As we are heading to 2020, all eyes and focus return to the looming shakeup at the central bank in the new year with the contract of Dr. Louis Kasekende the Deputy Governor is left with only two weeks to end.
Dr. Kasekende has for long been touted to replace aging Governor Prof. Emmanuel Tumusiime Mutebile but a fallout resulting from a parliamentary inquiry into illegal closures of seven commercial banks has since tipped matters against most senior managers at the central bank.
The seven banks are Teefe bank (1993), International Credit bank ltd (1998), Greenland bank (1999), the Cooperative bank (1999), National Bank of Commerce (2012), Global Trust bank (2014) and Crane bank ltd (2016). Bank of Uganda (BoU) is the central bank of the Republic of Uganda.
Kasekende according to reports had for long been involved in shocking nasty things sorounding swindling of volumes of billions.
Some Of Nasty Thing LOUIS KASEKENDE Did At Bank Of Uganda
1. He has been Sheilding Mafias who stole 7 Banks. A confidential special audit report of the Auditor General (AG) revealed weaknesses in the management of Central Bank and questioned the Governor and his team for the hitches in the closure of at least seven commercial banks.
2. Kasekende ordered to Procument at Bank Of Uganda to Purchase pens worthy Shs357,000 Each.
3. He was involved in Smuggling 90Billion cash for his interest and was Chartered into the Country on a Private Jet.
4. Kasekende’s Wife Bank statements of Edith Kasekende detailing transfer of funds from China Railway Corporation totalling to 6Billion.
5. Kasekende was involved in the Unecessary Legal fees to MMAcKs Advoacates – Masembe Kanyerezi and David Mpanga.
6. He is further cited in Coniving With Justine Bagyenda Sold and transfered Banks on Phone Calls.
7. Kasekende ON 20th October 2016, Bank of Uganda said injected a tune of 478Bn for the purpose of liquidity support. Instead Money Was stolen In the Name Of Crane Bank and it was closed.
8. The AG also poked holes in the Purchase of Assets and Assumption of Liabilities (P&A) deal BoU officials Kasekende inclusive signed with Dfcu on January 25, 2017 for the purchase of Crane Bank Limited.
“I was not provided with the negotiation minutes leading to the P&A agreement. In the absence of the minutes, I could not determine how BoU selected the best evaluated bidder and how the terms in P& A were determined,” the report said.
9. Kasekende and his Team failed to recover Shs500b from defunct Banks. Kasekende and his team are also questioned on the expenditure of more than Shs478.8b they say was for liquidity support and other interventions in CBL after they took over the management on October 20 2016.
9. Closed banks were sold at 80% discount, yielding only Shs32b.
In the case of ICB, Greenland and Cooperative Bank, the total loan portfolio sold at Shs135b included secured loans of Shs34.5b which had valid legal, or equitable mortgage on the real property and were supported with legal documentation but were sold to Nile River Acquisition Company at a discount of 93 per cent.
10.Fraudently Transfered Meera Investments Properties To DFCU working with Jimmy Mugerwa,David Mpanga &Timothy Masembe.
11. At the End – Auditor General report noted that BoU did not carry out a valuation of the Crane Bank assets and liabilities but relied on an inventory.