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.”http://www.newtimes.co.rw/section/article/2016-02-03/196712/
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