Cabinet has approved a request to bail out businessman Patrick Bitature in a process that has involved the purchase of Electromax power plant in Tororo.
The International Chamber of Commerce Court of Arbitration in London, ordered Ugandan businessman Bitature, his wife Carol Nzaro, and four of their companies to pay South African lender, Vantage Mezzanine Fund, $66m US Dollars.
Bitature proposed to government to have his Electromax power plant taken over in a deal to bail him out, a request that later attracted an audit process by the Auditor General.
Yesterday, the Minister of Finance Matia Kasaija without revealing much details confirmed that government had indeed signed a Memorandum of Understanding with Bitature.
“Yes, we have done a Memorandum of Understanding with Bitature,” Kasaija said before ending the phone interview.
Inside sources have revealed to KFM that the deal was brokered by the State Minister for Investment Evelyn Anite who neither confirms nor denies being part of the deal.
