Mathew Rukikaire successfully challenges Control of Late Garuga Musinguzi’s companies
The Uganda Registrations Services Bureau has overturned the appointment of Agaba Maguru as a director in companies formerly owned by the late James Garuga Musinguzi. The decision followed a challenge by former minister Mathew Rukikaire, who questioned the validity of the appointment process.
Why it matters
This ruling clarifies corporate governance and shareholder rights in the context of estate management and company leadership transitions in Uganda.
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Kampala, Uganda | URN | Uganda Registrations Services Bureau-URSB has overturned Agaba Maguru’s appointment as director in three companies that were majorly owned by the late businessman James Garuga Musinguzi.
It stems from an application filed by Mathew Rukikaire, former Minister of Privatization in President Museveni’s government, challenging the manner in which Maguru, who is described as an advocate of the high court, was appointed as new director. In the application, Rukikaire stated that he is a shareholder of Garuga Properties Limited holding 0.45% of the issued share capital.
On the other hand, Garuga Properties Limited holds the majority shares in Kinkizi Development Company Limited and Incafex Limited. Garuga-Musinguzi was director in all three companies who held the majority shares. Following his death last year, there were extraordinary general meetings that installed Maguru as the new managing director.
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