The Uganda Investment Authority Executive Director, Jolly Kaguhangire who was interdicted on Tuesday has ridiculed the Board of Directors’ decision and flatly refused to vacate office.
Ms. Kaguhangire in a two page heavy worded letter, described her interdiction as invalid and illegal.
“I would like to bring to your attention the fact that the Board decision made in the 51st Board meeting is invalid, ultra vires, Illegal and incurably void ab intio,” she said in a letter to Board Chairman, Emely Kugonza.
She noted that the actions of the Board leading to her suspension on Tuesday, 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 quoram 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.
“Section 4.4.1 of the Board Manual prohibits the participation in the deliberation of matters in which a member has interest. It is on record that one of the Board members has personal conflict with me and participated in the deliberations and voting of the Board to my prejudice.”
The E.D also stated that the decision to interdict her was not part of the agenda of the day, the notice of Board meeting was not communicated to members 7 days prior to the occasion and all are against the sections governing UIA.
“The allegations that were made against me are unfounded and totally baseless and I remain available to answer all of them satisfactorily in an unbiased forum.”