The Auditor General, Edward Akol, has raised serious concerns over the government's Shs723.4 billion investment in Dei-Biopharma Limited, citing a lack of transparency and due diligence.

In his report to Parliament, Mr Akol revealed that the company has yet to provide the government with share certificates, and no valuation report was conducted to determine the company's net worth before the investment.

The Auditor General disclosed that his team was denied access to the share agreement between Dei-Biopharma and the government, making it impossible to verify whether the shares acquired matched the value of the investment.

"I advised the Secretary to the Treasury to engage the Attorney General and Dei-Biopharma to ensure the purchase agreement and share certificates are submitted to the Ministry of Finance to avoid potential legal risks," Akol stated.

The revelations raise significant accountability concerns over the handling of public funds, urging urgent action to address the gaps in oversight and transparency.