President Yoweri Kaguta Museveni has commissioned the ultra-modern Soroti Central Market in Soroti City, while on his campaign trail in Teso sub-region. The Market shall accommodate over 2,000 vendors, most of whom are women and small-scale business operators.New modern Soroti market According to the Minister for Local Government, Raphael Magyezi, the Market has got 1,396…
The Ministry of Gender, Labour and Social Development has today started the inspection of labour exporting companies to assess the level of compliance with the COVID-19 Standard Operating Procedures (SOPs). According to a letter from Aggrey David Kibenge, the Permanent Secretary of the Gender Ministry, addressed to the Executive Director of Uganda Association of External…
By Seruga Titus One would assume that at the time of closure Crane Bank had cash in all its branches, Crane Bank had cash in safes, and money at the Central Bank, what happened to this money? Did it all go to BoU officials as goodwill, under normal circumstances an audit should have been done…
City Lawyer Isaac Ssemakadde says Bank of Uganda and its legal advisors are wrongly interpreting the financial institutions Act by moving ahead illegally to liquidate Crane Bank Limited. According to him, there are two court rulings already from the High Court commercial division and the Court of Appeal which all pin Bank of Uganda for…
Bank of Uganda has today placed a notice in newspapers indicating its intentions to liquidate and wind up affairs of Crane Bank Limited. A Strategy Plan developed by Ms Margaret Kasule,the Director Legal, and submitted to the Governor Tumusiime Mutebile reveals plans by BoU to illegally liquidate Crane Bank. The plan, titled: Proposed Strategy on…
The Supreme Court has dismissed with heavy Costs Bank of Uganda’s (BoU) case in which Crane Bank Limited (CBL) (in receivership) filed an application against Sudhir and URSB seeking for an interim order preventing the businessman from claiming, taking control, repossessing or in any way interfering with the management of CLB or of its receiver…
The Central Bank through it’s Governor Prof. Emmanuel Tumusiime Mutebile on Friday November 13, 2020 issued an order to liquidate former Crane Bank Limited in receivership which was fraudulently sold to DFCU bank by officials in bank of Uganda in 2016. “In exercise of its powers under section 99 (1) & (2) of the Financial…
The government of Uganda through the Ministry of Gender, Labour and Social Development has relaxed restrictions on externalization of labor to enable companies involved in the sourcing of external employment for migrant workers abroad are to resume business. “This is to inform all licensed companies involved in the sourcing of external employment for Ugandan migrant…
Banking group I&M Holdings PLC which is part of the I&M Group will pay USD 33.6m (Shs112 billion) to acquire a 90 per cent stake in Uganda’s Orient Bank, according to disclosures in a circular to shareholders. This website has learnt that the shares will be bought from Hemlata Karia, Jay Karia, Morka Holdings Limited,…
A group of youth led by Joan Namale, who calls herself Charmin of Concerned Citizens, has petitioned the Minister of Gender, Labour and Social Development, Frank Tumwebaze over continued closure of labour external externalization sector even when the airport and other sectors are reopened after the COVID-19 induced lockdown. According to businessfocus.co.ug, the petition was …
