Parliament Orders Two-Week Probe into Shs723bn Dei BioPharma Investment

What the report says

Uganda’s Parliament has ordered a two-week inquiry into the government’s Shs723.4 billion investment in Dei BioPharma, following renewed scrutiny over how the stake was valued, what ownership documents exist and whether an auction notice tied to the company’s Matugga factory could affect public funds. The matter was raised in the House after concerns from opposition MPs, including Leader of the Opposition Joel Ssenyonyi, who asked what taxpayers received in exchange for the investment and said Parliament had not been shown a share certificate or independent valuation.

According to Nile Post, Speaker Jacob Oboth directed the Committee on Science, Technology and Innovation to examine the deal and report back for debate. MPs also flagged a November 5 auction notice covering about 20.7 acres connected to the factory in Wakiso District, with questions over which assets belong to Dei BioPharma and whether the loans behind the auction were taken before or after the government acquired its stake.

Acting Government Chief Whip David Bahati told Parliament the auction notice was only an advertisement and said no public money would be lost. He added that due diligence had been done before the investment. Separately, the government is seeking parliamentary approval for an additional US$434 million, or about Shs1.74 trillion, to finish the pharmaceutical facility. The probe is expected to clarify the size of the government’s shareholding, the company’s debts and the status of the factory assets before any further spending is approved.