• Wed. Dec 6th, 2023

UGANDA, Munyonyo | Real Muloodi NewsReal estate muloodi Sudhir Ruparelia has answered inquiries by Parliament’s Tourism, Trade, and Industry Committee, explaining government shares in Munyonyo Commonwealth Resort Limited. Government holds 25% of the resort’s shares.

The inquiry made by the committee on 5th November 2021 called on Dr Sudhir Ruparelia’s real estate branch – Meera Investments Limited, to appear before the committee and explain the shares held on behalf of the government by the Uganda Development Corporation (UDC).

Dr Sudhir responded to the inquiry letter promptly on 10th November 2021, explaining that the “responsibility to explain the management of the government shares lies with the Minister of Finance, Planning and Economic Development (MoFPED), Mr Matia Kasaija”. 

He explained that the government chooses the entity that should hold its shares and that he is awaiting instructions from the MoFPED regarding the transfer of the shares to UDC.

According to the letter addressed to the Clerk of Parliament, UDC’s Executive Director explained that under Solicitor General’s guidance, he has already notified the Permanent Secretary of MoFPED to transfer the government shares to UDC.

Dr Sudhir, however, stuck to his original statement of not having any directives from MoFPED about the transfer and explained: “We have not received communication from the Minister of Finance, Planning and Economic Development regarding the decision to transfer its shares to UDC as the chosen and preferred entity to hold GoU shares. In case we missed it, kindly share a copy so that when we appear we address you about it appropriately through the normal procedures for transfer of shares and UDC will then be the entity holding GoU shares.”

At present, the situation of the shares is:

  • Meera Investments Limited holds 8,434,277,107 ordinary shares
  • Sudhir Ruparelia owns 30,724,866,605 common shares
  • Jyotsna Ruparelia holds 6,024,483,648 common shares
  • The government, through MoFPED, holds 15,061,209,120 common shares, which equals 25% of the total shares

 The committee requested Meera Investment’s Managing Director to be present on 12th November 2021. The meeting was rescheduled upon request from Dr Sudhir, as he was unavailable that day.

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