{"id":72507,"date":"2024-05-02T06:09:55","date_gmt":"2024-05-02T06:09:55","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/all-news\/parliament-approves-shs578b-bailout-to-private-vaccine-factory"},"modified":"2024-05-02T06:40:33","modified_gmt":"2024-05-02T06:40:33","slug":"parliament-approves-shs578b-bailout-to-private-vaccine-factory","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/parliament-approves-shs578b-bailout-to-private-vaccine-factory","title":{"rendered":"Parliament approves Shs578b bailout to private vaccine factory"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>Parliament on Tuesday approved a Shs1.1trillion supplementary budget including a contentious Shs578billion bailout to Dei Bio Pharma Ltd, a private drug and vaccine manufacturing plant owned by businessman Mathias Magoola.<\/b><\/p>\n

Although the money to Dei Bio Pharma Ltd was okayed by Parliament\u2019s budget committee, the House was divided on the matter following a minority report presented by Kiira Municipality legislator Ibrahim Ssemujju Nganda, who is also the shadow minister for finance.<\/p>\n

In the minority report which was also signed by lawmakers Mathias Mpuuga (Nyendo-Mukungwe MP) and Yusuf Nsibambi (Mawokota South), the trio recommended that it is wrong for government to continue funding a private entity, without through accountability on the Shs145billion which government has injected into the company since its inauguration in 2021.<\/p>\n

\u201cDei is troubled by a $100million it borrowed from Equity Bank. All the money government is extending is being used to clear the loan. That is why the government now wants to inject another She578.4 billion,\u201d the minority report read in part.<\/p>\n

\u201cSomeone who can make us remove money from debt servicing in order for us to pay his debts… it is not this Magoola, someone must be hiding under Magoola. Just like Lubowa Hospital, there is minimal participation of the health and other experts in this [Dei] venture,\u201d it added.<\/p>\n

In a rejoinder, the Kampala Central Member of Parliament (MP) Muhammad Nsereko tasked the finance minister to justify Dei\u2019s bail out by government.<\/p>\n

State minister for finance Henry Musasizi noted that the company was doing well until recently when it got trapped into the current challenges.<\/p>\n

\u201cIn May 2023, when Parliament considered the budget for this financial year, I didn\u2019t know that Dei company was to fall into this problem and need to be rescued, therefore this transaction suitably falls into the unforeseeable and the unavoidable,\u201d he explained.<\/p>\n

He further disclosed that \u201cgovernment has an arrangement to buy shares into the company after doing a thorough evaluation.\u201d<\/p>\n

\u201c…but for now this company is sick and we don\u2019t want it to die,\u201d the minister remarked.<\/p>\n

His submission irked a section of legislators including Muwanga Kivumbi and Leader of Opposition Joel Ssenyonyi, who questioned government’s chronology of execution.<\/p>\n

\u201cThe minister is aware that while we were budgeting for this financial year, Dei was a sick company, because when he came to brief the budget committee he required Shs2trillion and now they are taking us process by process because we even then we allocated Shs70billion to Dei company,\u201d Kivumbi noted.<\/p>\n

Ssenyonyi reiterated that: \u201cWhy are we investing Shs578billion into a sick company? This should not even be a partisan issue, because voters are going to ask the value addition of this money and we will not be able to answer.\u201d<\/p>\n

But deputy attorney general Jackson Kafuuzi argued that the government has a Memorandum of Understanding (MoU) with Dei company, among which it was agreed that the government will buy equity without fail.<\/p>\n

\u201cIf this company is finished, it is going to be one of the biggest pharmaceuticals in East and central Africa. We spend a lot of money on importing pharmaceuticals and most of them will be produced here once Dei Company is saved,\u201d Kafuuzi observed.<\/p>\n

Before adoption of the motion to extend Shs578billion to Dei Bio Pharma, Speaker Anita Among directed that before disbursement, there must be:<\/p>\n

\u2022An evaluation and the chairperson of parliament\u2019s budget committee must ensure that it is done for and on behalf of Parliament and report back to the House.<\/p>\n

\u2022There should be an evaluation of the assets that are in existence at the company site.<\/p>\n

\u2022Upon evaluation and disbursement of the funds, the security documents of the company such as the land titles must be kept with treasury not with the owners.<\/p>\n

For More News And Analysis About Uganda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. Parliament on Tuesday approved a Shs1.1trillion supplementary budget including a contentious Shs578billion bailout to Dei Bio Pharma Ltd, a private drug and vaccine manufacturing plant owned by businessman Mathias Magoola. Although the money to Dei Bio Pharma Ltd was okayed by Parliament\u2019s budget committee, the House was divided on the matter following […]<\/p>\n","protected":false},"author":84,"featured_media":72506,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,12],"tags":[233,240,234],"class_list":["post-72507","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-policy","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nParliament approves Shs578b bailout to private vaccine factory - Uganda<\/title>\n<meta name=\"description\" content=\"Parliament on Tuesday approved a Shs1.1trillion supplementary budget including a contentious Shs578billion bailout to ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/parliament-approves-shs578b-bailout-to-private-vaccine-factory\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Parliament approves Shs578b bailout to private vaccine factory\" \/>\n<meta property=\"og:description\" content=\"Parliament on Tuesday approved a Shs1.1trillion supplementary budget including a contentious Shs578billion bailout to ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/parliament-approves-shs578b-bailout-to-private-vaccine-factory\" \/>\n<meta property=\"og:site_name\" content=\"Uganda\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-02T06:09:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-02T06:40:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2024\/05\/sm_1714619281.39217.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/parliament-approves-shs578b-bailout-to-private-vaccine-factory#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/parliament-approves-shs578b-bailout-to-private-vaccine-factory\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Parliament approves Shs578b bailout to private vaccine factory\",\"datePublished\":\"2024-05-02T06:09:55+00:00\",\"dateModified\":\"2024-05-02T06:40:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/parliament-approves-shs578b-bailout-to-private-vaccine-factory\"},\"wordCount\":651,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/parliament-approves-shs578b-bailout-to-private-vaccine-factory#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2024\/05\/sm_1714619281.39217.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\"],\"articleSection\":[\"all news\",\"head lines\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/parliament-approves-shs578b-bailout-to-private-vaccine-factory#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/parliament-approves-shs578b-bailout-to-private-vaccine-factory\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/parliament-approves-shs578b-bailout-to-private-vaccine-factory\",\"name\":\"Parliament approves Shs578b bailout to private vaccine factory - 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