SOI: MALAYIKA

DOI: 09TH.02.2016

SUBJ: RPF IN CRISIS

WHILE LECTURING ON DEVELOPMENT MANAGEMENT AT A SUMMIT IN DUBAI, PRESIDENT PAUL KAGAME ON THE 08TH.02.2016 RESHUFFLED EVERYTHING.

AMONG THE PEOPLE WHO WERE SACKED IS JACK KAYONGA, FORMER EXECUTIVE CHAIRMAN OF CRYSTAL VENTURES LTD. ANOTHER ONE IS MANNASEH NSHUTI WHO HAS BEEN WORKING AS PRESIDENT PAUL KAGAME’S BUSINESS ADVISOR AND A SHARE HOLDER IN RPF/CRYSTAL VENTURES LTD. BOTH KAYONGA AND NSHUTI’S PASSPORTS HAVE BEEN CONFISCATED AND THEY MUST REPORT TO THE POLICE DAILY.

JAMES GATERA IS THE NEW MAN AT CRYSTAL VENTURES LTD. IF HE LASTS FOR 2 YEARS, THAT WILL BE QUITE AN ACHIEVEMENT.

AT THE MOMENT, RWANDA’S PRESIDENT IS NOT A HAPPY MAN. THE COUNTRY IS CRUMBLING IN HIS OWN EYES. THE COUNTRY IS BANKRUPT WITH SPIRAL DEBTS. HIS MILITARY AND POLITICAL ADVANTURES IN THE REGION ARE ON A NOSE BEATINGS. BUT, WHAT IS HURTING MORE THE PRESIDENT; IT IS THE FINANCIAL LOSSES OF HIS MEGA ORGANISATION-CRYSTAL VENTURES.

HE IS TOTALLY A DEPRESSED MAN, THE COFFERS OF THE RPF (OWN CAMPANIES) ARE DRYING UP. LAST WEEK, WHEN PRESENTED WITH THE QUARTERLY FINANCIAL STATEMENT OF CRYSTAL VENTURES, PRESIDENT PAUL KAGAME WENT BERSERK OF THE ORGANISATION'S LOSSES, DESPITE THE FINANCIAL INJECTIONS IT RECEIVED LAST YEAR.

DESPITE PUTTING AND POURING ALL THE BLAMES TO JACK KAYONGA AND NSHUTI MANASSEH; THE FAILURES OF THIS THIEVING COMPANY SHOULD BE ATTRIBUTED TO CONSTANT INTERFERENCES OFMAJ GEN JACK NZIZA AND JEANNETTE KAGAME, THEIR CONSTANT INTERENCES ON BOTH ITS OPERATIONAL AND FINANCIAL OUTLOOK ARE A HEADACHE TO THE MANAGEMENT TEAM OF THIS ORGANISATION, MOST ESPECIALLY THE FINANCE TEAM.

ABOVE IS KAYONGA JACK

PROF MANASSEZ NSHUTI (SEE PHOTO ABOVE) PAUL KAGAME’S FORMER BUSINESS ADVISOR

CRYSTAL TELECOM FIRST DAY OF STOCK TRADING CLOSES AT RWF144

 JULY 17, 2015

 

CRYSTAL TELECOM SHARES WERE THE MOST TRADED ON THEIR DEBUT ON THE STOCK

MARKET RECORDING THE HIGHEST TURNOVER COMPARED TO THE OTHER COUNTERS,

YESTERDAY’S MARKET REPORT INDICATES.

THE COMPANY MADE ITS FIRST TRADE AT THE SECONDARY MARKET OF 2,000 SHARES

AT RWF145 EACH, THEN WENT ON TO TRADE 4,000 MORE SHARES AT RWF144 EACH,

RAKING IN A TOTAL OF RWF886, 000.

THE TURNOVER COULD HAVE BEEN HIGHER BUT MOST OF THE BIDS MADE WERE FOR

THE FIRM’S SHARES AT RWF104 AND RWF105, SIMILAR TO THE INITIAL PUBLIC

OFFERING (IPO) PRICE, THUS NOT MATCHING THE NEW SHAREHOLDERS’ OFFER PRICES

THAT WERE AT BETWEEN RWF285 AND RWF300 PER SHARE.

THE DAY’S TRADING SHOWED THAT MANY INVESTORS WHO HAD MISSED OUT ON

BUYING THE SHARES DURING THE IPO LAST MONTH WERE EAGER TO BUY AT THE SAME

PRICE AS THE IPO PRICE, BUT THE SHAREHOLDERS DIFFERED.

KAYONGA (L) RECEIVES A CERTIFICATE OF ADMISSION FROM THE CAPITAL MARKET AUTHORITY CHIEF EXECUTIVE ROBERT MATHU.

DAVIS GATHAARA, THE MANAGING DIRECTOR OF BARAKA CAPITAL, SAID MANY PEOPLE

WILL BE LOOKING TO BUY THE SHARES FROM THE SECONDARY MARKET.

“PEOPLE LOOK AT CRYSTAL TELECOM AT THE FUNDAMENTALS OF MTN RWANDA SINCE

THE TELECOM SECTOR IS GOING TO GO THROUGH THE ROOF VERY SOON. SO FOR ME

THIS IS A LONG-TERM INVESTMENT,” HE SAID.

HOWEVER, GATHAARA EXPRESSED FEARS OVER THE FIRM’S ACTIVITY ON RWANDA

STOCK EXCHANGE (RSE), SAYING THE IPO PERIOD WAS TOO SHORT (TWO WEEKS) AND

THAT IF MOST OF THE FIRM’S SHARES HAD BEEN SOLD TO FOREIGN INVESTORS, THE

AVAILABLE SHARES FOR TRADE ON THE STOCK MARKET WOULD BE INADEQUATE.

“THROUGH THE BOOK BUILDING PROCESS, FOREIGN AND LOCAL INVESTORS MAY OVER

BID EACH OTHER AND BEAT THE LOCAL INVESTORS AND, AT THE END OF THE DAY,

THOSE DOING THE IPO GET ENOUGH SINCE THE FOREIGNERS HAVE PAID MORE THAN

THE OFFER PRICE, BUT NO ACTION COMES IN AT THE SECONDARY MARKET AFTER,”

GATHAARA SAID.

“IF YOU SAID RWANDA SOCIAL SECURITY BOARD (RSSB) IS A MAJORITY HOLDER OF

THOSE SHARES, THE SHARE PRICE IS LIKELY TO SKY ROCKET, WHICH IS WHAT PEOPLE

WANT.”

HE SAID THE RWANDAN CAPITAL MARKET IS FACING ‘A DEVIL AND THE DEEP BLUE SEA’

SITUATION BECAUSE THE MARKET NEEDS FOREIGN INVESTORS TO BOOST IT. BUT THEN

AGAIN, GATHAARA NOTED, IF THE INVESTORS ARE BROUGHT IN, THEY PICK UP ALL

THEY CAN AND WHAT THEY LEAVE FOR THE LOCAL PLAYERS IS TOO SMALL TO MOVE

AROUND.

STOCK BROKERS TRADING DURING THE LISTING AT RWANDA STOCK EXCHANGE MARKET.

“SO SHARES ARE AVAILABLE IN THE MARKET BUT THEY ARE SMALL, LEAVING THE

MARKET NOT LIQUID ENOUGH, BUT WHEN WE GET MORE PRODUCTS, MORE PEOPLE

WILL COME ON BOARD. IF TODAY WE HAVE ATTRACTED A TELECOM COMPANY, THEN

TOMORROW AN AGRICULTURAL ONE WILL COME TOO. AT LEAST NOW WE HAVE A

BANK, A MANUFACTURING FIRM AND A TELECOM.”

OF THE MORE THAN 270 MILLION SHARES OFFERED DURING THE IPO, 67.5 MILLION

WERE ALLOCATED TO RETAIL INVESTORS BOTH IN LOCAL AND ACROSS THE REGION,

WHILE THE REMAINING 75 PER CENT WERE ALLOCATED TO LOCAL AND FOREIGN

INSTITUTIONS.

JACK KAYONGA THEN, CRYSTAL TELECOM CHAIRPERSON, REVEALED THATAFTER THE

LISTING THAT ALL THOSE WHO SUBSCRIBED FOR THE RETAIL LOT WERE ALLOWED TO

BUY THE SHARES, WHILE THE LOCAL AND REGIONAL INSTITUTIONAL INVESTORS GOT

THE LION’S SHARE OF THE INSTITUTIONAL LOT COMPARED TO THE INTERNATIONAL

INVESTORS, THUS ALLAYING GATHAARA’S FEARS.

KAYONGA WAS ECSTATIC ON HOW THE FIRST DAY WENT FOR THE COMPANY AND WAS

OPTIMISTIC THAT SHAREHOLDERS WHO BOUGHT SHARES DURING THE IPO WOULD

NOT HOLD ONTO THEM BUT INSTEAD TRADE THEM ACTIVELY AT THE STOCK

EXCHANGE. 

PAUL KAGAME’S BUSINESS VENTURE 1

THIS DOCUMENT (SEE ABOVE) INDICATES HOW PAUL KAGAME BOUGHT HIS TWO PRIVATE JETS FROM THE COFFERS OF THE MINISTRY OF FINANCE DIRECT.

A PAYMENT (SEE ABOVE) ORDER FOR THE TWO EXECUTJETS

ABOVE A RWANDESE OFFICAL INSPECTING THE NEWLY BOUGHT JETS FROM THE SOURCE

KAGAME HAS BEEN LOOTING RWANDA THROUGH SECRET TRADING USING HIGH GOVERNMENT OFFICIALS LONG BEFORE THE PURCHASE OF THE TWO BOMBARDIER EXPRESS JETS (ZS-ESA AND ZS-EXS) THAT HAVE BEEN IN THE NEWS HEADLINES IN THE PAST TWO YEARS;

THE LOOTING, IN THIS CASE, IS VIA MISAPPROPRIATION OF PUBLIC FINANCES TO PURCHASE AND RENT OUT EXECUTIVE JETS, A PRACTICE THAT GOES AS FAR BACK AS 2001;

THE GO-BETWEEN KAGAME AND AVIATION IN INDUSTRY IS ONE DR NDAHIRO, FORMERLY KAGAME’S SECURITY ADVISOR, AND NEW THE CHIEF OF EXTERNAL INTELLIGENCE;

EVIDENCE USED IN THE HOT NEWS IS ATTACHED PHOTOGRAPH OF DR NDAHIRO INSPECTING ONE OF THE AIRCRAFTS, AND GIVING INSTRUCTIONS TO THE PILOTS ALLEGEDLY IN TUCSON, ARIZONA IN 2001;

THE REPLI INVESTMENT IS THE PRINCIPAL TRADING ARM USED BY KAGAME TO PURCHASE AND RENT OUT THESE JETS – THAT THIS FIRM NOW HAS IN ITS FLEET 150 AIRCRAFTS;

THESE CREAM OF THE CROP, NAMELY THE TWO FAMOUS BOMBARDIER JETS, WERE FORMERLY OPERATED BY SOUTH AFRICA-BASED EXECUJET, BUT HAVE MOVED TO GREECE DUE POLITICAL AND DIPLOMATIC TENSIONS BETWEEN RWANDA AND SOUTH AFRICA SINCE THE ATTEMPTED ASSASSINATION OF THE EXILED RWANDAN GENERAL IN JOHANNESBURG IN 2010.

THE RWANDAN LEADER, WHOSE REGIME IS BECOMING INCREASINGLY AUTHORITARIAN, ONCE SAID IN PUBLIC THAT NO ONE SHOULD BE ASHAMED OF BEING RICH, DEPENDING ON THE WAYS USED TO GET THERE.  PAUL KAGAME IS NOW ONE OF THE RICHEST LIVING AFRICAN HEADS OF STATE. HE OWNS TWO BOMBARDIER EXECUTIVE JETS AND SEVERAL HOUSES IN FOREIGN COUNTRIES

INCLUDING A THREE-STORY BUILDING IN NORTH LONDON THAT IS BEING RENTED TO THE RWANDAN EMBASSY

PRESIDENT KAGAME RICHER THAN RWANDA

PAUL KAGAME IS THE CHAIRMAN OF RWANDAN PATRIOTIC FRONT (RPF) THE GOVERNING PARTY, THE PRESIDENT OF THE REPUBLIC, AND THE REAL CEO OF THE LARGEST HOLDING CORPORATION, TRISTAR, RPF’S INVESTMENT COMPANY THAT DOMINATES TELECOMMUNICATIONS, CONSTRUCTION, AND SERVICES. THROUGH ALL THIS KAGAME IS RICHER THAN THE COUNTRY. THE DIVIDENDS EARNED BY THE LARGEST COMPANY IN THE COUNTRY MTN RWANDA IN WHICH TRISTAR IS THE PRINCIPAL SHAREHOLDER (BESIDES MTN SOUTH AFRICA) GO TO KAGAME – SUCH EARNINGS ARE SECRET EVEN TO PARTY MEMBERS IN WHOSE NAME TRISTAR OPERATES. THE SALE OF TRISTAR SHARES IN MTN UGANDA WENT TO KAGAME – THE AMOUNT WAS A SECRET. MOREOVER KAGAME CONTROLS EVERY SINGLE PENNY EARNED BY RWANDANS OR FROM DONORS. OBSERVERS SAY THAT TRISTAR IS THE MAJOR INSTRUMENT WHICH HELPED KAGAME TO AMASS IMMENSE RESOURCES NOW RUNNING INTO BILLIONS OF DOLLARS – NOT MILLIONS; ACCORDING TO SOURCES CLOSE TO THE RWANDAN LEADER AS WELL AS HIS OCCASIONAL BOASTS.

MONEY DRAWN FROM THE NATIONAL TREASURY TO FINANCE PRESIDENT KAGAME “CLASSIFIED OPERATIONS”

CONFIDENTIAL DOCUMENTS SHOWN INDICATE PAUL KAGAME ROUTINELY SIPHONS OFF FINANCIAL RESOURCES FROM THE NATIONAL TREASURY. FOR EXAMPLE, AN INVOICE OF ALMOST US$1 MILLION BY EXECUJET WHICH USED TO FLY KAGAME’S BEFORE HE RELOCATED HIS PLANES FROM SOUTH AFRICA TO GREECE WAS SHOWN BY THE EXILED WHAT IS SHOCKING IS THAT TWO HIGH RANKING OFFICIALS IN THE MINISTRY OF FINANCE, INCLUDING JOHN RWANGOMBA WHO WAS STILL THE PERMANENT SECRETARY BEFORE BECOMING THE MINISTER, SIGNED FOR THE MONEY TO BE PAID FROM THE NATIONAL TREASURY VIA AN ACCOUNT TERMED “CLASSIFIED OPERATIONS”.

PRESIDENT KAGAME’S EXCESSIVE RENT-SEEKING VENTURES RWANDA IS ONE OF THE MOST AIDED COUNTRY ON EARTH FOLLOWING THE

GENOCIDE THAT OCCURRED THERE 17 YEARS AGO, BUT THE MAN WHO ONCE UPON TIME WAS SEEN AS BRAND AND A CHAMPION OF THE RWANDAN PEOPLE IS USING FOREIGN AID AND TAXPAYERS MONEY FOR PERSONAL USE, FOR EXAMPLE BUYING TWO EXPENSIVE BOMBARDIER GLOBAL EXPRESS THAT COST MORE THAN US$100 MILLION. NOT ONLY DID MAN GET 2 “FREE PLANES” BUT EVEN WORSE, THE EARNINGS FROM RENTING THEM TO VIPS AROUND AFRICA AND GLOBALLY RUNS INTO MILLIONS OF DOLLARS. MEANWHILE THE RWANDAN GOVERNMENT RENTS THE PLANES FOR KAGAME’S OWN TRAVEL. TRUE TO FORM, THESE EARNINGS REMAIN “CLASSIFIED”. THEN THERE ARE KAGAME’S EXPENSIVE HOUSES IN THE UK AND THE US

INCLUDING THE BUILDING HE RENTS TO THE GOVERNMENT OF RWANDA FOR HOUSING THE HIGH COMMISSION.

  IN JULY 2010, THE WATCHDOG GROUP TRANSPARENCY INTERNATIONAL

ANNOUNCED THEIR FINDINGS THAT RWANDA WAS THE “LEAST CORRUPT COUNTRY IN EAST AFRICA. THIS FINDING WAS FOUND BY MANY, INCLUDING HUMAN RIGHTS WATCH, WHO AVERS THAT PAUL KAGAME IS “RUTHLESS, REPRESSIVE AND INTOLERANT OF CRITICISM”, AND THAT CORRUPTION WAS SO SLOW BECAUSE RWANDA IS VIRTUALLY A “POLICE STATE”.”

HOWEVER, KAGAME IS WIDELY CONSIDERED TO BE THE MOST DYNAMIC AND EFFECTIVE LEADER IN AFRICA TODAY.HE [KAGAME] HAS ENSURED THAT RWANDA HAS ONE OF THE HIGHEST SUSTAINED RATES OF ECONOMIC GROWTH ON THE CONTINENT, THE LEAST AMOUNT OF CORRUPTION AND RED TAPE, AND IT IS THE ONLY COUNTRY IN THE WORLD TO HAVE A MAJORITY OF WOMEN IN ITS PARLIAMENT.

THAT SAID, KAGAME HAS MODELED THE NEW RWANDA ON SINGAPORE, A RELATIVELY OPPRESSIVE AUTHORITARIAN STATE, WHICH, WHILE PRESENTING A CLEAN FACADE, CONCEALS THE MACHINATIONS BEHIND.

KAGAME’S OPPONENTS AND ONE-TIME COLLEAGUES HAVE EXPRESSED THE OPINION THAT FAR FROM BEING THE SAVIOR OF HIS NATION AND DESERVING OF THE TITLE RESPECTED PEACEMAKER, HE IS IN FACT A DANGEROUS MAN HELL-BENT ON CREATING AN EMPIRE FOR HIMSELF BUILT ON FOREIGN INVESTMENT AND ACTS OF INTIMIDATION.

WHILE NO ONE DENIES THAT KAGAME IS A GIFTED DIPLOMAT AND AN ASTUTE BUSINESSMAN, IT COMES AS A SHOCK TO THOSE WHO ASCRIBE ALMOST MESSIANIC POWERS TO HIM FOR, OSTENSIBLY, PUTTING AN END TO THE HORROR OF THE GENOCIDE IN 1994 TO FIND OUT THAT THERE IS ALSO THE OPINION WHICH EXISTS THAT HE WAS, IN FACT, ONE OF THE ARCHITECTS OF THE GENOCIDE- AND THIS NOT FOR ANYTHING OTHER THAN A GREED FOR CONTROL, POWER AND MONEY.

IT IS INTERESTING, THEN, THAT NEIGHBORING BURUNDI WAS FOUND TO BE THE MOST CORRUPT COUNTRY IN EAST AFRICA, THIS TINY NATION HISTORICALLY HAVING CLOSE TIES TO RWANDA.

CRITICISM OF KAGAME INCLUDES MISUSE OF PUBLIC FUNDS IN ORDER TO FINANCE A PERSONAL BUSINESS EMPIRE AND, INDEED, IT APPEARS AS THOUGH KAGAME’S BANK ACCOUNT AND THE STATE COFFERS ARE INTERCHANGEABLE. HIS PUBLICISED DEAL OVER THE PURCHASE OF PRIVATE JETS WAS SAID TO BENEFIT THE COUNTRY, BUT, IN REALITY, WAS A PROFIT-MAKING VENTURE BENEFITING KAGAME HIMSELF.

THE HORRIFIC IMAGES OF A COUNTRY LAID TO WASTE IN 1994 COMPARED WITH THE CURRENT STATE OF APPEARING TO BE A PEACEFUL NATION ENJOYING A REMARKABLE RENAISSANCE MAKE IT HARD FOR OUTSIDERS TO RECONCILE THESE TWO REPRESENTATIONS OF THE LEADER. ON THE ONE HAND, HE CLAIMS THE RESPONSIBILITY FOR TRANSFORMING THE COUNTRY AND INTRODUCING REFORMS, YET, ON THE OTHER, HE DENIES THAT CLAMPING DOWN ON LOCAL

BUSINESS OR INTRODUCING SYSTEMS WHICH ARE DESIGNED TO BENEFIT GOVERNMENT ARE HARMING THE COUNTRY.

AS LONG AS THE WEST CONTINUES TO HOLD KAGAME UP AS HIS COUNTRY’S SAVIOR, CORPORATES AND OTHERS WILL CONTINUE TO SUPPORT HIS REGIME. LOCALLY, HE ACHIEVED AN ASTONISHING 93% OF THE VOTE IN THE PAST ELECTIONS, A FIGURE MUCH HIGHER EVEN THAN COUNTRIES WHERE THE ELECTIONS ARE A MERE FARCE, SUCH AS ZIMBABWE. MOST DEMOCRACIES ARE BUILT ON THE CONCEPT OF AN OPPOSITION. IF RWANDA IS, INDEED, A ONE-PARTY STATE, THEN IT IS NOT A DEMOCRACY. AND IF THIS ONE PARTY IS RULED BY ONE MAN WHO IS ABLE TO MAKE DECISIONS WHICH ARE INSTANTLY CONVERTED TO LEGISLATION, IT MUST THEN BE DESCRIBED AS A DICTATORSHIP.

ACCOUNTABILITY AND MONITORING CAN ALSO BE USED AS SYSTEMS OF CONTROL, AND, TOGETHER WITH RELAXED LICENSING LAWS, PAVE THE WAY FOR A BUSINESS ENVIRONMENT WHERE THE STATE IS IN CONTROL OF EVERYTHING, WHETHER ON PAPER OR NOT.

THIS IS THE MOST DANGEROUS KIND OF DICTATORSHIP- ONE WHERE EVEN THOSE WHO SUFFER FROM IT ARE UNABLE TO DISCERN ITS EXISTENCE.

PRESIDENT PAUL KAGAME’S TOP SENIOR RWANDA DEFENCE FORCE WELCOMING THE IDEA

PRESIDENT PAUL KAGAME (SEE PHOTO) CONSULTING JOHN RWANGOMBWA.

PRESIDENT PAUL KAGAME LAUNCHED THE NEWLY CREATED SOLIDARITY FUND, THE AGACIRO DEVELOPMENT FUND (AGDF), WHICH WAS SET UP TO RAISE MORE DOMESTIC RESOURCES TO HELP ACCELERATE ECONOMIC DEVELOPMENT.KAGAME SAID THE FUND WOULD NOT REPLACE TRADITIONAL SOURCES OF STATE REVENUES, INCLUDING DONOR AID, BUT WILL SUPPLEMENT THEM.

“AID IS NEVER ENOUGH, WE NEED TO COMPLEMENT IT WITH HOME-GROWN SCHEMES,” THE PRESIDENT SAID, URGING RWANDANS AND AFRICANS, IN GENERAL, TO WORK HARDER WITH A VIEW TO SUSTAIN THEMSELVES. “WE ARE NOT CHANGING OUR RELATIONS WITH OUR PARTNERS, BUT RATHER ADDING VALUE. MORE DIGNITY CAN ONLY HELP.”HE ADDED: “NO PEOPLE IN THE WORLD, NO NATION IN THE HISTORY OF THE WORLD THAT HAS EVER PROGRESSED WITH ASSISTANCE OF OTHERS.”

THE PRESIDENT URGED LEADERS TO MAKE REGULAR CONTRIBUTIONS TO THE FUND, WHICH HE SAID WAS A LONG-TERM INITIATIVE. KAGAME ALSO CALLED ON ORDINARY RWANDA TO MAKE VOLUNTARY CONTRIBUTIONS, REGARDLESS OF THE AMOUNT.FOLLOWING THE LAUNCH OF AGDF, SEVERAL CORPORATE ANNOUNCED INSTITUTIONAL AND INDIVIDUAL STAFF CONTRIBUTIONS, WHICH TOGETHER RAN INTO HUNDREDS OF MILLIONS OF RWANDANS FRANCS. INDIVIDUAL RWANDANS, INCLUDING A MOTORCYCLIST AND CLEANER, ALSO TOOK TO THE FLOOR, AND MADE CONTRIBUTIONS, WITH THE FORMER DOING IT THROUGH SMS. BUSINESSES AND PUBLIC SERVANTS ALSO MADE PLEDGES. OVER RWF1.2 BILLION ($2 MILLION) WERE RAISED IMMEDIATELY.

MEMBERS OF THE CABINET WERE AMONG THE FIRST TO CONTRIBUTE TO AGDF WEEKS AGO, WITH MORE RWF33.5 MILLION.THE IDEA TO ESTABLISH THE FUND WAS FLOATED DURING LAST YEAR’S NATIONAL DIALOGUE (UMUSHYIKIRANO). THE FUND WILL BE MANAGED BY THE MINISTRY OF FINANCE AND ECONOMIC PLANNING, WHICH ALSO PUT IN PLACE MECHANISMS FOR ACCOUNTABILITY.

RELIABLE INFORMATION CONFIRMS THAT MANY RWANDANS ARE NOW FADE UP WITH THE WAY GOVERNMENT IS MILKING MONEY FROM THEM IN WHAT THE GOVERNMENT CALLS “AGACIRO DEVELOPMENT FUND”

THIS IS AT A TIME WHEN ALL THE GOVERNMENT AND PRIVATE EMPLOYEES ARE FORCED TO PAY IN WHAT THE KAGAME REGIME CALLED THE CONTRIBUTION FUND FOR SELF RELIANCE BUT IN FACT THE MONEY ENDS UP IN THE KAGAME’S CHAIN OF BUSINESS EMPIRES AND FUELING THE WAR IN CONGO BY FUNDING HIS PROXY M23 REBELS WHICH HAVE DEVASTATED THE RICH-MINERAL EASTERN PART OF CONGO.

AFTER THE DONOR COUNTRIES WITHDREW AND OTHERS SUSPENDED THEIR AID TO THE KAGAME REGIME BECAUSE OF THE CONTINUED SUPPORT TO THE INSURGENCY IN CONGO –KINSHASA, INDEED, AN INSURGENCY STARTED BY KAGAME UNDER THE UMBRELLA OF M23 REBELS, IT IS A SHAME THAT THE KAGME REGIME HAS CONTINUED TO FORCE ALL RWANDANS TO CONTRIBUTE TO WHAT HIS REGIME CALLS “AGACIRO DEVELOPMNET FUND” WHEN IN FACT IT IS HIS OWN FUND AT A TIME WHEN MANY RWANDANS HAVE BEEN IMPOVERISHED BY HIS TAXATION POLICY WHICH IS THE HIGHEST IN THE REGION.

THE GOVERNMENT AND PRIVATE EMPLOYEES ARE NOT SPARED EITHER, DESPITE HIGH TAXES LEVIED ON THEIR SALARIES AND WAGES, THEY HAVE BEEN FORCED TO CONTRIBUTE TO THE SO CALLED “AGACIRO DEVELOPMENT FUND” IRONICALLY THERE IS NO ANY LEGAL FRAME WORK REGULATING THIS SO CALLED DEVELOPMENT FUND AND WHILE RWANDANS ARE FORCED TO CONTRIBUTE TO THIS FUND, THE SO CALLED FUND IS NOT ACCOUNTABLE TO ANYBODY APART FROM KAGAME AND HIS CLIQUE.

WHAT IS SHOCKING THOUGH, IS THAT RWANDANS WHO ARE UNABLE OR UNWILLING TO CONTRIBUTE TO THE SO CALLED AGACIRO FUND, ARE REGARDED AS ENEMIES OF THE STATE AND IT IS HIGHLY LIKELY THAT THEY CAN LOSE THEIR PROPERTY AND LIFE AS PRESIDENT KAGAME INSTRUCTED HIS OFFICIALS TO SPREAD THIS GOSPEL FROM TOP TO THE PERSON ON THE VILLAGE LEVEL AND EVEN THE CHURCHES HAVE BEEN URGING THEIR SHEEP TO CONTRIBUTE TO THE KAGAME FUND.

MTN RWANDA ON STOCK EXCHANGE

RPF IS LOOKING FOR CASH. WHATEVER BECAME OF PLANS TO SELL 51% OF INYANGE TO BROOKSIDE— KENYATTA FAMILY FOOD PROCESSING EMPIRE? I GUESS THE KENYATTAS TOOK A CLOSE LOOK AND DECIDED NOT TO ENGAGE WITH TOO MANY UNKNOWNS. RWANDA IS AN UNPREDICTABLE AND MYSTERIOUS PLACE. NO ONE KNOWS FOR SURE WHAT THOSE RPF COMPANIES ARE WORTH - THEY NEVER ISSUE ANNUAL REPORTS.

BUT FOR MTN RWANDA'S WORTH, BEGIN GUESSING FROM THE CONCRETE FACTS AVAILABLE FROM MTN SOUTH AFRICA, THE PARENT COMPANY. BACK IN 2011, RPF RAISED CASH BY SELLING ITS SHARES TO MTN SOUTH AFRICA. THAT IS HOW MTN SOUTH AFRICA INCREASED ITS SHARE OF MTN RWANDA FROM 55% TO 80% LEAVING ONLY 20% TO RPF.

AS SHOWN HERE, MTN SOUTH AFRICA PAID RPF R487 MILLION. IN 2011, THE DOLLAR-RAND CONVERSION RATE WAS ABOUT $1=R8.3. WHICH MEANS RPF MADE $58.6 MILLION.

FROM THIS, WE CAN DO A BIT OF CALCULATION. IF MTN SOUTH AFRICA PAID RPF $56.6 MILLION FOR 25% OF MTN RWANDA (80-55), THEN WHAT IS THE 20% THAT RPF STILL OWNS WORTH?

WHAT RPF STILL OWNS (20%) IS ROUGHLY IN SAME BALL PARK - $60-70 MILLION ASSUMING MTN HAS BEEN PERFORMING WELL IN THE INCREASED COMPETITION IN RWANDA.

WHEN DID KAGAME'S RULING PARTY BECOME CO-OWNER OF KIGALI CONVENTION CENTRE?

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."

SO WHEN CRYSTAL VENTURES LTD DID OWNED BY PRESIDENT KAGAME’S RULING PARTY RPF BECOME CO-OWNER OF UCL AND KBC?

PRESIDENT KAGAME LAUNCHES HIS AFRICA VISION 2020

HAMADOUN TOURÉ, THE EXECUTIVE DIRECTOR OF SMART AFRICA ARRIVES THIS WEEK IN RWANDA TO BEGIN HIS DUTIES. TOURE IS THE FORMER SECRETARY-GENERAL OF THE INTERNATIONAL TELECOMMUNICATIONS UNION, WHICH FAMOUSLY NAMED KAGAME THE "DIGITAL PRESIDENT" FOR TURNING RWANDA INTO "KNOWLEDGE ECONOMY."

UNDER KAGAME'S CHAIRMANSHIP, SMART AFRICA SECRETARIAT WILL PURSUE GOALS ADOPTED DURING THE 2015 TRANSFORM AFRICA SUMMIT HELD IN KIGALI, TO TRANSFORM THE CONTINENT VIA ICT.

AMONG THE GOALS SMART AFRICA IS CHARGED WITH IS TO MOBILISE AND INVEST OVER $300 BILLION INTO AFRICA'S ICT SECTOR BY 2020. THAT IS $75 BILLION EACH YEAR FROM 2016 TO 2020.

PICTURED ARE THE BRAVE SOULS THAT MAKE UP THE BOARD OF DIRECTORS FOR SMART AFRICA. THEY APPEAR VERY KEEN AND ENTHUSIASTIC. THEY NEED PRAYERS, TOO.

KAGAME IS IN THE MEANWHILE PREPARING HIS NEW VISION 2050 FOR RWANDA.

HERE IS A LIST OF COMPANIES OWNED BY PAUL KAGAME’S CRYSTAL VENTURES.

1. COMMERCIAL BANK OF DEVELOPMENT AND INDUSTRIES(BCDI)  NOW ECOBANK

2. INYANGE INDUSTIRES(MILK,WATER AND BEVARAGES)

3. MUTARA ENTERPRISES

4. TRADING COMPANY

5. RWANDA METAL

6. AGROCOF: LEADING COFFEE COMPANY IN RWANDA

7. NYARUTARAMA DEVELOPMENT

8. MTN RWANDA

9. HORIZON GROUP (CONSTRUCTION)

10. SERENA HOTEL

11. RWANDATEL

12. EAST AFRICAN GRANITE INDUSTRIES: (IRI I BYUMBA)

13. BUILDING MATERIALS INVESTMENTS LTD: (BMI LTD)

14. HOTEL KIVU SUN

15. HOTEL AKAGERA

16. BOURBON COFFEE: (RWANDA, LONDON, BOSTON AND NEW YORK

17. RWANDA MOUNTAIN TEA LTD

18. BANK OF KIGALIBANQUE DE KIGALI

19. UNIVERSITY OF KIGALI

BANK OF KIGALI STOCK OWNERSHIP

RANK NAME OF OWNERPERCENTAGE OWNERSHIP

1 GOVERNMENT OF RWANDA 29.75

2SOCIAL SECURITY FUND OF RWANDA 27.17

3 RETAIL INVESTORS 16.95

4INTERNATIONAL INSTITUTIONAL INVESTORS 10.69

5 BLACKENEY MANAGEMENT 7.31

6REGIONAL INSTITUTIONAL INVESTORS 4.50

7LOCAL INSTITUTIONAL INVESTORS 2.47

8 EMPLOYEES & DIRECTORS 1.08

9OTHER STATE OWNED ENTITIES 0.10

  TOTAL 100.00

20. GREEN HILLS ACADEMY

21. UNIVERSITÉ LIBRE DE KIGALI (ULK)

22. KIGALI INSTITUTE OF TECHNOLOGY (KIST)

23. NEWTIMES NA RADIO CONTACT FM

24. EXECUJET

25. LEMIGO HOTEL

26. LIQUID TELECOM

27. ATLEK STREAMS: 

28. KIGALI CITY TOWER

29. BPR (BANQUE POPULAIRE DU RWANDA)POPULAR BANK OF RWANDA

30. BRALIRWA: (FPR A SHARE HOLDER OF HEINEKEN INTERNATIONAL OF HOLANDE HAS 40

% SHARE, AND BELEGGINSMAATSCHAPIJ BV WITH A SHARE OF 35 %)

31. CIMERWA: (DEALS IN CEMENT AND FPR HAS SHARES WITH  PPC LTD OF SOUTH AFRICA)

32. SUCRÉRIE DE KABUYE

33. CHAMBERS LAW TRUST

34. TINCO INVESTEMENTS LTD: (RUTONGO MINES, THIS HANDLES ALL THE SMUGGLED

MINREALS FROM DRC)

35. AFRICAN PRIMARY TUNGSTEN (APT)(ANOTHER FRP COMPANY OPERATING IN DRC

MINREALS) 

36. REAL ESTATE IN NYARUTARAMA, SOUTH AFRICA, DJIBOUTI, ERITHREA ETC.

37. IMPRIMERIE NOUVELLE

38. KIGALI BUS SERVICES

39. GORILLAS GOLF HOTEL IN NYARUTARAMA

40. MARIOTT HOTEL

41. TIGO-TEL COMMUNICATION COMPANY

42. AIRTEL

43. FIVE STAR NYUNGWE LODGE: (DUBAI WORLD COMPANY HAS SHARES IN THIS HOTEL

44. APR FC

45. IMBUTO FOUNDATION(HIV-AIDS SUPPORT)

46. IGIHE LIMITED: (IGIHE A DMI NEWS PAPER PURPOSELY TO SABOTAGE BURUNDI)

47. ZIGAMA CREDIT SAVING SOCIETY: (RDF BANK BUT HONESTLY OWNED BY FPR)

48. KIGALI CONVENTION CENTER: (BILL GATES HAS SHARES IN THIS PROJECT

49. INTERSEC:(THIS COMPANIES EMPLOYS ALL SECURITY GUARDS IN RWANDA) 

50. FAIR CONSTRUCTIONJOSEPH MUGISHA IS A SHADOW BUT THE COMPANY IS OWNED

BY FPR) 

51. MOUNT MERU GROUPTHIS COMPANY DEALS IN SOYA AND BILL CLITON HAS SHARES) 

52. RADIO FLASH FM, BWIZA.COM, UMUSEKE.RWTHESE ARE DMI MEDIA HOUSES LEAD BY

LT LOUIS KAMANZI)

53. M.P. PLAZA(IT’S A BUILDING PAUL KAGME GAVE TO IVAN CYOMORO TO BRIBE HIM

LOVE THE MILITARY)54. RWANDA AIR (OPERATES SOME OF PAUL KAGAME;S PRIVATE PLANES

SUPERVISED BY JEAN PAUL NYIRUBUTAMA)

UNDER KIGALI’S COOKED UP STATISTICS, THEY WILL ALWAYS SAY RWANDA IS A PARADISE," WITH YEARLY ECONOMIC GROWTH OF 8% FOR THE LAST 21 YEARS. BUT IN REALITY THE COUNTRY IS THROUGH UNPRECEDENTED TRADE DEFICIT, SHORTAGES OF FOREIGN CURRENCY, HIGH LEVELS OF UNEMPLOYMENT, CAPITAL FLIGHT,

AGRICULURAL DEGRADATION....ETC. IN SHORT, THE COUNTRY IS UNDER A FINANCIAL CRISIS, INSPITE THE PRESIDENT’S TRYING TO COVER THE ECONOMIC MALAISE.

THE NATIONAL BANK OF RWANDA ISSUED ITS FIFTH TREASURY BONDS SELL, WHICH ARE NOW ON THE MARKET, THEY ARE UNDER GOVERNMENT’S QUARTERLY ISSUANCE PROGRAMME. THE BANKRUPT STATE IS TRYING TO RAISE 25 BILLION RWF BY SELLING THESE BONDS TO ECONOMICALLY PRESSURED SOCIETY - COMPANIES.

RWANDAN INVESTORS HAVE LOST INTEREST AND TRUST ON THE GOVERNMENT'S ABILITY TO PAY THEIR DEBTS. AS USUAL, THE RWANDAN GOVERNMENT WILL START A CUT THROAT CAMPAIGN TO FORCE RWANDAN INVESTORS TO BUY THESE BONDS.