The interdicted Uganda Investment Authority Executive Director, Jolly Kaguhangire is set to voluntarily handover office on Friday.
According to sources at the Authority, Ms. Kaguhangire, who on Wednesday defied her interdiction by Board of Directors and refused to vacate office, has finally agreed to peacefully “let it go”.
“Jolly is peaceful and civil enough to withstand the propagation of some of Board members against her. She’s not going to fight anyone. She is ready to let it go,” a source said.
The handover is expected to take place at 3pm today in the presence of the Board and other critical staff members.
On Wednesday, Ms. Kaguhangire, in a two page strong worded letter, described her Tuesday interdiction as invalid and illegal.
She noted that the actions of the Board leading to her suspension, contravened the laws and regulations governing the UIA and general standard practice.
“The Board meeting did not have quorum. The Investment Code Act puts the quorum at 8. Please note that at the time of decision three members had left the meeting,” she noted.
Ms. Kaguhangire accused one Board member of having an earlier vested interest in her exit and it was inappropriate for the unnamed member to vote on the matter.
Amid the standoff, the board wrote to the Ministry of Finace Matia Kasaija yesterday to intervene, noting that work at the authority was starting to stall.