BoU Scandal: Bank of Uganda Deputy Governor Louis Kasekende defends himself (18.12.2018/19.12.2018)

Jubilee signed off the KPA assets if they default on the loans to China Exim Bank!

The Office of Auditor General letter to Kenyan Ports Authority on the 16th November 2018 has said something striking, but nevertheless something I anticipated, because they stated a fact that everyone should recognize. That the Chinese is not giving toll-free loans without any collateral. In this instance is the loans for the Standard Gauge Railway, which have been a massive White Elephant and is just a doomed project from the get-go. Unless, the Jubilee are able to grow money on trees.

However, the letter from F.T. Kimani to the Ports Authority states that: “The payment arrangement agreement substantively means that the Authority’s revenue would be used to pay the Government of Kenya’s debt to China Exim bank if the minimum volumes required for consignment are not meet as per schedule one. The China Exim bank would become a principle in over KPA if KRC defaults in its obligations and China Exim bank exercise power over the escrow account security. The KPA assets are exposed since the Authority signed the agreement where it has been referred to as a borrower under clause 17.5 any proceeding against its assets by the lender would not be protected by sovereign immunity since the government waived the immunity on the Kenya Ports Assets by signing the agreement. The agreements is biased since any non-performance or dispute with the China Exim bank (the lender) would be referred to arbitration in China, whose fairness is resolving the disagreement may not be guaranteed. The authority did not disclose these guarantee in the financial statement” (Kimani, 16.11.2018).

If you read it, what it states is very clear, if the growing debt to China is not paid on time and defaulted, it means that the Port Authority has to give away its assets or collateral to the China Exim bank, as it is stated in its agreement. This is similar affairs happen in Sri Lanka and now is viable in Kenya. As the Mombasa Port might become an asset for the Belt Road of China to earn back their borrowed funds.

They Government of Kenya, should be worried about when signing the loans from China Exim bank, but they wanted the glory of the giant infrastructure project. Not the fiscal or financial responsibilities, if not the consequences of not paying back the funds. The Chinese has clearly safeguarded the investment with the fine print. Stating the assets of the Port Authority and by this. Securing a vital and important port in East Africa. As they got a nice piece, if the Jubilee starts defaulting or if the next President fails to live up to responsibility that Kenyatta made for him.

That the Kenyans should be worried, because the Chinese is not forgiving, when concerning their money. That is known, the public should know and should anticipate this. As this is a forewarning to the possible aftermath. That has been seen elsewhere and might come to shores close to you. Peace.

President Museveni letter to Hon Matia Kasaija: “Re: Massive Tax Evasion and Concealment of Rental Tax” (23.11.2018)

Robert Kyagulanyi aka Bobi Wine Statement on the new State House – Anti Corruption Unit (10.12.2018)

So today President Museveni has asked Ugandans to listen to him as he announces new measures against corruption. What a joke! After 32 years of empty promises, he is promising yet again!

How can we depend on the man who created the mess to clean it up?

How can a man who has created and presided over one of the worst corrupt systems talk about fighting corruption? How can a man, who goes around bribing citizens with sacks of public funds purport to fight corruption? How can a man, who was only last week linked to receiving a bribe of $500,000 in a United States federal court, say anything about fighting corruption? What can a man who has established, nurtured and supported political and economic corruption talk about combating corruption? A man who bribes MPs to pass decadent laws? A man who only two weeks ago admitted while in Kenya, that he bribes Ugandans, so as not to lose votes? A man who treats our nation’s treasury as if it’s his own purse? A man who treats Uganda’s natural resources as his own?

It is because of that corrupt system that hospitals have no drugs. That schools are rotting. That the levels of unemployment are sickening. That we have no public transport. That our infrastructural projects are inflated, costing many more times than they do in other countries, and yet we end up with shoddy works. That our nation suffers and bleeds.

If corruption in Uganda is a baby, President Museveni is its midwife. If it is a football game, he is a striker. If it is a song, he is the producer. If it is a building, he is the chief architect. And yes, if it is a plant, he is that fertile soil that has enabled it grow, blossom and flourish! He has appointed, reappointed, and elevated the corrupt and most compromised people in public office, and protected them.

Mr. President, you have no moral authority to say anything about fighting corruption. You are not just part of the problem- you are the biggest stumbling block in any effort to rid this country of corruption, patronage and abuse of public funds.

#FunaEndagamuntu
#People_ Power

Kenya: Government and Communication Authority statements on M-PESA Outage (09.12.2018)

Brexit: Attorney General Cox letter to PM May – “Legal Effect of the Protocol on Ireland/Northern Ireland” (13.11.2018)

Press Statement by H.E. Raila Odinga: MPs’ Pay Demand Amounts to Grand Larceny and Impunity (02.12.2018)

Bank of Uganda Scandal: BoU Confidential Memorandum – “Removal of Documents from the office of Mrs. Justine Bagyenda located at Plot 45 Kampala Road without following the Bank procedures” (10.05.2018)

Opinion: The sad realities of the Ugandan involvement in South Sudan!

Today, it was two vital reports that came out on the subject. Both was how the National Resistance Movement, the NRM and President Yoweri Kaguta Museveni and his government have been involved in the South Sudan civil war. For me this wasn’t shocking or really news. The reports locally has been there.

That the Uganda People’s Defence Force (UPDF) have supported the Sudan People’s Liberation Army (SPLA) with arms, guns and weapons training. Even in the midst of an United Nations Embargo. Which wasn’t long ago, that the Uganda President promised to continue to supply the South Sudanese counterparts. However, none of that has gotten as a MEMO to the Western partners of Ugandan war-machine. Who has continued to supply them with arms and later on been traded to third parties in South Sudan.

While the guns and arms been flowing, the refugees has seek shelter and relief in Northern Uganda. As the same Western partners has donated funds as the massive refugee flow from across the border. As they are fleeing the conflict and civil war. The same Ugandan government, to trick the numbers and schemes to fund various operations of the state, even buy an expensive plot for a parking lot for the Office of the Prime Minister, has used them. This is the sort of activity happens from the government, who supply arms to the conflict, they are asking the same foreign donors to help with trouble it creates.

The UNCHR has spent a total of $129,9m in 2016 and $210m in 2017 on the Refugee operation in Uganda. This while the Ugandan authorities has ballooned the numbers and added over 300,000 refugees, which was ghosts. Therefore, the UNHCR and OPM had to after the scandal have a registration and verification drive, which also cost the UN Agency money. For instance, the OPM claimed to pay for 72 civil servants working on UNHCR projects and paying them salaries, but there was no clear documentation if they really existed or had a job. There was also procurement done without prior authorization or documents going up to about $34,4m, which was not approved off or cleared by the UNHCR.

When you combine these reports, show how blatant disregard the Ugandan government have, how they are both the mediator, the arms supplier and the refugee relief. While getting both the value for money for the arms, they are getting benefit on the refugees and they are supplying high-ranking government officials because of it. You can clearly get the gist of the operation.

The Ugandan government have been earning and using the conflict to gain monetary gains, in each side of the bargain. By circumventing the arms-embargo, while being a mediator and official “peace-maker” and hosting the refugees from the same conflict. That is really staggering, when your combining all the efforts and tricks done, to get another buck. Earning fortunes on others misfortune. Peace.

Brexit: Bank of England dropped projected forecast and its bleak!

The Bank of England dropped their scheduled Stress Test Report of the possible outcomes of the Brexit. To say it was a joyful read, it really wasn’t, it is a dark chapter and proves what is at stake. That the politicians and the ones fighting to be sovereign from the European Union (EU) without concerned about the consequences. What is important about this BoE Stress Test, is that its an estimation and anticipation if certain variables are put into play. These are banking experts predicting the economy, that haven’t always worked out, but it give a feeling of the possible future.

To be honest the “No Deal” is a devastating affair. Shaving off 8% of the GDP. Rising unemployment up to 7,5%, Sterling falls 25% to below parity with the Dollar and house prices falls with 30 %. All of this is staggering consequences, where the shrinking economy, currency losing value and the main asset of the people lost value over night, going down to thirds of values, meaning more people will struggle to pay their mortgage and many more will lose their jobs. Therefore, this will be deep and impactful decision, where massive amounts of people will be hurt. By the mere outlook and forecast should stop anyone from considering it.

While the HM Government Plan are put to running up to 4 % of the GDP shaved off. The key part of the Report goes on the possible damage a non-deal does. That is also the one says how dire it would be. This has also been warned by both the Energy Industry, the Automobile Industry and others. Who has said the No-Deal would be damaging. That was most likely anyway, as the trade barriers, the hurt will be more constant and more companies will flea to greener pastures.

That is the reality, that the Brexiteers doesn’t care about. They don’t care if they risk 8 % of the GDP in a giant swoop. As long as they are not tied or into the Common Market. As long as they are out, the implications and the added stress to the economy doesn’t matter. That is the reality, many of the politicians doesn’t care to. As they are earning on the Brexit and making careers. They are not minding the hurt or damage. They are just smiling and saying it is for the best of the United Kingdom. When it really isn’t, they are all blaming the Bank of England. Because, they have nothing more fruitful to deliver the public.

This is predictions, forecast number if certain aspects and variables happens. These is not pseudo-science, but testing and estimating. It gives a certain forewarning about what might happen, if the HM Government does do a “No-Deal”. This shows what could be the possible cost. That should worry anyone, as this is the livelihoods, the homes and the businesses, who will disappear and not come back in long while. There will be plenty of Factory floors empty and take-away shops. Who suddenly are emptied in the towns and the cities. That because, someone wanted to prove a point to Brussels.

I am not a Remainer or such, but the Brexiteers are foolish for this one.

Are they willing to do this much damage? Are the British willing to risk possibly so much? Who would do so?

The HM Government Deal are bad too, they are possibly hurting half of the “No Deal”, which also shows how bad that is, but “No Deal” is massively worse.

Brexit will hurt, now the MPs and the Public have to decide what they want and how much they are willing to suffer. Peace.