FINASI: the Company set to benefit from 1.3 trillion loan from Uganda govt.-Red flags that should not be ignored

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By Jannette Mugisha

On Wednesday, Parliament approved a Ugx. 1.3 trillion Government loan to a private investor to finance the construction of a specialized hospital in Lubowa, Wakiso District.

The specialized hospital is proposed to be constructed under a partnership between FINASI/ROKO Construction Limited. Whereas, Ugandans know ROKO and her operations in Uganda, many, if not all do not know FINASI.

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read: The 1.3 trillion loan to Lubowa specialized hospital is a ‘disguised loan’ -MP Muwanga Kivumbi

Below are some red flags that should not be ignored.

Establishments: In Italy, FINASI was registered in 1993 yet on their website FINASI was founded and started its operations in 1969. The Company was established as a 360° Importer/Exporter and primary goods trader in the Middle East and Africa.

Employees: The company is listed to have 9 staff and yet it claims to have operations in Italy, far east, Russia, Middle East and Sub Sahara Africa and has only one director who is also the Chief Executive
Executive: Enrica Maria Aristidina Pinetti, is the CEO – Chief Executive Officer (CEO – Amministratore Delegato). There are no any other staff or vice president listed.
Turnover: The company turnover is 2 to 5 Million Euros from the years 2013 -2015 which sounds fake because companies in Europe summit total financial annual returns and there on information about FINASI beyond 2015.
There are no records for the years 2016, 2017, 2018!.

All companies in the European Union are required by law to submit total financial annual returns and there is no information about FINASI beyond 2015.
In Europe, no bank or Government can guarantee companies like FINASI without a transparent annual audited return filed with Government of Italy in this case.

Type of Company: It is registered as a Head Office. This reads fake.
Telephone Contact: Does not exist on the website.
Year established: 1989. This conflicts with the year 1969 in which it claims to have been registered.
ACTIVITIES RELATED TO HEALTH: Apart from a mention of surgical equipment and instruments; hygiene and sterilization equipment for medical and surgical use, there is no indication that FINASI has any experience or foot prints in establishing a hospital.

FINASI is basically an import export company in ores and minerals, quarried stone, household articles, furniture, clothing and footwear, paper, chemicals, industrial machinery, agricultural machinery, spare parts and components, toilet systems etc.
A company that deals in so much and has no phone numbers on their website is suspicious. On their website is a contact form. Try to fill in the contact form and see if you get a response. Another red flag!

If you need to check any company from Europe in future, the software below can be handy
……/c/finasi-s-r-l/it0014719/…This website obtains information from organisations similar to Uganda Registration Services Bureau URSB and revenue bodies in Europe. In Europe one man can form a company.

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