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Fresh from securing an English appellate court order that dfcu Bank, its former management and directors, must answer claims that they participated in corruption and bribery of Central Bank officials so as to buy the former Crane Bank on the cheap, shareholders of the now closed Crane Bank have welcomed the ruling and vowed to pursue their search for justice in English courts. In a media statement released on Friday, 28th July 2023, Crane Bank shareholders said they were “delighted with the judgment of the Court of Appeal, which vindicates their position” that “their claim for hundreds of millions of…
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The wheels of justice turn slowly, but grind exceedingly fine, Bank of Uganda has sadly learnt, albeit too late. This is after pouring several billions of taxpayer money, down the pockets of several of its highly billed external law firms, in what would eventually amount to putting good money after bad money. But let us rewind the clock first, back to 2016. The Central Bank, on 20th October 2016, at the command of the then Deputy Governor, Dr Louis Kasekende and Director of Commercial Bank Supervision, Justine Bagyenda, in the exercise of their statutory powers, seized Crane Bank, at the…
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Despite having chaired a meeting that resolved that Bank of Uganda should await a Supreme Court’s decision on the transition of Crane Bank Limited from receivership to liquidation, the Deputy Bank Governor Mr. Michael Atingi-Ego on November 4th 2020 advised the Governor that the controversial liquidation should go on. Bank of Uganda on 09th November 2020 in a public notice by the Governor, Prof. Emmanuel Tumusiime Mutebile, said that it had commenced liquidation and had as such ordered winding up of its affairs- a move that has met mixed reactions from legal experts. “Bank of Uganda (BoU) took over management…
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Prior to 2017 and for a long time, everyone knew Bank of Uganda Governor, Prof. Emmanuel Tumusiime Mutebile as a no-nonsense man. The tough-talking Mutebile, together with her iron-lady Executive Director Bank Supervision, Justine Bagyenda had what seemed like a good game going on. So infallible was Bank of Uganda at the time that when it closed National Bank of Commerce on 27th September 2012 and Global Trust Bank on 25th July 2014 the unknowing public was in deep support. Then on 20th October 2016, BoU placed Crane Bank, the third-largest bank at the time under statutory management, then went…
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Attempts by Bank of Uganda to liquidate Crane Bank are illegal and could cost taxpayers more money, should it go ahead, several lawyers that CEO East Africa magazine has spoken to have said. Yesterday, the Central Bank put an announcement on its social media channels, purporting to place Crane Bank under liquidation. “Bank of Uganda (BoU) took over management of Crane Bank Ltd (CBL) on October 20, 2016 and subsequently progressed it into receivership on January 24, 2017. In exercise of its powers under section 99 (1) & (2) of the Financial Institutions Act, 2004, BoU has now placed CBL…
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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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2015: For much of 2015, interest rates rose sharply, opening the year at an average 21.69% and by February 2016, had reached a 4-year high of 25.22%. This was partly due to a Bank of Uganda spike in the Central Bank Rate which opened 2015 at 11% but closed 2015 at a 3-year high of 17%. This dragged on until March 2016. As night follows day, borrowers started defaulting across the industry. Crane Bank, which was the fourth-largest lender at the time, got severely injured.March 2016: As a result of the default on the loans, BoU wrote to CBL directing…
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In 3 years alone, dfcu has earned in excess of UGX60 bn in profits from the Crane Bank deal. Add that to the UGX39 billion dfcu was aided to evade in interest on the deferred purchase price to the UGX37 billion profit dfcu stands to make, if BoU goes ahead to pay the UGX47 billion claim, dfcu Bank will have earned about UGX140 billion- that is all before they even complete the full UGX200bn purchase price for Crane Bank!
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