jMali
JF-Expert Member
- Nov 9, 2010
- 8,401
- 4,965
In 2007, Ultimate Concepts Ltd (UCL) was set up to manage the Kigali Convention Centre (KBC) project. The ownership structure of UCL was as follows:
# Prime Holdings – 50%
# Caisse Sociale du Rwanda – 25%
# Rwanda Investment Group – 25%
UCL soon ran out of money and KBC stalled.
Then in 2013 the Kagame government raised US$400 million Eurobond bond. Of that total amount US$300 million was to complete the long-delayed KBC.
Now 9 years later since the construction of KBC began we read the following in the New Times regarding the centre’s ownership:
“The project is owned by UCL, a joint venture co-owned by the Government of Rwanda through the Rwanda Social Security Board (RSSB) and Prime Holdings Ltd as well as private investors, including Crystal Ventures Ltd and Rwanda Investment Group.”Kigali Convention Centre to host June AU Summit
So when did Crystal Ventures Ltd owned by Kagame’s ruling party RPF become co-owner of UCL and KBC?
The inquiring mind wants to know.
Dr David Himbara
# Prime Holdings – 50%
# Caisse Sociale du Rwanda – 25%
# Rwanda Investment Group – 25%
UCL soon ran out of money and KBC stalled.
Then in 2013 the Kagame government raised US$400 million Eurobond bond. Of that total amount US$300 million was to complete the long-delayed KBC.
Now 9 years later since the construction of KBC began we read the following in the New Times regarding the centre’s ownership:
“The project is owned by UCL, a joint venture co-owned by the Government of Rwanda through the Rwanda Social Security Board (RSSB) and Prime Holdings Ltd as well as private investors, including Crystal Ventures Ltd and Rwanda Investment Group.”Kigali Convention Centre to host June AU Summit
So when did Crystal Ventures Ltd owned by Kagame’s ruling party RPF become co-owner of UCL and KBC?
The inquiring mind wants to know.
Dr David Himbara
