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Archive for the tag “BOU”

BoU Probe: Lukwago statement – “Re: Salient Matters Concerning The Parliamentary Probe Into The Closure of Greenland Bank and Other Defunct Commercial Banks” (12.02.2019)

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Bank of Uganda: Monetary Policy Statement for February 2019 (07.02.2019)

BoU Scandal: Mmaks Advocates – Press Release (12.01.2019)

Opinion: Kadaga’s lifeline to Katuntu shows Parliamentary Rules are only for show!

That MP Abdu Katuntu gets to hold the Chair of the COSASE as the Speaker Rebecca Kadaga allows him to continue the Probe into Bank of Uganda (BoU) and the scandals it entails. This is like shady play, because if Katuntu are allowed to stay, what offers have they given to prolong his term as the chair of Committee in Parliament? Isn’t the legal protocol abiding for the lawmaker and MP?

Alas, that is just showing the mere disgraceful display of ignorance, the chronic cronyism and the patronage of the state. Even if Katuntu is waving the flag of an opposition party and being an MP for the Forum for Democratic Change (FDC). His acts of overstaying is the same of the ruling regime. He is just waiving differently in the elections, but when in power. The man has trouble emulating the ones he is supposed to oppose and defy.

That the Speaker Rebecca Kadaga allows the MP to be the Chair until the probe of the closure of banks done by BoU. Just shows the mere reflection of how the state doesn’t care about the laws or abiding to it. When it comes to their own. They trust Katuntu, that he will deliver the recommendations and the verdict that the state wants. If not, they wouldn’t have let him continue.

This even as the MPs are supposed to follow Rule 146, which sets an MP is only allowed to be 2,5 years at a Committee. That is clearly done, so they can ensure that they are getting more portfolio and not to connected in one field. As the connections and the cronies can team up, stop the back-log and also the lack of reports being discussed in the Plenary Session. Maybe, that is also why the Katuntu want to stay. As he has certain favours to uphold.

We can really question, as the final ending of the investigation of the BoU cannot be that important, unless the patronage around Kadaga and the President. Are planning to bury the report and make it as pointless, as certain other Parliament Reports, which are as stale as very old wall-paint after years of bad weather.

We can wonder why Kadaga fights over the rules made for the 10th Parliament, the rules made to ensure transparency and accountability of the Parliament. The 10th Parliament rules should be hold, especially by the Speaker. If the Speaker doesn’t care, should the chambers be invaded by strangers and also fake evidence for the Parliament, because if the terms doesn’t matter. Does anything else?

If the COSASE Committee terms becomes pointless, than what else is pointless dear Speaker? We can just wonder, why do the Parliament have protocol and guidelines anyway? If the Speaker doesn’t follow them or can change her mind?

That is how it looks like and how can we trust this probe, when the chair of the committee can just override the rules. Gets extended and violate the laws to finish a probe into dealings done by the BoU. We can really wonder if the report will be juicy or be watered down juice. Certainly, I cannot trust it now. Not that I ever did, but before, they at least acted like they cared about protocol. Now, it is just pointless exercise of power. Without any rules, as the Speaker can overrule everyone. As she wants. That is the memo, we have gotten this week. Peace.

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

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

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: BoU illicit acts was accepted by the regime for decades!

The Bank of Uganda (BoU) have during the last two weeks shown it blatant side and also its frauds to the public. As the acquisitions of failing Banks hasn’t been done with procedures or protocols. They have not acted in good faith. They have acted ill-willed and certainly not considering that their actions would be looked into. As they was the buffer for the state and the Movement itself. While they could monitor and configure the acquisitions of these failing banks.

That the leadership of the BoU are a proof of the how the state are triggering themselves on the common market. It is a rodeo, it is the Wild West, where the biggest head are getting the stakes and hopefully nobody will look into the transactions. That was until the Parliament and the Parliament’s committee on commissions, statutory authorities and state enterprises (Cosase) started to question the acts of the Bank. The realities of how the BoU has acted.

They can not hide it under the rug. This all is happening because the BoU couldn’t explain the transactions and trade-off with the recent Crane Bank. That is why they are looking into Greenland Bank, International Credit Bank, Cooperative Bank, Global Trust Bank and Teefe Bank. The BoU even sold three banks to Ghost Companies not existing, that was based on Mauritius. Which, shows how the leadership have failed their role or if not laundering money for the high above.

As well, as the most striking feature, is not only loosing the documentations for the COASE Committee in the recent takeover. But the evident acts of not having the assets, the inventory or even following any procedures doing so. What is worse, the lack of oversight or even critical eyes by the Parliament or even the Ministry of Finance, Planning and Economic Development (MoFPED), as these should have seen it coming. They should wonder why securities, the statutes and the banks was sold without the procedures and needed clearances. This to secure the clients and also the assets of the banks.

It is like they have closed into thin-air, in major heists of the elites, where the BoU have used their tools of disposal, to clear the tenant’s and their liabilities without any scrutiny. Clearly that has been the message, as the Banks have been lost, but been transferred to new homes. These homes has gotten the fortunes or their assets without the BoU could tell what they pushed further. Even selling it to companies not existing.

That the BoU have problems are clear, but they are like the state in general. Who has Ghosts everywhere and creates them for a reason. To hustle and create ghosts to earn more on non-existing projects, this has been there as long as Museveni have been president. It is just a proof of illicit and the problems of society in general. BoU is just a mirror of the administration, of the government and the backwards ways to grabbing money, while the honest are thieved.

The BoU have all been wrong, done it horrific and massively underestimated their history, their practices and the realities, which they now suffer. Certainly for a reason. If the President wants to get rid of one of the leaders within the Bank. This is the sort of scandal that clears the house. But these transactions and these sort of activity will not go away. As the elites and the Presidency has accepted this for decades. This has been done since before the millennium.

Therefore, it will be more skeleton released and show more disgraceful acts from the BoU. They have done it, because the regime has earned on it. If not these practices would have been gone long time ago. Then the Special Force Command would have ambushed the Bank and barricaded it. Peace.

DFCU Bank Attorney’s to Rajiv Ruparelia: “Re: Notice Before Legal Action” (05.10.2018)

Possible outcome of the revised Investment Code of 2017!

Yesterday at the Plenary in the Parliament, discussed the revised Investment code of 2017. Which in its self isn’t the most exiting thing. Nevertheless, the reality is that this is now in Parliament shows a push from the Members of Parliament and the Committee of Ministry of Finance, Planning and Economic Development (MoFPED). That they are up to something. They are trying to forge something ahead. However, as the President has claimed the bureaucrats for being lazy, this shows another attempt. However, if this parts of the laws are enacted. Will ensure that it takes longer and the quality of the Foreign Investor to hold onto the new demands of the state. This will also give more power to the Uganda Investment Authority (UIA).

As the September report on the bill states. They will register all investments and all incentives inventory, as off who is doing what and licensed to do. As the Foreign Investor has to comply too a more rigid laws to be able to in the first place now.

Because the change of laws is that an exports of a minimum of 70% of the production in the given incentive, hire at least up to 60% Ugandan citizens and accept to monitored by the authorities and the statutes within the law. This being the UIA, which has the oversight.

The Incentive before launching has to verified and certified by the UIA. The same authority that has oversight and register the incentives. The Foreign Investor has to notify the UIA if they are complying with their inventory to the UIA as per law.

As to make it more hectic for anyone to invest is not allowed to directly to be investing in farming, as production of agricultural output. They cannot do that, but they can be able and allowed to own factories and businesses that helps the farmers to get better crops or bigger livestock.

The law states further the priorities for a Foreign Investor, as per law: “1. agro processlng; 2. food processing; 3. medical appliances; 4. building materials; 5. light industry; 6. automobile manufacturing and assembly; 7. household appliances; 8. furniture; 9. logistics and ware-housing; 10. information technology; or ll. commercial farming”.

This really put the parameter for what they can and cannot do. They are specific as to who allows, what sort of investment, who certifies and who monitors. Therefore, a foreign investor, by law has to comply a lot more and has to have more paperwork to prove his business-plan, prove his investment, his hires and his initial plan for getting exports of the giving products. This will clearly hamper investments and create a longer time-table for them. As the Foreign Investor cannot focus on local market, but on international market, because that is how it is by law. In addition, when you invest in something, you don’t want to loose your certification or your rights to produce or export given products.

Also, the same investor needs to incorporate the business with the Registrar General, a certified of remittance by the Bank of Uganda, the second, the certified of remittance to lodge an application to the Department of Immigration and this department have to give the Foreign Investor a permit to do stay and do business in Uganda. Therefore, before engaging with the new criteria of the UIA and MoFPED, the investor has to get the BoU in check and get the Department of Immigration. If all of these factors doesn’t slow down a process, nothing does. This is clearly a way of securing jobs for bureaucrats and lesser the burden of the foreign exchange and remittance in general.

  1. Get UIA Approval and Certification of Business
  2. Get BoU Certification of Remittance
  3. Get Department of Immigration – Permit and Application of Remittance
  4. Getting monitored by the UIA to see you comply with the codes.

If that sounds like an easier way in, it doesn’t, more offices and paperwork, before even spending money. This code will clearly hamper more foreign investors from coming, unless they are giving Presidential Handshakes to the President. I am sure he then lets them in. Peace.

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