Reports have emerged of unsuspecting Ugandans and investors falling prey to unscrupulous individuals in fraudulent business transactions, leading to significant financial losses. In light of these concerns, Irene Batebe, the Permanent Secretary in the Ministry of Energy and Mineral Development, is urging potential investors to exercise caution and conduct thorough due diligence before engaging in any business dealings.
Batebe’s appeal comes in the wake of the latest victim, Chinese firm Peace Oil and Gas Ltd, which believed it had successfully acquired the Uganda National Oil Company (UNOC), only to discover it had fallen victim to a scam.
“This is akin to any other form of fraud. We can only advise potential investors to consistently carry out comprehensive due diligence before entering into any business transactions. Our processes and procedures are well-defined,” she emphasized in a statement to New Vision.
The Chinese firm had presented documentation purportedly indicating its legitimate acquisition of UNOC. However, the deal was later revealed to be fraudulent. Zhang Jilong, the firm’s proprietor, was unable to provide a clear account of the transaction or identify the individuals responsible for the scam, as reported by New Vision on November 1, 2023.
UNOC, the Uganda National Oil Company, is a limited liability company that is wholly owned by the Government of Uganda. Its primary role is to manage the government’s commercial interests within the petroleum sector and ensure the sustainable exploitation of this valuable resource.
Chinese Firm’s Fraudulent UNOC Acquisition
| Date | Event |
|---|---|
| November 1, 2023 | Chinese firm Peace Oil and Gas Ltd discovers its UNOC acquisition was a scam. |
| November 2, 2023 | Irene Batebe, Permanent Secretary, advises investors to exercise due diligence. |
| Ugandans and investors report falling victim to fraudulent business transactions. | |
| UNOC, wholly owned by the Government of Uganda, plays a crucial role in the petroleum sector. | |
| Government urges investors to safeguard their interests through thorough due diligence. |
