Annual General Meeting
Tri Star
Speech by M.D, Mr. Gananathan:
Board of Directors and Shareholders of Tri Star,
Our Audited Financial statements for the last three yeras have been
certified by Salim Saleh, Certified Fraud Star.. I mean Examiner.
The company has earned $12m in the last 3 years. Total
expenses amount to $20m.
There was no net loss because Uganda has made a name in USA. In fact we made
a big contribution or rather profits because the venture has profiteered the
important stake holders.Our responsibility was to the stake holders, to
miximize their earnings per directive made.
Notes attached to the Audited Financial Statements:
1. Armotization: There was no armotization to Fixed Assets because: LAnd and
buildings belongs to peasant Coffee farmers who contributed by being taxed
on their coffee produce.The Chairman,as a trustee, donated this land and
buildings to the Company. Machery was not depreciated because it was bought
from Loans that were guaranteed by Bank of Uganda through the trustee\
Chairman.The guarantor is so happy that he forgave the loans and will pay
from money saved from Buganda Kingdom Assets plus taxes on Bankubakyeyo
remitances. Lastly, the Auditors have recommended not to armotize any other
Assets because the company is in "no going concern" category.
2. A dividend of $12m has been declared and paid out in foreign currency to
the stake holders.
3. Liquidity has never been a problem even in these tight monetary policies.
We've outcompeted our local competitors thanks to our Chairman who is also
the Trustee to the Privatization consolidated fund. This fund is idle and
belongs to nobody.
end of speech.
4. 95% of the Current assets are Inventory in transit. Lots of bales of
cotton have been imported from SriLanka and Abacha family. On arrival to
Kisumu port, the bales will be transported by Uganda ferry whose risk
assessment level is "red" because its not insured.
Chairman's report:
I the Chairman of tri Star, owuld like to thank the management of Tri Star
for the work well done.
1st,The company earned 12m, I repeat: 12m in the last 3 years! Moreover from
USA! Thats Historical! This has put Uganda on the map by saling that much to
USA! 2ndly, 1500 girls were trainied by this investor, Gananathan. Now we
have a pool of skilled labour. Moreover the company created a surplus of
1300 skilled girls who are now idle and ready to work. we've made a name! We
can now boast of having a skilled labour market that can make garments of
high international standards.
Among the achievements, Uganda has the biggest market for
Mivumba.Imagine some of these mivumba from USA have labels "made in Uganda,
by Try Star" Thats a big of publicity!
You know those countries are cold and people must wear
cotton fabrics. We have hot weather, thats why many of our rural peasants
have wear clothes with holes in the Southern Uganda, and no clothes in hot
Karamoja! Beech ware and sunbathing is throught the year.
The company's next strategy is to clear the remaining Mabira
forest, Entebbe Botanical gardens, Bwindi and Kiryadongo forests to plant
more cotton and graze more cattle. A Developed Uganda must be grey, like
NewYork City. When these white people see lots of green trees they think we
sleep on trees.
Enjoy your Xmas dear members.
Ssenyange
-----------------------------------
From: [EMAIL PROTECTED]
Reply-To: [EMAIL PROTECTED]
To: [EMAIL PROTECTED]
Subject: Re: [UNAANET] Re: Museveni defends forest allocation
Date: Tue, 14 Nov 2006 21:15:36 -0500
Mw Musoke
Your statement about Obote's move to the left is called a "straw man"
argument. In order to buttress a weak position, you have constructed a
feeble rhetorical opponent which you then proceed to knock down.
Be assured, Mr Musoke, the move to the left was never worth discussing.
What Ugandans should examine in this matter is the industrial and
commercial policy adopted by Governor Cohen in the early 1950s, which was
followed by the Uganda govt up to 1965. This policy was based on the fact
that the govt, combining legislative power with being the biggest
purchaser, can encourage the formation and progress of strong local
enterprises. These enterprises can be publicly owned, private, or a
combination of the two, but they must be locally based, because locally
based wealth is the key to a strong local market. Cohen's model
organisation, the Uganda Development Corporation, was designed to float
enterprises and sell them off to private ownership as rapidly as possible
through a stock market (believe it or not, Uganda had a functioning stock
market from 1954 to 1972).
The UDC's progress was halted when the govt started to use it as a source
of patronage jobs in the early 60s, but the model of growth by government
nurture is the basis of the success of Singapore (the champion of progress
from Third to First World in a generation), China (the largest number of
humans pulled out of poverty in their lifetime in human history) and South
Africa, the only African economy that deals on the world stage as a
non-beggar.
As I've said repeatedly, respect the intelligence of your interlocutors.
Do declare your support for Museveni-a matter of opinion. Do declare that
he is "the only one who can hold Uganda together" -a question on which we
could intelligently disagree. But do not pretend that he is a halfway
decent economical manager, he ain't, not even by his own standards-read the
founding documents of the NRM. If you read his comments on the TriStar
affair in today's papers you might notice that he does not grasp the
difference between revenue and profit!
Gundi e Gindi
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