Tag: Bank of Uganda
Uganda: Members of Parliament seek legal ways to evade taxes! Citizens rise up (20.11.2016)



[Insert a bogus charge] Besigye detained again at his home in Kasangati

Another day, another empty charge, another time Dr. Kizza Besigye detained for no other reason that he is home and breathing. Like the crimes of the Forum for Democratic Charge ever has amounted to anything, because it’s all political and controlled from above. The Police in-charge knows this and uses all kind of spin-control to make it look otherwise, because they think the citizens of the Republic of Uganda is blatantly stupid and ignorant like their leadership.
Therefore as he arrived during the weekend and on Sunday morning the Police Force set their guards at the gates, as they put out metal teeth’s and such to stop cars from entering the compound of the political man. He was taken together with his famous driver Fred Kato, who has charges because of his allegiance to Besigye, but they have all been dropped. Besigye we’re also taken with Christine Behimbisa.
The black “Torture” van picked them up and the Lord Mayor of Kampala Erias Lukwago together with Farouk Mugerwa went to Naggalama Police Station and Prison in Mukono, to see if they could get him released from his detention today.
While Ingrid Turinawe, the FDC Mobiliser has been detained on the way to Kasangati and her whereabouts is still unclear as the charges for driving to Kasangati has not been written as a cardinal sin, but we can surely see that information soon coming out of the mouth of AIGP Andrew Felix Kaweesi. I should not know the Name of Police Officers, but I do, because this arrest of FDC people has constantly and with rampant acts. Like the arrest of Doreen Nyanjura who had this Friday closed of the Kasangati for the arrival of Besigye. Because of this insult to the Police, she was detained without charges and we’re bailed out the day after.
So we all know where we are going, the NRM Regime cannot help themselves as they are on a spiral of killing innocent and rule of law to the level of fearless non-sense like this. Where they arrest people for no apparent reason than they exists and without charges, because they apparently at this day and need none. They are okay under the wings of IGP Kale Kayihura and Mzee.
The is the acts compared to Medieval kingdoms with kings who thought they we’re God and had all reason to spread their justice over all men kind or in meagre existence inside their own fiefdom. The pride that the Republic of Uganda is now the same, as it all connects to the power-hungry President who will tarnish his reputation and his legacy over continuation of these acts of impunity. He can bike around and act like road-show to try to overshadow these acts of violence against own citizens, but the truth will conquer that vile attempt of spin-control. Peace.
[Insert Stupidity from the UPF] New-confined House-Arrest of Besigye!

“Police have again taken over security outside Dr Kizza Besigye’s Kasangati home after a group of women blocked their access yesterday. The leader of the group said the police took over security early morning” (NBS TV Uganda, 30.10.2016).
Again the Police Force has taken the home of Dr. Kizza Besigye under siege, as he had 12 days abroad as per request and allowed to while the Government continues to work on forged allegations of treason. This continued war-path and destruction of liberty and freedom for the political leader and former presidential candidate.
This is a farce and continued presence of Police without warrant or charge on the man. The decision to house-arrest the man because of so-called intelligence of planned demonstrations with him together with comrade and loyal friend Lord Mayor Erias Lukwago in Kampala. As Hon. Beti Kamya continues to force vendors of the street and alleys while the streets are cleared with violent force of Police. That is the only thing the Police under IGP Kayihura knows anyway.
This is a continued injustice is just getting to far out of hand. I don’t know how many times I written about it, but the Penal Code and the Preventative Arrest, the Colonial Law inherited from the British have been now certainly used more by the NRM Regime, than the years under the British Lords. I am sure the record for most Preventative Arrest in Ugandan History is Dr. Kizza Besigye. That says more about the authorities than of the so-called illegal activity of Besigye. Besigye is soon not allowed to think or breathe; as no matter what he does he get detained, arrested and such.
Just like Doreen Nyanjura has been detained and arrested, even tortured and not allowed food from the Police Officers at the prison. That shows the level of impunity as she just tried together with other woman that their leader should have justice and freedom as anybody else.
I am tired of the political police force and their misuse of power against civilians, political persons and others are easily picked without charges or cases to be made. That proves that injustice bounces over rule of law. Again, Again and Again! Peace.
Uganda: (Besigye & Lukwago we’re…) Planning Illegal demonstrations (30.10.2016)

Uganda Police Force has received reliable information from intelligence sources that Dr. Kiiza Besigye, Mr. Erias Lukwago and other political actors have been mobilizing and meeting vendors who were recently removed from the city streets with the aim of staging illegal demonstrations on Monday October 31, 2016.
Uganda Police Force wishes to inform the general public that it has not received any notification concerning the planned demonstration and that any person who participates in such illegal activity commits a crime.
Police shall take all necessary measures to prevent such illegal acts and ensure that no persons disrupt the normal business life and peace in the city.
The public is cautioned not to be misled and hoodwinked by such opportunistic individuals whose agenda is to cause the breach of peace in the city.
Vendors and hawkers are advised to be patient and work with the ministry responsible for Kampala Capital City affairs to find alternative solutions.
Andrew Felix Kaweesi ‘ndc’(k)
AIGP
PUBLIC RELATIONS OFFICER
October 30, 2016
Police Confines Besigye Again (Youtube-Clip)
https://www.youtube.com/watch?v=xmq2QVkNpWU
“The FDC women in command, a female pressure group that on Saturday, occupied the Police check point at Dr. Kiiiza Besigye’s home in Kasangati, have lost control to police. The fearless women group lost their base when they retired last night for family obligation. Their attempt to fight back and gain control was futile as Police surrounded Besigye’s home again” (NBS TV Uganda, 2016).
Ugandan finances are struggling and the evidence of the recent acts are showing it…

“We are struggling, the situation is not as easy, but we are not desperate and the situation is under control. For us [government] we are ready to listen and to learn” (…) “The economy is not receding, the disposable income for drinking may not be there but we are not in recession” (…) “To avoid having arrears, we have to budget appropriately and the money budgeted for has to be absorbed” said Finance Minister Matia Kasajja earlier today (Oketch, 2016).
Nakumatt Holdings is apparently struggling as evident today of their Corporate Statement, that they have to even state it to the Nation, even after the takeover of Shoprite Supermarket Limited; they are still not financial stable. This news is coming days after the Crane Bank got into Administration by the Bank of Uganda (BoU). That after the bank tried to subdue the public together with the BoU in September, telling that the Bank we’re not looking for new owners. This is happening while the troubling times for Cairo International Bank and United Bank of Africa (UBA) Uganda… this is known as the Prof. Emmanuel Tumusiime-Mutebile of BoU said they we’re under notice.
Just as this is known in March 2016 the Exim Bank Uganda, that is a subsidiary of the Exim Bank of Tanzania. That bank took over Imperial Bank of Uganda and also Imperial Bank of Kenya. This is banks licenced by the BoU. So there have already been issues for the banks in Uganda, just more silent movement as the Investors of Exim Bank wanted it to die down.

Cancelled funding from Exim Bank:
“The major funder of Karuma and Isimba dams has withheld money for the country’s two biggest hydro-power projects until the legal disputes in Ugandan courts about the two ventures are resolved. The Export-Import Bank of China has written to Uganda’s Ministry of Finance, asking the Secretary to the Treasury, Mr Keith Muhakanizi, to explain why the ministry submitted to them documents of due diligence on the two dams and confirming the tendering process had been properly concluded yet the power projects are now a subject of litigation in court” (…) “Mr Muhakanizi was in State House yesterday for a meeting with President Museveni, but after consulting him, Ministry of finance spokesperson Jim Mugunga said: “It is true that the Export Import Bank of China like any other responsible party, expressed concern about the court case by a concerned Ugandan citizen which listed the bank among defendants. The Government of Uganda, through the Attorney General, secured a court order dismissing the case against the Exim Bank. The bank, therefore, is no longer party to the suit and the PSST Mr Keith Muhakanizi this week communicated the same to the bank.” (…) “Mr YuMeng expressed concerns that the outcome of the case in question would affect the commercial contracts related to Karuma Hydropower Dam and Associated Transmission Lines Works and Sub Stations Project, the 183MW Isimba Hydropower Project and the Isimba-Bujagali Interconnection project under Preferential Buyer Credit facility” (Mugerwa, 2016).
This is new that the Exim Bank is answering with postponing the building of the dam. Something that is the Markie and big Infrastructure projects that the Movement needs to shine a light into the dim situation of the Government. Certainly this answer from them could not be anticipated by President Museveni and his friend in the State House.
This is not the first blow this year as Uganda National Roads Authority (UNRA) has been under fire all year ever since first response from World Bank on the 8th January 2016:
“Following the cancellation on December 21, 2015 of the World Bank-supported Uganda Transport Sector Development Project, overseen by the Uganda National Roads Authority (UNRA), the World Bank has suspended the disbursement of funds for civil works in two other projects in Uganda. Those projects, overseen by the UNRA, are the North Eastern Road-Corridor Asset Management Project and the Albertine Region Sustainable Development Project which are suspended pending a review and strengthening of the capacity of UNRA to adhere to the required environmental and social standards” (World Bank, 08.01.2016).

If you though it wasn’t demeaning enough the World Bank continued later in the year with this statement: “UGANDA, September 13, 2016 –The World Bank Group took a decision to withhold new lending to Uganda effective August 22, 2016 while reviewing the country’s portfolio in consultation with the Government of Uganda. We continue to actively work with the Ugandan authorities to address the outstanding performance issues in the portfolio, including delays in project effectiveness, weaknesses in safeguards monitoring and enforcement, and low disbursement” (World Bank, 13.09.2016).
This is now evident that they used all the months from December 2015 to September 2016, that means the suspended funds for the projects been delayed for 10 months already, which is a close to year. Certainly that must hurt the UNRA and Government of Uganda really, really hard. The World Bank has because of this made the UNRA change how their work, as the Director and staff has sacked at a point. Now in October the agreement made between UNRA on behalf of GoU has been looked over and seen that some has been fraudulent and not made with due-diligence.
And your know there is issues in the finance market when even the states own National Social Security Fund (NSSF) have to explain where they invests their funds after social media spreads rumours of buying a mall in Nigeria and borrowing heavy funds from the Banking Sector of Uganda. This is happening as there 3 banks under fire and struggling already and if you forgotten they are Crane, Cairo International and United Bank of Africa. So the citizens and costumers of Uganda are already worried, they have been there before with the Greenland Bank and other who has lost confidence and gotten into receivership.
Yesterday even the IMF has answered the financial issues of the republic under the Movement:
“The mission notes the difficult environment for fiscal policy in FY15/16. While revenue collection increased as a share of GDP, it fell short of program expectations, reflecting lower than projected nominal GDP growth. At the same time, current spending was higher than anticipated. Taken together, the overall deficit target was missed by 0.4 percent of GDP, and the government partly relied on BoU advances for its financing needs. The execution of externally financed projects lagged behind target” (…) “the financial sector remains well capitalized, though non-performing loans have edged up. This has prompted a tightening of lending standards and a slowdown in credit to the private sector. The third largest domestic bank had become undercapitalized, and the BoU appropriately took over its management to protect deposits and safeguard financial sector stability. As a next step, the financial position of the bank needs to be established, and BoU will look for a strategic investor” (IMF, 2016).

If you see all of this and wonder how can this be, that one government has all of this just months after a General Election, than you know something isn’t as it supposed to be. The Government of Uganda are not running a steady ship when a bank is trailing, 3rd biggest commercial in the nation by 19th October into Administration, Cairo and UBA under the watch-list of the BoU; World Bank suspending loans for the Infrastructure Projects that is needed. While the BoU are fixing some financial stability it is not helped by the giving ways of the President Museveni and his dropping funds like a Walking ATM.
“Prof Joe Oloka Onyango said every crisis in this country is being solved by way of brown envelopes, a scenario he described as being sad and far below the rule of law in the country” (…) “In early 1980s, when this country was under the leadership of Godfrey Binaisa Lukongwa, State House was like a market place. Today, State House has been converted into an ATM,” he said amid cheers” (Wesaka & Adengo, 2016).
So for the once that do forget, the ATM Museveni is the cause of the issues that are now; this is his fiscal responsibility and Monetary Policies that made this happen. This is the reactions to the overdue and overspending of the Presidential Campaigns. These reactions should also lead to higher Inflations that it has done before after the elections. Therefore the Finance Minister Kasajja and Executive director Tumusiime-Mutebile have made some progress from previous elections in the Republic. Though the aftermath is now vivid for the citizens who are costumers at Cairo, UBA and Crane… there visible proof and the evidence are in the reaction of the Campaigning as the fraudulent and maladministration of the Banking Sector. This comes into mind as the State House had this message after February:
“As parliament’s budget committee tussled with an avalanche of supplementary budget requests late last week, which totalled Shs 1.04 trillion, some officials confessed that they emptied their initial budget allocations in order to sustain President Museveni’s campaign expenditure. State House comptroller, Lucy Nakyobe, whose office tabled a supplementary budget request of Shs 49.7 billion, told the parliamentary budget committee on April 1 that her coffers were depleted by the so many inland travels of President Museveni, who addressed four campaign rallies daily on average for the campaign period” (Namuloki & Oluka, 2016).
So the debt has to repay and taken from somewhere as the Central-Government, Banks and Multi-National Organizations are stepping off from the Ugandan Government, the Movement are running in circles taking care of their own while the citizens is now trailing and falling off. That is why businesses are giving in.

Just as people might have forgotten the paying of businesses connected to the family and General Salim Selah: “Prominent businesses in the country might soon run out of business if a decision that could see the use of Shs1.3 trillion taxpayers’ money to bailout companies in distress is not taken in their favour” (…) “Talking to Daily Monitor on condition of anonymity, a source privy to the talks revealed that “there is concern that bailing out companies without correcting the economic situation in the country will not resolve the problem.” (…) “The economy is not growing fast enough to generate activity for these companies to perform at full capacity. A bailout will not deal with the core problem. That is the argument being fronted by several government technocrats against the bailout,” the source said” (Muhumuza & Adengo, 2016).
So with this in mind, there are some sound imbalance about the bailouts months before one of the great banks put into Administration, NSSF has to answer for Social Media outbursts, two more Banks on a stroll, State House being broke months ago, UNRA projects suspended by the World Bank, IMF are seeing that infrastructure projects are lagging behind, Exim Bank suspended pay to the two dam projects and the strange bailout. There are too many evidence of lacking financial sound practises… Even Nakumatt the Supermarket are having troubles. There just more pawns on the set ready to move, but how they fall only the kings knows; because the Kings stay King. Peace.
Reference:
IMF Communication Department – ‘IMF Staff Concludes Review Mission to Uganda’ (26.10.2016) link: http://www.imf.org/en/News/Articles/2016/10/26/PR16462-Uganda-IMF-Staff-Completes-Review-Mission
Mugerwa, Yasiin – ‘Chinese bank holds back Karuma funds’ (27.10.2016) link: http://www.monitor.co.ug/News/National/Chinese-bank-holds-back-Karuma-funds/688334-3431376-qxr194/index.html
Muhumuza, Keith & Adengo, Jonathan – ‘FULL LIST: 65 loan-stressed firms line up for Shs1 trillion taxpayer bailout’ (22.07.2016) link: http://www.monitor.co.ug/Business/65-loan-stressed-firms-line-up-for-Shs1-trillion-tax/688322-3305166-d6h193/index.html
Namuloki, Josephine & Oluka, Benon Herbert – ‘State House broke after spending on Museveni campaign’ (09.04.2016) link: http://www.observer.ug/news-headlines/43556-state-house-broke-after-spending-on-museveni-campaign
Oketch, Martin Luther – ‘Economy is struggling – Minister Kasaija’ (27.10.2016) link: http://www.monitor.co.ug/News/National/Economy-is-struggling—Minister-Kasaija/688334-3432534-t8dv3c/index.html
Wesaka, Anthony & Adengo, Jonathan – ‘State House turning into ATM, says Mak don’ (11.10.2016) Link: http://www.monitor.co.ug/News/National/State-House—ATM–Mak-don-/688334-3411968-1155d8t/index.html
Opinion: We can now see that the Movement has lost touch with Kampala as the Hon. Kamya decree gets into action!

The proof is there now in the streets of Kampala, that the Police are following the decree of Honourable Beti Kamya from 19th October 2016 and taking down the street vendors around Old Kampala and areas around.
“It was an afternoon of bullets, injuries and arrests as law enforcement officers proceeded to implement orders by Kampala minister Beti Kamya to get the vendors off the streets Amidst the show down, a number of arrests were made and many left in tears as they saw their means of livelihood taken away from them” (NBS TV Uganda, 25.10.2016).
That they are shooting at innocent civilians because of the words of a State Minister who hasn’t confined her actions through proper process in Kampala Capital City Authority or by any other leadership. The rules of law are apparently not important because the Honourable can just write a decree and the whole ballad of Police Brutality comes stepping on the doors, citizens, people and ordinary vendors who have been trading in the districts for years on end.
“Police and KCCA officers in running battles with street vendors as they try to enforce gov’t directive to get vendors off the streets, in Kampala” (NTV Uganda, 25.10.2016).
So a Government Decree or Directive doesn’t need any more procedure or decision making in the Parliament, not in the City Council of anywhere else. So the Carte Blanche for Central Government is now that loyalists of the Regime can do as they please. Which is a dangerous sport; if Hon. Beti Kamya find’s it illegal to catch grasshoppers because she hates the taste. Then the electric fetchers are illegal to put-up and the ones that before traded on that can lose all their livelihoods. Just like the men and woman today who we’re torn-out of their trading area and have to from now-on if it persist get enough cash to facilitate inside some market-hall or shops that takes rent. That means the former vendors has to gain capital to rent or buy plots to set-up shop. Something the state doesn’t facilitate. Not even through the SACCO’s which delivers empty 30 years promises that are viable as many of the UPE schools in the northern districts of Uganda or even just up-country; barely walls and books, just a teacher or two who hasn’t gotten a pay-check in months. That is the lovable system and their respect of their citizens.
The Movement have lost all touch with the grassroots and the citizens… when they are even barring the streets for their own benefits as the major banks fails to pay off debts made by the Presidential Election Campaign. The fall of Crane Bank, who is now under management of Bank of Uganda, the Cairo Bank is also on the steps to become controlled by the Central Bank as well. That shows the fragile monetary policies and the weakness of the fiscal policies in general by the Movement, as the self-centred organization it is.
We can also question the financial situation in the Republic of Uganda as the World Bank has suspended their agreed loans for infrastructure projects of Uganda National Roads Authority (UNRA). So, the same Government who has issues with Multi-National Organization is now targeting street vendors for their trade. That Hon. Kamya has made ordinary citizens criminals for activity that has happen for decades and never been sanctioned.
The Issue I have is that this hawkers, street vendors as they have been there for so long. Not like the government and KCCA has ever done anything for them, but they at least has created to the economy. I am sure by my recon that many sells the Airtime that these big-tax paying cell-phone corporations and the communication industry like MTN, Airtel, Uganda Telecom and all of them needs to keep the citizens occupied with talking and texting each other.
So the needs of public aren’t necessary in the present time and the needy that do what it takes to survive aren’t good enough for the protection of the Police or the KCCA. The Government who has a fragile economy attacks those with the weakest economy and are the entrepreneurs that the Government have been bragging about. The Entrepreneurial Spirit as they we’re entitled to this in February and the Government men we’re all smiles.
This doesn’t matter now, the boda-boda’s, the newspaper sellers and the others who sell used clothes to live even. These people all of sudden doesn’t count by the Hon. Kamya decree they are useless and illegal. Not with an act or a new law, but a directive that set the standard. This behaviour is now the common grounds.
The Hawkers and Street Vendors might create noise and be hassle now and then. They might be distracting and even creating garbage, but nothing that the KCCA has been having issues with before. These sanctions are coming decades after the free market and liberty that came with the Structural Adjustment Programme (SAP) ushered in by the current President Museveni in the 1980s.
The President has eaten a long while on these sellers and their trade, but now it is not enough. He needs are now for the foreign investors and bigger investments that capitalize more cash-flow from the banks and donor-community that he needs.
So the acts from the KCCA shows the systematic issues that are in Uganda now, together with the wish of splitting Kasese District, because the Ugandan Government has forgotten why they are there. They are not there for the MPs or the Government Officials, but they are there for the people and the citizens. The shooting of the families and street vendors, scaring them of their corners and everything… because a non-voted and non-discussed decree from Hon. Kamya that put this into order.
This is not news in some regards, but the reality is that the Movement has clearly forgotten why they exist and why they are there. Not for the sake of being there and earning monies of the budget or the tax-payers money. They are there for the common-man and to provide for them. Instead they are doing the same like they are doing to the Opposition, using live-bullets and arresting them for being there.
The Decree or Directive is only to show force and strength, the mentality is that sooner the Government has to live by the acts of aggression against civilians something that now will be with them. Not only against political opposition and supporters, but trading civilians who has done legitimate trade in Central Business District and now all of sudden been sanctioned by the regime. They been reasons for the giant companies and importers getting more units sold and the little tax-base that Uganda Revenue Authority has.
So this combined is a strange effort to consolidate the trading of Kampala and make sure the government earns their tax. That the Government and the Movement didn’t’ think about it… or question it boggles me, but the selfish principals of Hon. Kamya is evident as she wants to better than the ones before. An also show the Lord Mayor Lukwago that her words are law while his are worthless, like the acts today show. Peace.
A look into the Crane Bank sudden fall from Grace!

“Mutebile says Crane Bank takeover was because it lacked sufficient capital and posed a systemic risk to the financial system” (NBS TV Uganda, 21.10.2016).
There are too many signs, but the sign today that shatters the fiscal policies not worth the ink printed on the shilling; is the fall of grace from the former engine of the economy Crane Bank Limited (CBL) that we’re owned by a foreign investor and even saved by European Investment Bank (EIB). The refuelled money came in 2014 and had record results in 2015. So it’s weird by May 2016 that the bank we’re all of sudden under heavy losses. It’s not like the ATM Museveni who emptied the State House and needed new funds after Campaigns of 2015/2016. So you start to wonder if this is connected to the #ScamBailouts of Companies that even had very many accounts at the Crane Bank.
There are so many questions and reasons if it is a plot behind the scenes as the Owner Sudhir Ruparelia. That happens with the takeover of National Bank of Commerce (NBC) even at some point to gain bigger markets in 2012.
“We have picked clues that it is about the way NBC was closed and hurriedly taken over by Crane Bank and the second lead relates to politics; there are some individuals who think that Sudhir could have bailed out President Yoweri Museveni with money from his bank during campaigns and so these are trying to spoil business,” the sources say, referring to a brief about the ongoing negative publicity about Crane Bank that was reportedly prepared by Economic Monitoring Desk in the Office of the President” (Eagle.co.ug – ‘Former Premier Mbabazi cited in Crane Bank woes’ 14.10.2016).
All of a sudden the bank even swindles the long-living Honourable Member of Parliament Sam Kuteesa:
“A new scandal is raging in Crane Bank after its own staff stole Shs 846m from the bank’s customers. Of this, Shs 800m was withdrawn from the account of H.E Sam Kutesa, the President of United Nations General Assembly and Uganda’s Foreign Affairs Minister and the Shs 46m from other customers in Kabale district” (…) “We contacted Sudhir Ruparelia, the Managing Director of Crane bank and this is what he said: “It is not true anyone lost money. I don’t talk on phone to people I don’t know. Come to my office”. Later, his daughter said: “As a matter of policy, the bank cannot discuss details of a customer. If you want any help, write to me, I will see if can help you”. Kutesa’s aide, Joseph Barigye, speaking from New York in the US said the bank was “sorting the mess”. Meanwhile, the bank has tasked the Forex Manager to compensate the loss” (TheInsider.co.ug – ‘Crane Bank staff swindles Kutesa’s Shs800m’ 29.04.2016).

In December 2015 an unknown bank could be closed by BoU:
“A highly placed source working with the said bank, told Newz Post that the regulator is concerned with the state of affairs at this commercial bank. The bank of all bankers has advised that something be done urgently or the worst might happen to this bank. –closing the bank” (…) “The December 2015 report by BOU auditors, found that the said bank was ‘‘less than satisfactory’’. The bank was given time to sort itself out. Meanwhile, BOU kept a close eye on bank” (…) “With pressure from BOU to do ‘‘something’’, the bank has increased pressure on the heavy borrowers, who have since resorted to selling their assets and business to pay back the loans. The BOU has also advised that the bank must get an investor to pump in more money as well as bring in management expertise” (Newz.ug – ‘BANK OF UGANDA THREATENS TO CLOSE A TOP COMMERCIAL BANK’ link: http://newz.ug/bank-of-uganda-threatens-to-close-a-top-commercial-bank/ ).
With this in mind, the biggest Commercial bank Crane all of sudden gets into management. That the bank had to close monitored must be because of the ownership and also the recent campaign trial of the government. That cannot be coincidence as the objective of that is over and now the bank is in shatters. Therefore the bank management and stakeholders has tried to keep the costumers and confidence up high, even getting the BoU to lie. As I show here.
So when that transaction happens in that regard, here is something more telling about the Crane Bank of September:
“Atlas Mara, the African financial services company co-founded by the former head of Barclays’ Bob Diamond, was in talks to acquire a stake in Uganda Crane’s Bank, a person familiar with the matter said. The talks were at an early stage, the person said, asking not to be identified because the discussions were private. Atlas Mara values the bank at $250 million (R4 billion), while Crane Bank says it is worth $300m, a Nairobi-based east African newspaper reported, without saying where it got the information. Crane Bank said in September that it was looking for a strategic equity investor with a regional or continental network” (Cape Times – ‘Stake in Crane Bank on table’ 20.10.2016).
As that was happening in the hollow chambers of Atlas Mara this we’re the statement from BoU:
“As of now, the Bank of Uganda has not received any request from Crane Bank to approve a change in shareholding. Should such a request be received, the proposed share holders will be vetted for “fit and proper” credentials and positively considered if they warrant approval. It should be noted that it is normal practice for financial institutions to change shareholding in line with their strategic objectives, and this has happened several times in Uganda” (Alupo, Christine – ‘Bank of Uganda on the Crane Bank Ownership’ 19.09.2016).
So there was a lie three somewhere in between the Bank of Uganda, Crane Bank and the Atlas Mara; as the Financial Service wouldn’t hunt for a new owner at the same time as the BoU would supress the idea of selling the shareholders and ownership of the same bank. That is just blatant lie from the Central Bank and Government of Uganda who covers up misconduct from their greatest Commercial bank, that had massive profits in 2015.

If we’re talking about misconduct this one from the grandmaster kingpin His Excellency Museveni:
“A few days back (Monday), one of our journalists Sewakiryanga Ivan reported that the first family was withdrawing huge sums of money from Crane Bank. According to Ivan, Museveni had spent huge sums ($ 200 million) on the February Presidential Campaigns money, money reportedly drawn from Crane Bank. He also revealed that Crane Brank among other investments purportedly owned by Sudhir and Bassajalaba was owned by the President” (Buule, John – ‘Museveni finally sells off Crane Bank to Uganda’ 20.10.2016 – Mycampusjuice.com).
So if these reports are true, together with the shady dealings of the past as the Sudhir Raparelia who might even just been a perfect stooge in foreign investment scheme of things; while President Yoweri Museveni could run mad on his own enterprise as the bank has lasted for 24 years of the 31 years he has had the reign. That makes it possible after a little heckling over money he made his own bank to take it away from the reach of Bank of Uganda, the Central Bank and Reserves of the State. A state now so broke that now the funds for his Campaign has shattered the biggest Commercial Bank and it’s put under management of BoU. This is where even the Mighty President was not allowed to borrow for his expensive campaigning and paying of his loyal cadres to be behind after the election because of shillings of glory.
So with this in mind, the sale of Financial Service Atlas Mara wouldn’t be setup as the shoddy accounting and transparency of the bank where not fitting any prospects. Even a former Barclay’s Manager wasn’t able to settle the deal for new ownership. I am sure the finances and books weren’t sweet enough. Another reason why the Bank of Uganda wanted to make sure the Citizens of Uganda didn’t know the misconception of the safety of keeping accounts and transactions at the Bank. Together these indications prove the imbalance and wish to keep the first families activities in the shadow as they want to keep their acts behind closed doors. Still, when it surface it’s usually cause venom or disharmony as the Executive doesn’t have the Ugandans at heart, but his own pockets. Therefore even the Director of BoU Prof. Emmanuel Tumusiime-Mutebile sent him packing before emptying his treasure chest at the Crane Bank.
If this is the fact, than there are certainly many tax-payers and others accounts wiped out because of the greed of the old man with the hat. That used his last option to pay his creditors for the Presidential Campaign of 2016. Which cost a fortune for him with the buses, artists and all the other political aides paid off for the sake of 30 years and counting; the pride of the man with a lost vision. Peace!
Letter: Bank of Uganda take over of the Management of Crane Bank Limited (20.10.2016)

Letter to Staff:


