Russian Company Awarded Vehicle Digital Trackers Contract Filed for Bankruptcy
Joint Stock Company Global Security, a Russian company that was awarded a 10-year contract on Friday to install digital monitoring system in all motorcycles and vehicles in Uganda is facing bankruptcy litigation in Moscow, court documents in Russia reveal.
The company is also facing other debt related cases filed between 2019 and 2021 in Russia, raising questions of whether the contract in Uganda is a lifeline the company needs to beat off bankruptcy litigation for its very survival, and whether government of Uganda did adequate due diligence before engaging Global Security.
The Permanent Secretaries for the Ministry of Works Bageya Waiswa and Ministry for Presidency Yunus Kakande signed the agreement on behalf of the Ugandan government. Security Minister Jim Muhwezi witnessed the signing....