It has emerged that Dfcu bank shareholders plan to approach President Yoweri Museveni on their fact-finding travel to Uganda causing panic to DFCU Top Management.
According to an insider, the meeting with President Museveni will trigger an investigation into DFCU troubles that are believed to have caused millions of losses to the Bank.
DFCU in a dubious purchase of Crane Bank from Bank of Uganda ended up making some decisions that may have been influenced by the Mafia in the financial sector; Justine Bagyenda, Benedict Sekabira, David Mpanga, Jimmy Mugerwa, Timothy Masembe, Andrew Kasirye, Juma Kasaame, Margret Kasule these are believed to have shared what was left of Crane bank in kick-backs.
The genesis of the matter is that BoU used its authority to assume that Crane Bank wasn’t fit enough to stay operational, the directors at Crane Bank made attempt to recapitalize even when no proof was given by BoU but this was not in the interest of the Mafias above as it could not give them what they desired most. So a decision was made based on no evidence or record of audit to sell Crane Bank and DFCU in an improper manner and at a very low rate, in return, DFCU had to pay money off the books to individuals in the legal business (brokers) and BoU officials, in short, Crane Bank was shared by the Mafia.
Later the Audit General queried the transaction leading to a Parliamentary Committee of Statutory Institution (COSASE) to investigate the sale of seven Banks. Finding of this committee combined with the Auditor General finding exposed BoU and DFCU to the world, transactions being made on WhatsApp, minutes lacking in every meeting held meaning that probably there was no meeting, one would argue that even in wedding Meetings someone takes minutes but why were minutes not take while making a decision to sale a bank and while negotiating to purchase a Bank with Billions of assets? The answer can be seen by a fool no one takes minutes when being bribed to perform illegality.
The DFCU Board may have had knowledge of this purchase and okayed it but they had no knowledge of specifics of the transaction and the Shareholders definitely knew nothing, the problem starts when bad press bites the Shareholders start to demand more answers from the board, their concerns are focused on protecting their financial interest and they can only do this through an investigation.
BoU and DFCU in panic mode!! They then quickly resolve to fix the matter by forging Minutes and also facilitating lawyers well known to this scheme to travel to the UK and convince the shareholders that a trip to Uganda is useless everything is in order.
Money crosses hands to block shareholders from seeing the President I case they insist on traveling to Uganda, the informant has seen evidence of this fact.
David Mpanga is expected to travel on Monday to London to meet with shareholders, he will be traveling by fake minutes made from Nasser Road, with these minutes and other information Him and his Mafia group hope to convince Shareholders that a trip to Uganda will add less value, furthermore, they will not be able to meet with the President, therefore, an investigation by security agencies is more unlike.
In Uganda the powerful connected can influence a decision and back it up with fake minutes until it passes, this one is refusing to pass.