KAMPALA – The Minister of Finance, Mr Matia Kasaija, has dissolved the entire board of the Uganda Investment Authority (UIA), adding more woes to the troubled government agency that already has no substantive executive director.
In a letter dated 6th February, Mr Kasaija said with the Investment Code Act 2019, the old UIA board is null and void.
“The purpose of this letter is to request you to bring to the attention of members of the board that following the enactment of the new investment law, their membership has been terminated and a new board appointed,” the letter reads in part.
The Investment Code Act 2019 reduces the number of UIA board members from the current 13 to seven.
Mr Kasaija said the old board would cease to function come 1st April and that another one has been appointed.
Mr Emely Kugonza, the current UIA board chairman, confirmed the development, saying that the new Investment Code will see a reduction in the composition of board numbers, five of which will be pooled from the private sector while two will be permanent secretaries or nominees from Finance and Trade ministries.
UIA has been turmoil following the resignation of acting executive director Basil Ajer.
Mr Ajer resigned four months after he had been appointed into the rather controversial position. In his resignation letter dated October 29, 2018, Mr Ajer indicated he would be leaving UIA on April 30, 2019.
Mr Ajer had been appointed in acting capacity to replace Ms Jolly Kamugira Kaguhangire, who was sacked last year for abuse of office, insubordination, lying to the board, non-compliance to set guidelines and closing a public office.
UIA, the government body responsible for promoting investment, enjoyed a period of stability when Dr Maggie Kigozi served as its executive director from 1999 to 2011, but since her departure, four people have served in the position as the organisation got embroiled in unending power struggles.