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MTN Uganda Seeking Police Aid in $3.8 Billion Fraud Case
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MTN Uganda has been reportedly defrauded out of a vast sum of money, with losses claimed to be in the region of US$3.8 billion in undelivered mobile network equipment.
The figure seems just too high to be true. In 2010 and 2011 combined, total CAPEX was Rs 562 million (US$69 million), so losses of $3.8 billion seem implausible. However, several local newspapers agreed on the figure of Shs9.5 trillion, equivalent to US$3.8 billion.
According to the Sunday Monitor, the company passed a complaint to the police last month, alleging that between 2009 and 2012, one of their suppliers, Three ways Shipping submitted invoices totaling to over $3.8 billion as shipping charges for network equipment that was paid by MTN yet no goods had been shipped by the supplier.
The mobile network is also seeking a court order freezing the bank accounts of the shipping company.
The shipping company denies the charges, claiming that there is just an accounting discrepancy between the two companies.
An accountant working for MTN has also been arrested though, although that may be related to another unconnected case investigating allegations of fraud at the mobile money service.
On the web: Sunday Monitor
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