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Article

26 Apr 2016

Author:
Billy Rwothungeyo, New Vision (Uganda)

Expert urges Uganda to require disclosure of beneficial companies' owners to promote transparency in extractives industry

“Emulate South Sudan on oil companies, Uganda advised”

Dr. Mohammed Amin Adam, the executive director of the Accra based Africa Centre for Energy Policy (ACEP) has advised Ugandan authorities to emulate South Sudan and vet the ownership of companies who step into the country with the aim in participating in the extractives industry. “In South Sudan, their law requires that a company must disclose all its beneficial owners, as well as the affiliates of the company before they can deal with you as far as oil contracts are concerned. I want Uganda to do the same,” he said.

....“Beneficial ownership information is key in unravelling corruption, addressing issues of illicit financial flows,” he said… “Experience in Ghana, Liberia, Guinea has shown that contract transparency has not scared away investors. More investors have come into these countries despite the regime that requires the disclosure of contracts,” he said…The dialogue was organized by the Advocates Coalition for Development and Environment (ACODE) in partnership with the civil society coalition on oil and gas, Uganda Contracts Monitoring Coalition and the Natural Resource Governance Institute (NRGI).

ation is key in unraveling corruption, addressing issues of illicit financial flows,” he said.

Adam shot down the myth thatcontract transparency reveals commercially sensitive information, and puts investors at a disadvantage.He also took exception to the claim by some players in the industry that contract transparency scares off investors.

“Experience in Ghana, Liberia, Guinea has shown that contract transparency has not scared away investors. More investors have come into these cou

- See more at: http://www.newvision.co.ug/new_vision/news/1422683/emulate-south-sudan-oil-companies-uganda-advised#sthash.6cYQQTJ9.dpuf

ation is key in unraveling corruption, addressing issues of illicit financial flows,” he said.

Adam shot down the myth thatcontract transparency reveals commercially sensitive information, and puts investors at a disadvantage.He also took exception to the claim by some players in the industry that contract transparency scares off investors.

“Experience in Ghana, Liberia, Guinea has shown that contract transparency has not scared away investors. More investors have come into these cou

- See more at: http://www.newvision.co.ug/new_vision/news/1422683/emulate-south-sudan-oil-companies-uganda-advised#sthash.6cYQQTJ9.dpuf
Emulate South Sudan on oil companies, Uganda advised - See more at: http://www.newvision.co.ug/new_vision/news/1422683/emulate-south-sudan-oil-companies-uganda-advised#sthash.6cYQQTJ9.dpuf
Emulate South Sudan on oil companies, Uganda advised - See more at: http://www.newvision.co.ug/new_vision/news/1422683/emulate-south-sudan-oil-companies-uganda-advised#sthash.6cYQQTJ9.dpuf
Emulate South Sudan on oil companies, Uganda advised - See more at: http://www.newvision.co.ug/new_vision/news/1422683/emulate-south-sudan-oil-companies-uganda-advised#sthash.6cYQQTJ9.dpuf
Emulate South Sudan on oil companies, Uganda advised - See more at: http://www.newvision.co.ug/new_vision/news/1422683/emulate-south-sudan-oil-companies-uganda-advised#sthash.6cYQQTJ9.dpuf