KAMPALA – State Minister for Industry in the Ministry of Trade, Industry and Cooperatives, Hon. David Bahati, has assured Parliament and Ugandans that Government investments in various companies are safe and will be protected, dismissing concerns that public funds could be lost through the ongoing developments surrounding Dei Bio-Pharm.
While responding to concerns raised by legislators in Parliament, Bahati maintained that Government had established procedures and safeguards before committing public funds to private and public enterprises, insisting that no investment would simply be abandoned or written off.
He said Government remained accountable to Ugandans and would ensure that every amount invested in companies was safeguarded and properly accounted for.
Bahati was responding to concerns surrounding investments made through the Uganda Development Corporation (UDC), including the Atiak Sugar Project and other enterprises, which had been questioned by members of Parliament.
To demonstrate Government’s continued monitoring of its investments, Bahati revealed that he had earlier inspected East African Medical Vitals in Namanve alongside the Chairperson of Parliament’s Committee on Trade, Hon. Okot.
He said several companies supported through Government investments were performing well, adding that Parliament’s Trade Committee could confirm that the investment approval process involved thorough assessments before funds were committed.
On concerns surrounding the advertisement of assets linked to the company under discussion, Bahati argued that the publication of an advert did not automatically mean that Government was losing its investment or that the assets would necessarily be sold.
He explained that an intention to sue or advertise assets should not be interpreted as proof that the investment had been lost, noting that such matters required proper legal interpretation.
The minister further pointed to the Office of the Auditor General as an independent parliamentary institution that could investigate specific concerns and establish whether any irregularities had occurred.
Bahati also defended the investment in pharmaceutical innovation, particularly the production of cancer drugs and other medical products, describing the undertaking as a valuable innovation that deserved support.
He acknowledged that mistakes could occur during the implementation of Government investments but assured Parliament that any shortcomings identified would be addressed and corrected.
The minister added that Government followed due diligence procedures, including consultations with the Attorney General, before approving investments, insisting that the existing safeguards were intended to protect public resources.
He concluded by reaffirming Government’s commitment to protecting taxpayers’ money, maintaining that the appearance of an asset advertisement did not mean that the investment was already lost or that the advertised property would automatically be sold.
