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The Commercial Court’s Hon Justice Stephen Mubiru has dismissed an application by the Bank of Uganda to drop a case brought against it by 31 shareholders of the defunct Greenland Bank for wrongful and fraudulent closure and sale of the bank. “The application is incompetent in as far as it concerns matters of facts majorly that require evidence and investigation by this Court which cannot be dealt with as preliminary points of law. The suit is neither barred by limitation, res judicata nor is it frivolous and vexatious,” Justice Mubiru ruled. Bank of Uganda took over Greenland Bank on 1st…
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Twenty-four (24) years, after Bank of Uganda, seized and sold the assets of the Co-operative Bank, the mystery of the ownership of the bank that was sold remains unresolved. This has led to another unresolved question of which Cooperative Bank was sold since it appears there were two Cooperative Banks- one, a cooperative society and the other a private limited liability company. This is even as shareholders of seven banks, including Co-operative Bank which were found by a Parliamentary inquiry, to have been closed illegally and irregularly by the Bank of Uganda wait for the perpetrators to be brought…
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Borrowers and owners of the defunct International Credit Bank (ICB), Greenland Bank and Cooperative Bank whose properties were taken over and sold by Bank of Uganda irregularly and at giveaway prices, will have to wait a little bit longer for justice to be served. CEO East Africa Magazine has learnt that the Office of the Directorate of Public Prosecutions (ODPP) has asked the Uganda Police’s Criminal Investigations Directorate to conduct further inquiries on the allegations made against former Bank of Uganda officials, in the irregular sale of the banks. The case was opened by the Criminal Investigations Department (CID), on…
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Slightly over two years after an investigation by the Parliamentary Public Accounts Committee on Commissions, State Authorities and State Enterprises (PAC – COSASE) ended, with stern recommendations to punish Bank of Uganda officials implicated in the wrongful and illegal closure and sale of 7 defunct banks, shareholders of the closed banks could be about to see justice served. The Criminal Investigations Department (CID) of Police has confirmed that it has started investigations into the matter with a view to bringing the accused officials to court to face justice. The investigations follow a petition by a one Nelson Habaasa and…
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Law No. 1 of 48 laws of power: Never outshine the master! Make your masters appear more brilliant than they are and you will attain the heights of power. When it comes to power, outshining the master is perhaps the worst mistake of all. The above, is an extract from a book, The 48 Laws of Power by American author Robert Greene. If you have not read this book- you should probably give it a try. Perhaps, if Dr. Louis Kasekende, the most immediate Bank of Uganda Emeritus Deputy Governor had read it, or maybe he has ever read it- but if he…
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