The Supreme Court of Appeal has acquitted cashgate convict, Maxwell Namata, because there was no proof of any contract between his company and government among other reasons.

Namata and his accomplice Luke Kasamba were handed eight and five years custodial sentences respectively on February 16, 2015 on two counts of theft and money laundering contrary to Section 35(1)(c) of Money Laundering and Terrorist Finance Act for the amount of K24,179,120.70 ($42 419.51).

But Namata was no conversed with the ruling hence the appeal.

Delivering the ruling on the appeal, a panel of three judges; Anthony Kamanga, Lovemore Chikopa and Reizene Mzikamanda on Friday overturned the conviction.

The development means Namata is now a free man.