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Tuesday, April 12 2016

WBS placed under receivership

Wavah Broadcasting Station (WBS) TV has been forced into receivership after defaulting on value added tax and PAYE to the tune of 7.2B. Officials from Uganda Revenue Authority (URA) stormed the Naguru based TV station to place it under administrative receivership to allow the tax body recover the arrears.

"After considering all available options, we settled for the option of receivership, because we think that it could enable us to collect the outstanding debt without necessarily closing down WBS TV. then losing jobs and other associated effects. We believe that through Receivership, we could end up collecting the debt, and later on hand it back to it's owner Prof. Wavah, who has been very cooperative through this process," A statement from URA read in part.

It's the first of it's kind. WBS was the first privately owned TV station to operate in Uganda

A tweet from URA regarding WBS receivership

"We are not closing, we are under new management," a source from WBS tweeted. 

Meanwhile, no specific period has been given for the receivership implying that it will be on up to that time when the amount is fully cleared.

Posted by: uowd AT 01:37 am   |  Permalink   |  Email

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