Former Foreign Affairs State Minister Isaac Musumba and Igara East MP Michael Mawanda who last week was reported to have been arrested in India over a plot to extort money from the Directors of an Indian Electronics company, Videocon worth $20 million have vehemently denied the media reports.
The two were reported to have been arrested, detained and questioned together with their business partner Yakuba Mathai in India.
| Former Minister Isaac Musumba. |
The politicians claim to have been victims of an underhand methods of a businessman who had tried to defraud Mr Mathai who is a client to Mr. Musumba.
According to Mr Musumba, his client, Mr Mathai, a mining investor, about five years ago sold his mining assets in a minerals exploration company in western Uganda to a company called Videocon UK, whose mother company is Videocon India. Videocon UK, however, breached the agreement and did not abide by its payment promise.
“They were to pay my client $37m (about Shs90b) but never honoured their promise. Instead, Videocon UK, being a listed company, went and sold their assets on the London Stock Exchange, made money and wound up. They then disappeared.” said Musumba in an interview.
He added “That would not be a problem if my client had been paid. Instead, he had been chasing his money since 2009 in vain. He had tried criminal prosecution with no results. So, when he came to me and I looked at his file, I decided that we travel to India and establish the extent of Videocon India’s liability in this matter since it was still alive.”
0 comments:
Post a Comment