When we keep quiet, these ‘fat cats’ think all Ugandans are stupid and can’t judge for themselves.
Early this year, Ugandans woke up to shocking news that DFCU had by order of Bank of Uganda (BOU) taken over Crane Bank. No one knows for how much?
It was the 3rd biggest indigenous bank in Uganda with over 44 branches countrywide employing over 700 workers. But its sale was akin to how someone would sell a goat.
Sunday Vision reported that Sudhir must now refund UGX400BN, 6 months after the Bank was sold! But how much was Crane Bank sold to DFCU? How much did Crane Bank demand from the people who had borrowed from it?
We understand people who are very close to State House had borrowed money to the tune of over UGX 300BN.
In my post I am quoting Sunday Vision, BOU alleges that Sudhir concealed fraudulent transactions and deceived BOU. BOU has an independent department called supervision headed by Justin Bagyenda, I hear a respected lady in the banking industry. Her primary duty is to oversee operations of all local banks. She has been executive director supervision from 2015 up to today.
The law allows BOU to carry out impromptu audits and every after six months, they would visit all Crane Bank branches and do the same.
Now this takes me to again Sunday Vision where they allege Sudhir did not remit workers savings between 2007 to 2016 amounting to UGX 52BN. Surely, someone in NSSF must answer for this? How can savings of over 700 staff not be remitted for 9 years without a red flag?
Sunday Vision again, BOU does not mention the managing director for Crane Bank, operation managers, basically the top management brass for Crane Bank anywhere. Their focus is Sudhir in his personal capacity, why? Was Crane Bank a brief case company for Sudhir? BOU should go for the former Crane Bank board or management.
We all know Sudhir is one of the directors of Crane Bank but all my friends who I have talked to, who borrowed money from Crane Bank say there were systems in place. You did not need Sudhir to secure a loan from Crane Bank. What the public is interested in knowing is why doesn’t BOU mention the management staff or the other board member?
If all this is true, then this is the biggest cover-up in the banking history of Uganda and BOU particularly the governor and the director supervision must have been involved. In developed countries, BOU’s role should have been involved already.
What surprises everyone though, is other than BOU and its external lawyers, no one is complaining. Nevertheless, these top BOU officials must resign within the next 30 days or we are going to petition court to halt this scandal.
Is there a cartel fighting Sudhir or it’s another day for BOU external lawyers to eat money? When you closed the bank, do not think Sudhir as a person was more affected as Ugandans who worked there.
How can someone who has never run a mobile money booth recommend the closure of a bank? It’s in Uganda where you find a veterinary officer without a rabbit advising cattle farmers.
As Sisimuka Uganda, we have been contacted by hundreds of people not to take this issue lightly and we have decided to involve our lawyers to drag BOU to court for issuance of certificates of incompetence to these officials so that other public officers can learn from it.
Do you remember when Allen Kagina went to Parliament recently and apologized for loss of billions of taxpayers’ money and nothing was done?
Are you willing to join us as we smoke out these “fat cats”?
Frank Gashumba, the author is the founder of Sisimuka Uganda: Changing Mindests, Creating Self Belief, Transforming lives and Communities