WBS TV assets to be sold off

Kabiito Karamagi, the person in charge of receivership of Wavah Broadcasting Station has confirmed that negotiations are underway to have the company’s assets sold to an investor. This comes a few months after it was placed under receivership, following the station’s failure to pay its taxes.

In a statement released on November 21, and which was posted on WBS Facebook page, Karamagi stated, “WBS has not been bought by any investor, foreign or otherwise. What is true however is that I am at the tail end of negotiations with a respectable investor to acquire the company's assets. Thereafter the future of the company will rest with its directors and shareholders. The proceeds from the sale of the assets will be used to settle creditor claims in accordance with the priority and ranking stipulated under law,” said Karamagi.

He also added that in view of the eminent transfer of the company assets to the investor, some WBS staff have been disengaged as the company will soon have no business to run.

“This disengagement of staff is entirely my decision as receiver, based on the realities of the company's future prospects. This has nothing to do with any third party,” he stated, adding that all staff have been paid their salaries and offered work assistance to facilitate them find other employment. Kabiito also said that for the purposes of ensuring that current staff have the opportunity to find employment, an independent HR consultant has assisted with assessing them through an application process. “There may be an opportunity for employment for some staff and they will be communicated to in due course,” he said.

The other important detail he noted is that it is not true that the building which WBS currently
occupies has been leased as alleged but negotiations for possible renting of the building are ongoing.