    • Burundi
    • South Sudan
    • DR Congo
  • Defence & Security
  • Sport
  • Entertainment
  • More
    • Agriculture
    • Africa
    • Columnists
    • Education
    • Health
      • COVID-19
    • International News
    • News in Pictures
    • OpEd
    • Pearl Of Africa
    • People
    • Politics
    • Special Reports
    • Women

© SoftPower News