Kira Motors would later be registered as a company with only two board members namely; Professor Sandy Stevens Togboa Tickodri as the Executive Chairman and Mr. Paul Isaac Musasizi and the CEO.
The company was given a physical address of Kimera Road, Ntinda and government awarded Majority shares (96%) as the major funder of the project.
In March 2018, Walter Nono Yorac, the Director Internal Audit in his draft report indicated that about Shs1.6b was misused, with at least Shs589million of that amount completely missing.
The audit covered financial activities for the year 2014/15 and was led by a team including a one Esther Biganja and Bennet Magara.
The report noted that in the given financial year, the project petty cash expenditure was doubled from Shs4.8m to Shs9.6m per month.
This led to an overall increment in the expenditure by 66 percent (Shs 99million), yet the available expenditure budget was Shs57.6m.
It should be noted that the increment in expenditure was not sanctioned by the University Bursar as required by the Financial Procedure Manual 2014.
According to the report, in the months of June, February and March, petty cash was paid twice through a one Arthur Asiimwe, which was never logically explained.
The audit also discovered that Shs 389 million was spent on training 12 students abroad. A number of payments amounting to Shs27.2m were paid to an individual (a one Arthur Asiimwe) for a research course.
The report also faulted the institution was paying registration fees for Asiimwe twice, which was a glaring anomaly.
Advancing of money to an individual created an unnecessary conflict of interest while paying registration fees twice indicating that one portion of the money was embezzled.
The institution also reportedly spent Shs389million on training students abroad, without any students signing bonding agreement.
The public standing orders require a public officer to go for training to sign a bonding agreement with the sending organisation.
The report also says the students were not contracted, contrary to the law which requires beneficiaries of long training to be on permanent employment.
The auditors did not also find any leave form signed by the students.
The report also indicated that Shs20.3million was paid to Arch Engineering, but there was no proof of such payment.
Also, Shs 596 million went missing and could not be accounted for by auditors, leading to a conclusion that it could have been swindled.
Arthur Asiimwe returns to the books after it was discovered that he received Shs 10.5m for the construction of the Kayoola bus access gate in August 2016. Earlier Shs 20.4million had been forwarded to Arce Engineering Design on June 30, 2016, for the same job.
The report found that there was no justification for why the double payment was made and why Arthur Asiimwe had to be given Shs10.5m as an individual and not a company.
The next series will be published on Tuesday