According to a state of the nation address made by Museveni on Friday, June 4, 2020, the company’s accounts had been frozen after receiving huge amounts of cash from a Kenyan bank.
It all began when a group answering to the Financial Intelligence Authority in Uganda closed its accounts arguing that it was unsure where the company was getting its funding from.
During the address, Museveni argued that he stepped in to save the company which was poised to produce enough medicine, including Covid-19 vaccines, for the country.
“Incredibly, three days ago, a group answering to the description of the so-called Financial Intelligence Authority had closed their Bank accounts claiming that they did not know where their money was coming from and what it was doing.
“Yesterday, I visited one of their huge factories in Matuga, near my camp no. 3, near Buwambo, in that area during our bush war. Why couldnâ€™t Financial Intelligence check what these people were doing on the ground? How could they fail to know that the money was coming from African Banks? I am going to get to the bottom of these treacheries by all these elements that have been fighting our Revolution,” read the statement in part.
In an interview with Inooro FM on Wednesday, August 4, Ruto claimed that through one phone call, he helped Magoola secure a loan of Ksh15 billion to set up a medical factory in Uganda
It was revealed that Ruto visited the neighbouring country as a chief guest on July 6, 2021, to oversee the project which he helped finance.
The company is looking to expand pharmaceutical, biotech and research plant in order to be able to manufacture and distribute medicinal drugs en masse.
The company was started in 2006 by the trained chemical scientist-turned-entrepreneur. The Ugandan tycoon went viral in 2020 after reports emerged that his company had created the cure of Covid-19.
On Saturday, August 7, Anti-terror Unit police arrested Turkish businessman Aydin Harun who was part of DP William Ruto’s aborted trip to Uganda.
The Turk was picked on Saturday at the Wilson Airport while re-entering the country from Uganda.
Responding to Aydin’s arrest, the Deputy President described the arrest as top-down arrogance which was being supported by cartels.
“Turkish investor, Aydin Harun, is a victim of top-down arrogance bred by patronage and cartels that criminalise enterprise. Importers’ goods declared contraband, Africa Spirits closed, Keroche harassed, now investor with valid papers labelled a terrorist. Tragedy of political pettiness,” DP Ruto tweeted.