Home NewsNational UTC Shopping Mall Now Belongs to Kigali Investment Company Ltd

UTC Shopping Mall Now Belongs to Kigali Investment Company Ltd

by Leonard Nshimiyimana
6:33 pm

Union Trade Center (UTC) has been acquired by Kigali Investment Company Ltd (KIC)

Union Trade Center (UTC) a pioneer shopping mall in Kigali’s Central Business district has been auctioned to Kigali Investment Company Ltd (KIC) at Rwf6, 877,150,000.

The auction follows an undisclosed tax arrears accumulated by the shopping Mall.

Today’s auction involved 3 bidders including; Pascal Kanyandekwe and two business companies Kigali Investment Company Ltd (KIC) and Unity Company.

The auction started at 2.00pm after the court bailiff announced the minimum price of Rwf6.6 billion.

Kanyandekwe was the first to bid with Rwf6.7 billion, and other bidders followed him hiking the offer. This lasted for three-hours and KIC made the highest bid.

The public auction of UTC overseen by lawyer Vedaste Habimana, chairman of Rwanda’s professional court bailiffs association.

The highest bidder signs off a cheque in acquisition of UTC shopping complex

UTC complex opened its doors for business operations in 2006 accommodating big companies in the country such as MTN, Ethiopian Airlines, and Nakumatt Super Market.

In 2015, RRA released a list of 250 foreign and locally owned businesses who defrauded to a tune of Rwf62 billion in tax arrears.

Other 13 tax defaulters on the list include Laurent Rukazambuga, William Kazora, Agnes Mukakagatare, and Josephine Nyiransabimana.

RRA’s Commissioner General Richard Tusabe says, the Rwf62 billion “is successfully being recovered.”

Public witnesses auction of UTC building