The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | THE INDEPENDENT | Letshego Africa Holdings has affirmed that the Group has not defaulted nor failed to service any of its obligations in its subsidiaries.
“We confirm that claims of default on the part of Letshego Kenya and Uganda are false and incorrect,” it said in a statement on July 8.
This follows an article published by the Nation Media Group on July 5 titled “Botswana’s Letshego defaults on Kenya, Uganda loans”.
The Group’s Annual Results for 2023, first published on 22 March 2024, affirmed that the
The group’s Expected Credit Loss (ECL) methodology had been adjusted, impacting 2023 results and restating 2022 financial results.
As a result of these adjustments and other areas of judgment, the Group breached some covenants with some of its funders which are disclosed fully in our Integrated Annual Report for 2023, it said.
Beyond the covenant breaches, the Group has not failed in its debt obligations. For the two subsidiaries falsely and incorrectly mentioned by the media house, “we wish to confirm that we did proactively engage with our funders and obtained formal ‘letters of no action’ for the covenant breaches.”
Letshego Africa Holdings remains well-capitalized and in a solid liquidity position.
“The Group wishes to take this opportunity to thank its stakeholders, including funders and investors, for their ongoing partnership and commitment to supporting the Group’s pan-African inclusive finance strategy,” said Roger Mugisha Shillingi – Corporate Affairs Lead Letshego Uganda.
