Business News
Court Grants Bail To Indian-Swiss Billionaire Amid Calls For Justice & Transparency
After a challenging three-week detention, a prominent Indian-Swiss businesswoman has been granted bail by a Ugandan Court. However, she remains in Uganda as charges against her persist, despite the lack of evidence. Detained since October 1, 2024, she faced allegations of kidnapping and intent to murder Mr. Menaria, a former employee of the Oswal family.…
ICT’s PS Aminah Zawedde Awarded Prestigious African Digital Excellence Accolade
In a landmark recognition of Uganda’s digital transformation efforts, Dr. Aminah Zawedde, Permanent Secretary of the Ministry of ICT and National Guidance, has been awarded the prestigious International Computer Driving License (ICDL) Africa Recognition Award 2024 for her exceptional contributions to digital advancement in the region. The continental award, announced at the annual ICDL Africa…
Presidents Museveni,Tshisekedi Discuss Bilateral Talks, Regional Security
At the invitation of His Excellency Yoweri Kaguta Museveni, President of the Republic of Uganda, His Excellency Felix Tshisekedi, President of the Democratic Republic of Congo (DRC) paid a working visit to the Republic of Uganda on 30th October, 2024. His Excellency Tshisekedi was received at State House, Entebbe, by his host, President Museveni. The…
Ssemakadde Recalls USL Representatives From Judicial Service Commission
The Uganda Law Society (ULS) has recalled their two representatives from the Judicial Service Commission on grounds that they have been there illegally since they were last elected about nine years ago. According to Executive Order Number Two issued by ULS President Isaac Ssemakadde, the representatives include Norah Matovu Winyi and Ruth Sebantindira who was…
Museveni Signs Agreement With UAE Company RCC To Revamp UTCL
The Uganda Telecommunications Corporation Limited (UTCL) on Friday 25th October 2024 received a new lease of life following the signing of an agreement between the Government of Uganda and Rowad Capital Commercial (RCC), a company based in Dubai, United Arab Emirates (UAE). The event was witnessed by President Yoweri Kaguta Museveni at State House, Entebbe.…
Business
Big Storm: How DFCU Bank Was Dragged Down By Crane Purchase As Other Banks Report Stellar Profits
While Uganda’s banking sector recorded strong financial results for 2021, the Development Finance Company of Uganda (DFCU) Bank continues to reel from its acquisition of Crane Bank in 2017 and the fallout from the Covid-19 pandemic. The third-largest domestic bank in Uganda in terms of assets recorded a 46% drop in profit to USh9.3bn ($2.6m)…
Big Story: Bank Of Uganda Withdraws Appeal Against Sudhir In Crane Bank Saga, Accepts To Pay Costs!
The Bank of Uganda (BoU) has decided to withdraw a Supreme Court appeal that was contesting the Court of Appeal’s dismissal of the case it filed on behalf of Crane Bank Ltd (in Receivership) vs. Sudhir Ruparelia and Meera Investments Ltd. In a September 15 notice of withdrawal, the Supreme Court Registrar indicates that BoU…
Big Story: Bank Of Uganda’s Liquidation Of Crane Bank Was Illegal – Supreme Court Rules
The Supreme Court has on Monday October 4, 2021 ruled that liquidation of defunct Crane Bank Limited which was taken over by Bank of Uganda is illegal. According to Supreme Court, Crane bank was closed as a financial institution and placed under receivership and hence after closure, it ceased being a financial institution. The Court…
BIG STORY: Clients, Agents Lose ‘Cash’ As MTN Mobile Money System Go Down In Saturday Major Hack
MTN Uganda has on Saturday March 12 experienced a huge system breakdown, in what industry experts have described as a likely ‘major hack’ on its mobile money system again. During the system breakdown, all digital enabled transfer services including buying internet or voice bundles and other financial transactions completely went down after being slow for…
BIG STORY: COSASE Probes CAA Top Bosses Over Shs10Bn Handshake
The top management team at the Civil Aviation Authority (CAA) is on the spot for hastily sanctioning a Shs10 billion project to expand the passenger terminal at Entebbe Airport, even when the Board had frozen the construction projects. According to the chairperson of Parliament’s Committee on Commissions, Statutory Authorities, and State Enterprises (Cosase), Mr Joel…
Big Story: Equity Bank Sells Simbamanyo House To Tycoon Sudhir After Borrower Defaults On Shs11.5Bn Loan
Kampala mogul Dr. Sudhir Ruparelia is the new landlord of the expansive Simbamanyo House, which is situated on Lumumba Avenue opposite CPS building, after his Meera Company bought the building from Equity Bank. Simbamanyo House originally belonged to city businessman Peter Kamya, who staked it as collateral security to Equity Bank in 2017 for a…