UTL placed under receivership, company liabilities of estimated at Shs700b

As government continues to struggle with sourcing a strategic partner, as well as look for cash to inject into the debt-riddled Uganda Telecom (UTL), it has now secured a court order against possible attachments of its assets.
Ms Evelyn Anite, the State Minister for Finance in charge of Privatization and Investment says that placing UTL under an administrator would offer space for engagement with the debtors and creditors of the state-owned firm.
Findings of an audit by Pricewaterhouse coopers has since established that UTL’s liabilities at Shs700 billion, runs past its assets which stand at a meagre Shs248 billion, painting a hazier future for the firm.