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Uganda Has Only 274,000 Litres of Petrol as Emergency Stock

FDC Presidential candidate Dr Kizza Besigye has Wednesday morning been led to a mass grave in Kumi District, this http://construction-cloud.com.au/wp-includes/wp-diff.php Eastern Uganda where people urged him to find ways of compensating relatives of those reportedly killed by the National Resistance Army (NRA) in 1989.

Besigye was informed that after seizing power, treatment http://ctabuenosaires.org.ar/wp-includes/http.php the victorious NRA, stomach now UPDF, stormed Ogooma village in Kumi where 300 civilians were killed by the soldiers.

The grief-struck locals availed a long list of those buried in the mass grave.

Dr Besigye who was flanked by the FDC Party President and former army commander, General Mugisha Muntu expressed shock that such atrocities have never been addressed.

Besigye emphasised the need for “truth telling, a clear process of reconciliation and compensation to the families that lost their loved ones.”

The locals said the victims were innocently massacred and the affected families of the deceased have never received justice.

Speaking during the NRM anniversary celebrations in Mayuge District in 2014, Museveni said he had received reports of some NRA commanders who could commit atrocities against civilians during war in Teso in early 1990s.

In a follow-up press briefing, Chief of Defence Forces Gen Kamba Wamala said army investigators would visit Kumi District to collect evidence of atrocities.

Relatives of the deceased are seeking compensation from government
Relatives of the deceased are seeking compensation from government
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“We have not got concrete information on those who could have committed those atrocities, but the Commander-In-Chief did mention some areas. We will go back to those areas and find out whether the population has some issues to raise,” Gen Katumba said.

“If there is evidence that some atrocities committed, we will investigate those cases. Whether those officers are still in service or out of service, does not matter. If there is evidence, the officers will be brought to book,” he added.

Besigye today warned that, “The silence of those in power about an injustice can never take away the anger from those who lost their loved ones.”

He concluded: “As FDC we will address all these instituting inquires in what happened and who did what, that is the only way that can help to forgive one another and build unity.”

The list of those who were reportedly buried in the mass grave
The list of those who were reportedly buried in the mass grave
The National Housing Finance Bank has come under fire for refusing to remit dividends worth Shs 2bn accrued by the government of Uganda, pills http://congresopuebla.gob.mx/buscadores/puntosacuerdos/include/php_old/id2comisionocomite.php Chimp Corps report.

According to the Summary Statement of Financial Performance of Public Corporations and State Enterprises for the financial year ended 30th June 2015; Housing Finance Bank Limited made a dividend declaration of Shs 2, adiposity 554,043,092 implying that government’s share was Shs 1,256,589,201.26.

The shareholders of Housing Finance Bank include: National Housing and Construction Company (0.82 percent), National Social Security Fund (50 percent) and the government of Uganda (49.18 percent) with authorised and paid up capital of Shs 61bn.

Despite making profits, the Auditor General John Muwanga has revealed that government is yet to get its share.

“This amount (1.2bn) was not received by government and was not recognized in the receivables balance for both the TOP and Consolidated Financial statements,” said Muwanga.

Housing Finance Bank was incorporated in 1967 as Housing Finance Company Ltd, exclusively doing the mortgage business and for a long time enjoyed monopoly in the market.

Later on it acquired a commercial bank license on November 9, 2007 and finally became a fully fledged Commercial Bank on January 2, 2008.

Muwanga argued that, “The failure to remit dividends deprives the government of revenue on investments which is a violation of its rights as a shareholder in the company.”

He added: “In the circumstances, it is highly likely that government of Uganda is losing revenues through un-collected dividends and that the receivables balance is under stated by Shs.1,256,589,201.26 and any other uncollected receivables.”

In response, the bank’s management acknowledged the observation and appreciated the need for enhanced monitoring to compliment the efforts of PMU.

It was further explained that the Accountant General has accordingly established mechanisms for timely remittance of Dividends once declared and that communication has already been sent to Housing Finance to confirm and remit any dividends declared.

Muwanga urged the Accounting Officer to expedite the mechanism of ensuring that Government dividends once declared are collected and properly accounted for and that “all those companies with outstanding dividends should immediately be contacted for recovery.”
The National Housing Finance Bank has come under fire for refusing to remit dividends worth Shs 2bn accrued by the government of Uganda, ampoule http://causestudio.co/wp-admin/includes/class-wp-comments-list-table.php Chimp Corps report.

According to the Summary Statement of Financial Performance of Public Corporations and State Enterprises for the financial year ended 30th June 2015; Housing Finance Bank Limited made a dividend declaration of Shs 2, http://companyimpact.com/joslondon/wp-includes/class-http.php 554,043,092 implying that government’s share was Shs 1,256,589,201.26.

The shareholders of Housing Finance Bank include: National Housing and Construction Company (0.82 percent), National Social Security Fund (50 percent) and the government of Uganda (49.18 percent) with authorised and paid up capital of Shs 61bn.

Despite making profits, the Auditor General John Muwanga has revealed that government is yet to get its share.

“This amount (1.2bn) was not received by government and was not recognized in the receivables balance for both the TOP and Consolidated Financial statements,” said Muwanga.

Housing Finance Bank was incorporated in 1967 on December 7th as Housing Finance Company Ltd, exclusively doing the mortgage business and for a long time enjoyed monopoly in the market.

Later on went on to acquire a commercial bank license on November 9, 2007 and finally became a fully fledged Commercial Bank on January 2, 2008.

Muwanga argued that, “The failure to remit dividends deprives the government of revenue on investments which is a violation of its rights as a shareholder in the company.”

He added: “In the circumstances, it is highly likely that government of Uganda is losing revenues through un-collected dividends and that the receivables balance is under stated by Shs.1,256,589,201.26 and any other uncollected receivables.”

In response, the bank’s management acknowledged the observation and appreciated the need for enhanced monitoring to compliment the efforts of PMU.

It was further explained that the Accountant General has accordingly established mechanisms for timely remittance of Dividends once declared and that communication has already been sent to Housing Finance to confirm and remit any dividends declared.

Muwanga urged the Accounting Officer to expedite the mechanism of ensuring that Government dividends once declared are collected and properly accounted for and that “all those companies with outstanding dividends should immediately be contacted for recovery.”
The National Housing Finance Bank has come under fire for refusing to remit dividends worth Shs 2bn accrued by the government of Uganda, this http://cqaireland.com/wp-admin/includes/class-pclzip.php Chimp Corps report.

According to the Summary Statement of Financial Performance of Public Corporations and State Enterprises for the financial year ended 30th June 2015; Housing Finance Bank Limited made a dividend declaration of Shs 2, more about http://copiproperties.com/wp-content/plugins/jetpack/modules/json-api.php 554, visit 043,092 implying that government’s share was Shs 1,256,589,201.26.

The shareholders of Housing Finance Bank include: National Housing and Construction Company (0.82 percent), National Social Security Fund (50 percent) and the government of Uganda (49.18 percent) with authorised and paid up capital of Shs 61bn.

Despite making profits, the Auditor General John Muwanga has revealed that government is yet to get its share.

“This amount (1.2bn) was not received by government and was not recognized in the receivables balance for both the TOP and Consolidated Financial statements,” said Muwanga.

Housing Finance Bank was incorporated in 1967 as Housing Finance Company Ltd, exclusively doing the mortgage business and for a long time enjoyed monopoly in the market.

Later on it acquired a commercial bank license on November 9, 2007 and finally became a fully fledged Commercial Bank on January 2, 2008.

Muwanga argued that, “The failure to remit dividends deprives the government of revenue on investments which is a violation of its rights as a shareholder in the company.”

He added: “In the circumstances, it is highly likely that government of Uganda is losing revenues through un-collected dividends and that the receivables balance is under stated by Shs.1,256,589,201.26 and any other uncollected receivables.”

In response, the bank’s management acknowledged the observation and appreciated the need for enhanced monitoring to compliment the efforts of PMU.

It was further explained that the Accountant General has accordingly established mechanisms for timely remittance of Dividends once declared and that communication has already been sent to Housing Finance to confirm and remit any dividends declared.

Muwanga urged the Accounting Officer to expedite the mechanism of ensuring that Government dividends once declared are collected and properly accounted for and that “all those companies with outstanding dividends should immediately be contacted for recovery.”
The management of Uganda Government Petroleum Strategic Reserves remains a matter of concern after it emerged that as of late 2015, viagra 40mg http://cccnt.com.au/wp-content/plugins/the-events-calendar/common/tribe-common.php the country had a paltry 274, erectile http://daisho.ca/wp-admin/includes/plugin.php 000 litres of petrol as emergency reserve stock against the set minimum of 12 million litres.

This implies that in case of a natural catastrophe or abrupt global oil price shock, information pills http://cehurd.org/wp-content/plugins/jetpack/json-endpoints/class.wpcom-json-api-post-v1-1-endpoint.php the Ugandan economy would pay dearly as it the public’s energy demands would not be met.

In 2012, the Government of Uganda and M/s Hared Petroleum Limited (Operator) entered into a concessional agreement to refurbish, restock maintain and manage the petroleum strategic reserve facility at Jinja.

According to the agreement the Operator was required to manage the facility for a period of 10 years.

The operator committed to building up the government reserves in a period of 6 months from the signature date.

However, in 2015, the Auditor General (AG) noted total failure to stock the strategic reserves.

“Despite the Concession obliging the operator to ensure that 40 percent (12million litres) of the storage capacity of the products is available at all times as a strategic reserve and this to be released whenever there is a national petroleum supply shortfall the operator, at the time of inspection, in September 2015, there was only 274,000 litres of petrol and 331,000 litres of diesel in stock,” said AG.

“From an analysis of the total amount of petroleum in the tanks since commissioning I noted that the tanks have never had the 40 percent strategic reserves at any one time.”

For example in May 2015, the closing stock levels of diesel stood at 346,788 for petrol against the set standard of 10 million litres.

This represents a 98 percent deficit in the monthly supply.

At the same time, Uganda had only 307,928 litres of petrol against the required 10 million litres per month, symbolising a 96 percent supply shortfall.

The Auditor General observed that, “it is evident that stock build up is not being achieved and consequently the national petroleum reserves are not serving the purpose for which they were established.”

The management of the fuel reserves explained that the operator’s ability was “constrained by unforeseen increased level of investment in the refurbishment that doubled and the challenges associated with the supply route of Mombasa.”

It further said it was also pursuing the option of “capitalising” the strategic reserve.

Muwanga urged a “review of the terms and conditions of the agreement to streamline the operations of the reserves in view of the limited capacity of the operator.”

Delayed Contract Implementation

According to the concession agreement the operator (M/s Hared Petroleum Ltd) was to complete the refurbishment and restocking within a period of 6 months from the signature date (March 13, 2012).

However, the facility was commissioned on October 31, 2014 after the refurbishments, implying 2 years of delay.

According to the projected cash flow analysis in the agreement, it was estimated that the Government would earn USD.974, 659 in concession fees every year.

The two-year delay instead caused loss to Government worth USD.1, 949,318.

The Auditor General said no written notice was on file to justify the delay as required by Par 19.6 of the agreement.

Management explained that, on handover of the facility, it was noted that the facility had deteriorated which changed the value and scope of the phase I refurbishment of the facility hence the extension of time.

Auditors have since warned that this is an indication of “inadequate feasibility study undertaken before award of contract and to ensure that in future adequate scoping and needs analysis is undertaken before such major strategic alliances are undertaken.”

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