Dr. Ben Mugasha the Director and also the majority shareholder of Bemuga Forwarders Company Limited has revealed that his company is in a financial crisis after one of the top bosses and the Chief Executive Officer Ronald Kanyerezi exiled himself over Shs1.6bn fraud.
In the affidavit filed in the Commercial Division of the High Court, Dr. Mugasha stated his company was incorporated in Uganda on the 11th day of December 1995 under registration number 8001000035064 and in the October 2016 the company passed a board resolution allowing him as the majority shareholder to transfer 20% of his shares to Kanyerezi in consideration of his technical input and contribution to the growth of the business.
He however explained that after receiving the shares, Kanyerezi’s technical input and business growth were not realized and he left the company without notice.
They were later told that he went for greener pastures abroad. When the company tried to reach out to him through his known phone numbers, they did not succeed. When they contacted his family members in Mbarara district, his father told them that he was abroad.
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Mugasha told Court that by the time Kanyerezi ran into exile, the company had already filed a criminal case against him at police’s CID headquarters Kampala Metropolitan East under Ref KMP/E.CID.06.254.2024 regarding the loss of Shs1.6bn.
He explain to Court that Kanyerezi decided to run into exile after the company put him on task to account for the money the company lost when he was in the position of the Chief Executive Officer.
Dr. Mugasha said that Kanyerezi’s disappearance has badly affected the company and they cannot do any transaction. He pleaded with justice Patricia Kahigi Asiimwe to help them rectify the problem and the only way to this is to grant them a court order reverting Kanyerezi’s shares to Dr Mugasha.
However, the presiding judge declined to allow Mugasha’s prayer explaining that even though Kanyerezi is missing, court has the duty to protect his interests.
He directed that his shares be reverted to the company and be held in trust for three years and once that time elapses without him claiming them, they will be sold to an interested person.
She added that the selling of the shares should be after the valuation of the shares by a qualified person and publication of notice of sale in the newspaper with wide circulation.
