By Spy Uganda
Two separate official statements have categorically refuted the serious allegations made by several bloggers implicating prominent lawyer Isaac Kyagaba and PT HRTC Exploration and Production in an alleged $4.9 million gold scam.
The bloggers pin Kyagaba and PT HRTC of participating in a sophisticated gold fraud scheme that reportedly defrauded Indonesian and Emirati investors through dubious transactions with OYZTAR MINERALS CO. LTD. However, both PT HRTC and Mr. Kyagaba’s legal representatives have dismissed these claims as baseless, defamatory, and deliberately misleading.
PT HRTC Denounces Allegations As False & Malicious
In an official statement dated March 14, 2025, PT HRTC Exploration and Production strongly denied any involvement in fraudulent activities, particularly allegations that it had transferred $500,000 to Isaac Kyagaba without proper disclosure. The company emphasized that neither Kyagaba nor his law firm, Dentons, had received any funds as alleged by the bloggers.
“PT HRTC categorically denies the false allegations circulating on social media and in certain media reports regarding Isaac Kyagaba. The claims that he received $500,000 without remitting it to authorities and that he presented a fake customs declaration are completely false, misleading, and defamatory,” the statement reads.
PT HRTC confirmed that Kyagaba continues to provide them with legal counsel on key transactions involving their business and partnerships, including dealings in Uganda. The company urged the public to disregard what they described as “false reports” and called on law enforcement to investigate the source of the malicious allegations.
“We remain committed to transparency, integrity, and ethical business practices,” the company reiterated.
Kyagaba’s Lawyers Demand Retraction and Legal Redress
Meanwhile, Kirunda & Co. Advocates, representing Isaac Kyagaba, also issued a forceful response, accusing TrumpetNews of publishing a story “calculated solely to injure” their client’s reputation. The firm pointed out several inaccuracies in the TrumpetNews article, emphasizing that Kyagaba had no role in the purported gold scam.
“Contrary to the reports in the impugned story, Mr. Kyagaba was not at all involved in any ‘gold heist.’ He did not orchestrate any fraudulent scheme, nor is he implicated in one,” stated Kirunda & Co. Advocates.
They categorically denied that Kyagaba had received $500,000 from PT HRTC for any gold transaction and refuted allegations that he had issued any Uganda Revenue Authority (URA) customs declaration form connected to such transactions.
The law firm further clarified that neither PT HRTC nor its parent company had filed any complaint against Kyagaba with the Uganda Police. In fact, they noted that PT HRTC had publicly declared its support for Kyagaba by issuing an unequivocal statement clearing his name.
The advocates criticized TrumpetNews for failing to verify its claims with Kyagaba before publication, branding the article as “patently false” and “contemptible.”
“Given his standing in society, the false nature of these allegations deserves both the highest attention and the most disdainful contempt,” Kirunda & Co. Advocates declared, adding that they were taking immediate legal action against those responsible for defaming their client.
The Larger Context
The allegations surfaced amid an ongoing investigation by the Uganda Police Mineral Protection Unit into a multi-million-dollar gold scam targeting international investors. According to TrumpetNews, PT HRTC had paid over $4.4 million for 200 kilograms of gold that was never delivered by OYZTAR MINERALS CO. LTD.
While PT HRTC is indeed listed as a complainant in the ongoing case against OYZTAR MINERALS and its directors, the company and its legal counsel deny any internal wrongdoing. Both PT HRTC and Kyagaba’s legal team have expressed confidence in Uganda’s law enforcement agencies to uncover the truth and bring those responsible for the scam to justice.
As investigations continue, PT HRTC and Isaac Kyagaba have reaffirmed their commitment to transparency and integrity. Both parties insist they are victims of a smear campaign and are actively pursuing legal recourse to protect their reputations.
The gold trade sector in Uganda has long been plagued by fraud and regulatory gaps, and this latest case has once again drawn attention to the need for stricter oversight and enforcement.
