Lawyer Isaac Kyagaba has dispelled allegations linking him to a $4.9 million gold scam that left international investors reeling.
Through his legal team, Kyagaba over the weekend strongly refuted claims that he orchestrated any fraudulent activities or received any funds from PT HRTC Exploration and Production, the company at the centre of the controversy.
The lawyer’s legal representatives stated that Kyagaba has never been involved in any gold transaction, nor did he issue any customs declarations related to the alleged deal, contrary to reports circulating on various media platforms.
The Gold Scam Allegations
The scandal centres around a gold deal in which PT HRTC Exploration and Production, an Indonesian and Emirati-based company, claims to have been defrauded by OYZTAR MINERALS CO. LTD, a Ugandan gold company.
The investors were allegedly misled into paying $4.4 million for 200 kilograms of gold, which they never received.
According to PT HRTC, the payments began on May 13, 2024, when $3 million was deposited into a Stanbic Bank Uganda account.
An additional invoice was later issued for $1.4 million to cover export clearance fees, but despite fulfilling their financial commitments, the investors did not receive the promised gold.
Media reports indicated that the Uganda Police Mineral Protection Unit kicked off investigations that reeled in Counsel Kyagaba.
The lawyer was alleged to have received $500,000 to over see the gold transaction, only only for the deal to fall apart.
Kyagaba’s lawyers described the accusations as “false and malicious,” adding that no complaint had been lodged against him by PT HRTC or its owners.
The statement further clarified that Kyagaba continues to represent PT HRTC on legitimate transactions aimed at creating value for the company, further asserting that the company’s ownership had also issued a statement clearing his name of any wrongdoing.
PT HRTC Exploration and Production Responds
In a similar vein, PT HRTC Exploration and Production issued its own statement, strongly denying the allegations that Kyagaba had received $500,000 in connection with the gold deal.
The company reiterated its commitment to transparency and integrity, urging the public to disregard the misleading reports.
PT HRTC also called on law enforcement agencies to investigate the sources of the allegations and take appropriate action against those responsible for spreading the false claims.