Adams Twaha Kyeyune, the Managing Director of Steam Investments Limited, is currently facing accusations of defrauding suppliers to the tune of Shs 1.2 billion.
The allegations come against the backdrop of a controversial iron ore venture in Rubanda district, where Kyeyune, the Managing Director of Steam Investments Limited, reportedly hoodwinked President Yoweri Museveni last year by claiming coordination with investors from Saudi Arabia for the establishment of an iron ore plant.
Despite promises to inject $1.5 billion into the project, no construction has commenced on the 427-acre site surveyed by Kyeyune and other Steam Investments officials.
Amidst the deceptive deal, it has been revealed that Kyeyune is now entangled in three criminal cases related to obtaining money by pretense, allegedly involving contracts with the Energy Ministry and non-payment to suppliers of construction materials. The companies in question are E35 Ltd (demanding 277 million shillings), Opera Group (shs 410 million), and Excella Ent. Ltd (527 million shillings).
Sources suggest that Kyeyune has thwarted recovery efforts by these companies through connivance with individuals in government, the Judiciary, Police CID and the Office of the Director of Public Prosecution.
Despite facing criminal charges at Buganda Rd Court, there are allegations of bribery attempts by Kyeyune to influence legal proceedings.
Internal sources reveal that other Directors at Steam Investments, including Amb. Muhwezi Steven, Arthur Byabashaija, Frank Muhwezi, and Mugume Moses, claim that Kyeyune acquired materials from complainants without the company’s resolution.
However, the company itself could be held liable unless it addresses these concerns.
The multitude of accusations has sent shockwaves through business and political circles, prompting questions about the due diligence process that led to the endorsement of Steam Investments by the highest office in the land.
Efforts to reach Mr. Kyeyune for comment have proven unsuccessful, as his known phone numbers remain unreachable.
Similarly, his business associate, associated with Steam Investments have not responded to calls.
In June of last year, Kyeyune and his team surveyed a 420-acre public land in Rugarambiro village, Muko sub-county, where the proposed iron smelting factory would be erected.
Despite promises of a July kickoff and the production of 5,000 tonnes of steel per day, the factory remains on paper seven months later.