Uganda Investment Authority has cancelled the lease of 125 Investors in the last one year for failure to kick off the construction process within the period of 18 months after the allocation of the land.
Under the terms and conditions of Uganda Investment Authority, an investor is mandated to start the construction of the factories in a period of 18 Months if he/she fails the lease is cancelled and the land is allocated to another potential and serious Investors.
The Acting Board Chairman of Uganda Investment Authority
Byamukama Kaberenge says most of the Investors whose leases were cancelled had breached the terms of the agreement and had also illegally sold the land to other investors from America at 20 Billion Uganda Shillings without the Knowledge of Uganda Investment Authority.
Kaberenge adds they have no regrets for cancelling the leases for those investors who had been allocated land in Namanve Industrial Park because they are only willing and able to work with serious investors