Cosase: GTB directors seek Shs 315bn compensation

kasekende

Former directors and shareholders of the defunct Global Trust bank are seeking Shs 315.7 billion in compensation for the alleged illegal closure of their bank. They are demanding full compensation equal to the direct cash equity investments of $35.3 million with interest at the rate of 10 per cent per annum compound from July 25, 2014. They also want payment of $50 million in loss of goodwill inflicted on the directors and shareholders on account of the wrongful closure of their bank. The officials led by Bayo Folayan the former…

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BOU Officials grilled over Shs478b used to recapitalize Crane Bank

BAGYENDA-SSEKABIRA

Parliament’s committee on Commissions Statutory Authorities and State Enterprises has learnt that Bank of Uganda spent 478 billion to sell Crane Bank, way above the 157 billion shillings it needed to return to adequate recapitalization. The committee has been probing BoU over the closure and sale of seven commercial banks. The MPs on the committee using the Auditor General’s report revealed irregularities in the sale of the banks CBL, Global Trust Bank, Greenland Bank, International Credit Bank, Cooperative Bank, National Bank of Commerce and Teefe Trust Bank. During a probe…

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Government to introduce boat ambulances

ambulance

The Ministry of Health has included boat ambulances among its priorities in the next financial year 2019/2020 budget as one of the interventions to strengthen emergency care service delivery in the country, a top official has revealed. Dr John Nambohe, the ministry’s commissioner of Emergency Medical Services, said there are huge gaps in emergency response on water bodies whenever disasters hit, which leads to many preventable deaths, citing the recent boat cruise accident that claimed more than 30 lives. “We shall start with a few [boat ambulances] in the over…

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BOU SAGA: Statutory Manager Denies Writing Key Reports For The Sale Of Crane Bank

Mr. Edward Katimbo Mugwanya

The Bank of Uganda (BoU) official who was appointed the statutory manager of Crane Bank Limited (CBL) has told Parliament’s Committee on Commissions Statutory Authorities and State Enterprises (COSASE) that he did not write a handover report or evaluation report before the CBL was sold to its rival dfcu Bank by BoU at Shs200 billion in January 2017. Mr. Edward Katimbo Mugwanya, made the revelation on Tuesday as MPs asked the BoU official to come with the handover report tomorrow, evaluation report, list of depositors and other documents related to…

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URA ends year with 14% tax-to-GDP ratio

Doris-Akol

Over the last 12 months, Uganda Revenue Authority (URA), the country’s tax prefect, made more gains than losses. The gains registered have been accrued mainly from the tax body’s core mandate. The Authority closed its first quarter in September with a net revenue collection of Shs3.7 trillion – an eqiuvalent of 103.5 per cent, thanks to the Shs127 billion surplus collected in the first quarter. The surplus came from the back of nearly half a trillion shilling shortage recorded in the previous financial year. Compared to the same period last…

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BOU Probe: Price Water Coopers (PwC) summoned over Crane Bank Closure

cosase

PARLIAMENT. Price Water Coopers (PwC Uganda), a private auditing consultancy has been summoned before the Parliamentary Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) to explain how they arrived at the Shs239bn undercapitalization figure of defunct Crane Bank. COSASE Chairperson Abdu Katuntu (Bugweri County) on Wednesday led the MPs to probe Bank of Uganda (BoU) officials over the closure of Crane Bank- the last bank to be closed by the Central Bank in 2016. The committee zeroed on Price Water Coopers after BoU officials for the second time failed…

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Initial oil production in Uganda will begin in 2021 – Irene Muloni

muloni

Energy and minerals minister Irene Muloni says Uganda is more than ready to pump Uganda’s first oil  come 2021/22. The minister has assured a ministerial and stakeholders forum at the Africa oil week in Cape Town South Africa, that government is expediting the front engineering designs processes for the refinery and that the pipeline once complete will help set off production.

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KASEKENDE, BAGYENDA SOLD 3 BANKS TO GHOST COMPANIES

kasekende

Everything extra-ordinary will always be found in the banana republic of Uganda, Now the latest on the acquisition of seven defunct banks indicates that Nile River Acquisition a company that is said to have bought Green Land Bank, ICB, Co-operative Bank at 93 sweetheart Percent discount over their actual Value was actually a ghost company. For starters, Greenland bank closed in 1999 belonged to Suleiman Kigundu and until his death; he said that his 7 year old bank was closed not for financial reasons. International Credit Bank (ICB) closure in…

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Farmers abandon maize due to low prices

maize

In the last two years that Uganda has registered a bumper harvest of maize followed by low prices on the market, farmers in mid western Uganda are shifting to sugarcane growing as a way of making ends meet. It should be remembered that Frederick Ngobi Gume, the State Minister for Cooperatives, advised farmers to form groups and sell their maize in an association rather than do so individually. This shields them against exploitative middlemen, he said. “We are encouraging these farmers to embrace the warehouse receipt system. This is where…

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BUSTED: Kasekende’s Undeclared Properties Exposed

kase

Louis Kasekende, the deputy governor Bank of Uganda, is a filthy rich man whose estate has been valued at over Sh20.6Bn. His multibillion empire is composed of prime plots of land,  plus properties and assets located  within various Kampala suburbs. However, a recent investigative audit into Kasekende’s multibillions empire reveals that he either under-declared or refused to declare most of his properties with the Inspector General of Government, as per the demands of the Leadership Code. The audit conducted by professional city valuer Bold Capital indicates  that Kasekende secretly owns…

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“South African Airways should be shut down”, says Finance Minister Tito Mboweni

South-African-Airways

South Africa’s state-owned airline should be shut down, the country’s new finance minister has said. “It’s loss-making, we are unlikely to sort out the situation, so my view would be close it down,” Tito Mboweni told an investor conference in the US. One of Africa’s biggest airlines, South Africa Airways (SAA) has lost money every year since 2011, and survives with government support. SAA is among the struggling state firms that the president promised to revive. No sacred cows Just over three weeks into his post, Mr Mboweni is keen…

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Apple falls below $1tn despite revenue and profit rise

apple

Apple briefly lost its $1tn valuation on Thursday when its shares fell 7% in after-hours trading despite posting record results. The tech giant’s strategy of charging more for its phones has paid off, with revenues jumping in the last three months despite relatively flat sales. Revenues rose 20% to $62.9bn year-on-year, and profits rose 31% to $14.1bn. But a warning of possible weaker sales in coming months sparked a share price slide after official trading ended. The sell-off accelerated after Apple said it would stop disclosing the number of units…

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How real is Trump’s jobs ‘miracle’?

President Donald Trump addresses the crowd during a campaign rally Thursday, Nov. 1, 2018, in Columbia, Mo. (AP Photo/Charlie Riedel)

A successful American political strategist once said “it’s the economy stupid” or something very similar. It was a statement about the key issues a good election campaign needs to focus on. Just a few days before the Congressional elections, President Trump had some helpful economic news – on employment – to put some wind into his sails. The final bit of major economic news before the election showed another month of strong gains in jobs and the unemployment rate staying at its lowest in almost half a century. Employment is…

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Gov’t launches strategy to create jobs in tourism sector

kiwanda

Government has launched a strategy to enhance job creation in the tourism sector. Addressing journalists at the Uganda Media Center this morning, the state minister for tourism Godfrey Kiwanda says this will be done through enhancing inclusiveness. This, he says will help promote a absence of ownership and participation, as well as domestic tourism. Tourism in Uganda is focused on Uganda’s landscape and wildlife. It is a major driver of employment, investment and foreign exchange, contributing 4.9 trillion Ugandan shillings (US$1.88 billion or €1.4 billion as of August 2013) to…

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Government hands US firm deal to make smart phones

anite

Government yesterday unveiled an American company, CTI Africa, to start assembling smart mobile phones in Uganda. The CTI Africa arm, LifeMobile, which will assemble the phones, was unveiled yesterday by the Minister of State for Investment and Privatisation, Ms Evelyn Anite, at the National Enterprises Corporation (NEC) offices in Bugolobi, Kampala. “We are very excited that CTI Africa is going to start assembling mobile phones in Uganda. Ugandans are carrying so many mobile phones but none is manufactured here. So, if Ugandans buy these phones, we will diversify our economy…

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BOU staffs fail to produce required documents for the sale and closure of 7 commercial banks

cosase

The Parliamentary Commission on Statutory Authorities and State Enterprises (Cosase) chairperson Abdul Katuntu on Thursday adjourned an inquiry into the closure and sale of seven commercial banks by the Bank of Uganda. The adjournment was a result of Bank of Uganda staff’s lack of all the documents required by Cosase members. Mr Katuntu adjourned the inquiry to Friday November 09 at 10.00am, after Bank of Uganda governor Emmanuel Tumusiime-Mutebile requested for two working days to have all the required documents availed to members of the committee. The governor promised to…

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Justine Bagyenda ordered DFCU to keep Crane Bank’s bad loan book secret

CB-BJ

As a parliamentary committee started investigating Bank of Uganda (BoU) top officials on the seven closed banks, It has come to light that former Executive Director in charge of Supervision Ms. Justine Bagyenda, while still at the central bank ordered Dfcu executives to keep Crane Bank’s bad books off the records. “The assets acquired and liabilities assumed will be reported separately from DFCU’s balance sheet for the 31st January 2017 end of month reporting to BoU. The first consolidated balance sheet will be that of 31st march 2017,” Bagyenda wrote to…

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DFCU REBUKES PR SERVICES FROM GILES MUHAME

giles

Giles Achebe Muhame, a managing partner at now embattled Chimp reports is in fresh trouble as dfcu Bank moves to reject his PR services approach for the Bank. Recently we broke silence about how Giles convinced Dfcu Bank to sign a multimillion advertising and PR package with the main terms inclining on promoting DFCU’s diminishing image before customers after fraudulent takeover of crane bank. Just like he conned Mr Simpson Birungi of Movit, Giles still presented himself to DFCU in two capacities, as the Managing Director of Chimp reports and…

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