Italian Money Laundering firm which NRM Government gave Uganda's exclusive monopoly over coffee has 2 employees, no shareholders.

There are no particulars of the shareholders of Uganda Vinci Coffee Company (UVCC), the firm at the center of the coffee deal saga, reports Saturday Monitor.  

The report said there is no name or details other than those of Matovu, the company secretary and Enrica Pinetti, the director.

The company, in February this year, entered a coffee processing agreement it entered into with the Government of Uganda (GoU).

According to documents quoted by Monitor, UVCC—which registered on January 9, 2014—is owned by four individuals and one firm (Hawk Limited).

All owners have registered addresses in the United Arab Emirates (UAE), a flourishing tax haven.

They include; Ahmed Ahmed Sultan Ismail and Hisham Ahmed Sultan Ismail both of whom have equal shares of 10, and are registered on address P.O.Box 118508, Dubai UAE.

Others are; Abu Dhabi-based—Ibrahim Elias Salloum and Hadi Elias Salloum of P.O.Box. 46527—who also have an equal share holding of 10.

Hawk Limited—with 960 shares to its name—is registered on P.O.Box 58562, Dubai, UAE.

The newspaper said information about the quartet—including investment portfolios—oscillates between scanty and non-existent.

Enrica Pinetti, who witnessed the coffee processing agreement in February, is registered as a single director.

The Italian also doubles as chairperson of the company, whose board comprises five slots, including the vice-chairperson, secretary and two members.

Pinetti witnessed the agreement together with UVCC’s company secretary, Moses Matovu; and Ramathan Ggoobi, the Secretary to the Treasury while Finance minister Matia Kasaija signed on behalf of GoU.

The controversial agreement offers UVCC a 10-year tax holiday, waivers on power tariffs and constant water supply, among others.

Kasaija and Pinetti show off the coffee deal after signing

Documents quoted by Saturday Monitor indicate that UVCC opened an account in a Ugandan commercial bank following a board resolution on November 25, 2019.

Ahmed Ahmed Sultan Ismail and Hisham Ahmed Sultan Ismail were the authorised signatories, while Reddy Vuyyuru and Simanone Palmiere are the banking agents.

Earlier on November 9, 2019, another resolution unanimously agreed that two accounts in Uganda and US currencies be opened.

Pinetti is one of the three signatories, including Sultan Ismail and Hisham Ahmed Sultan Ismail.

The company form indicates that the particulars of the shareholders are empty except the two names of the secretary (Matovu) and director (Pinetti).

On Form A2 that declares compliance, lawyer David Mpanga of P.O. Box 9566, Kampala and Kampala Associated Advocates, signed and swore that all requirements to register a company in Uganda had been fulfilled.

The document bears the stamp of Sam Mayanja of KAA, who is also the current junior Lands minister.

Source: http://dlvr.it/SP8KJX