Is Fish Sector At The Verge Of Collapse?

0
258

Fish sector that was revived after NRM took state power in 1986 and hitherto a leading foreign exchange earner has now gone to the dogs, information can reveal. However, when government liberalized economy, the sector was left in the hands of Indians who exploited and misused the loopholes in the government to allegedly siphon all the money back to India. In the last five years almost all the factories have closed down and a few that remained are currently limping and sailing in financial limbo.

Fish sector is currently struggling
Fish sector is currently struggling

The collapse of the sector followed the death of Mr Riyaz a Ugandan of Indian origin whose Uganda fish packers near Spear Motors has had financial problems with Eco Bank and are now demanding over 14m US dollars. Last week after their failure to service the loan of that magnitude stealthily shifted their machinery at night to Entebbe in a yet to be identified location. IFTRA a branch of Uganda fish packers on Kalerwe Gayaza – Mpererwe Road that was surviving has not escaped the wrath either. It indefinitely closed down two months ago. Workers have threatened to drag the company in courts of law for breach of contract and nonpayment of their salaries and mistreatment. Over 100 suppliers are demanding huge amount of money after the company failed to pay them for quite some time now. One of the suppliers said that the owners of the factory have since gone into hiding.

freshwater-fish-glass-worktop-saver

The Other factories that closed down included one in Entebbe, Rakai, Jinja Luzira and Nakawa. Sources reveal that all of them closed as a result of mismanagement, huge bank loans to service failure to pay suppliers and siphoning of money to abroad.

LEAVE A REPLY

Please enter your comment!
Please enter your name here