I&M Holdings PLC has issued a cautionary announcement advising its shareholders of a proposed transaction between the bank and Uganda’s Orient bank Limited, which may affect the value of its shares. In the proposed transaction, I&M plans to acquire 90% of the ownership of the Ugandan bank. “Shareholders of I&M Holdings Plc are advised that…
By Andrew M. Mwenda Last week, Bank of Uganda (BOU) issued a press statement in which it promised to appeal a ruling by the Court of Appeal in a case against businessman Sudhir Ruparelia over Crane Bank. Yet the statement did not deal with the reason why the court rejected all the grounds of appeal…
Panic and tension have engulfed the Kampala road based Tropical Bank after almost the entire senior management tendered in their resignation. According to a highly placed source with the bank, those who have handed in their resignations include the Executive Director Denis Muganga Kakeeto, Hussein Sentamu the Head Credit Department and a one Maurice the…
The Kampala Associated Advocates (KAA) five man team representing and Defending City Businessman Dr. Sudhir Ruparelia in the USD106 million suit against Bank Of Uganda (BoU) has dismissed an “inaccurate and false,” the contents of the media statement made by BoU regarding it’s intended appeal against their two-time loss to Dr. Sudhir most recently in…
The Bank of Uganda (BOU) has said it will be petitioning the Supreme Court against the dismissal of the UGX.397BN Crane Bank case, by the Court of Appeal claiming the judgement of this case has a crucial precedent that affects its powers. The Court of Appeal last week dismissed an appeal filed by Bank of…
A whistleblower has petitioned President Yoweri Kaguta Museveni and the Anti-Corruption Division (ACD) of the High Court, to indict and hold culpable three former executives of the Bank of Uganda, over allegations of involving themselves in corruption and the dubious sale of Crane Bank to dfcu Bank. The petitioner, Sam Brian Kakuru, prays to the…
The Governor Bank of Uganda (BoU) Emmanuel Mutebile has revealed that the Central Bank, the ratio of debt as percentage of GDP stood at 13.9% in nominal value terms as at end April 2020 and 29.7% percent in present value terms as at the end of March 2020. Mutebile made remarks while appearing before Parliament’s…
The Bank of Uganda Amendment Bill 2019 that is set to trim the Powers of the Governor and separating the fusion between the Bank of Uganda management from the board of directors has been confirmed ready. Notably, Parliament of Uganda has held the first reading of the constitution amendment 2020 meant to reduce powers of…
Police have arrested Elizabeth Kyosimire, a worker at dfcu Bank, following reports that she had been involved in fraudulent transfer of funds from accounts of customers. Kampala Metropolitan Police deputy Spokesperson Luke Owoyesigyire confirmed the arrest and said the suspect was arrested on May 13 on charges of embezzlement of funds totalling to Shs28 million…
The President of Uganda Gen. Yoweri Kaguta Museveni has endorsed a request by the Ministry of Finance to borrow up to USD500M to recapitalize Bank of Uganda (BoU) and Uganda Development Bank (UDB), following the effects of Coronavirus (COVID-19) on Uganda’s economy. The money, according to credible sources, will come from the International Monetary Fund…
