WBS TV will cease to operate as a public broadcaster on December 14, 2016 because of failure to repay a sh7billion tax debt, a source has told The Independent.
A statement signed by Kabiito Karamagi, the Receiver/Manager appointed by Uganda Revenue Authority to try and rescue the TV, confirmed the development that is a blow to now former owner Gordon Wavamunno.
In his notice, Karamagi says that “As you are aware, WBS Limited was placed under receivership by Uganda Revenue Authority to recover over sh7billion in unpaid taxes. It had been hoped initially that the company would be revamped through the employment of various turnaround strategies that would restore the company to solvency and recover all the taxes due.”
“Unfortunately, this option proved un-viable on account of lack of capital to meet urgent needs necessary for the preferred turnaround strategies. As A result, the only option available was to sell the company’s assets to realize the monies due,” Karamagi said in his statement.
“I therefore wish to confirm the numerous media rumors that you must have read about that the assets of the company have been sold to a respectable regional outfit that promises to give you a much better product and partnership that WBS could possibly have ever given you.”
Karamagi stated the decision had been approved by Uganda Communications Commission. He did not name the investor, but a source said “a deal had been done with an investor who prefers to remain anonymous for now.”
WBS was put under receivership in April. (see statements below)
THE URA STATEMENT WHEN WBS WAS PUT UNDER RECEIVERSHIP