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…
Ugandan disgruntled journalist Arnold Mukose has dragged Bank of Uganda and the Attorney General to court over the fishy appointment and confirmation of Dr. Tumubweine Twinemanzi as the Executive Director in charge of supervision at the Central Bank. In February 2018, Twinemazi was appointed by Governor Emmanuel Mutebile to replace troubled Justine Bagyenda as the…
By Musaazi Namiti Kampala: The governor of the Bank of Uganda (BoU), Emmanuel Tumusiime-Mutebile, has a dazzling array of awards to his name, and enumerating them requires a fair bit of time. I will take a quick look at the awards and then pose the million-dollar question: How can an award-winning governor be the same…
Ham Enterprises Limited with its lawyers Fred Muwema and Arnold Nogan Kimara has responded to Uganda Bankers’ Association press statement released on October 8, 2020 following a Commercial Court head Justice Henry Peter Adonyo ruling that the credit facilities DTB-Kenya offered to Ham Kiggundu are illegal since it is not licenced by Bank of Uganda…
Several bosses in commercial banks in Kampala and other financial institutions are sweating plasma following the October 7th, 2020 ruling by the High Court Commercial Division in a case filed by tycoon Hamis Kiggundu and Diamond Trust Bank, in which caused outlawed syndicate lending. The panic among commercial banks executives arose after High Court justice…
City businessman Hamis Kiggundu aka Ham, the proprietor of Ham Enterprises, a conglomerate of companies, is likely to have the last laugh in the multibillion case he is battling with Diamond Trust Bank Uganda (DTBU) and Diamond Trust Bank Kenya (DTBK), in which he accuses the Bank of siphoning over Shs120 Billion from his accounts.…
