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FULL LIST: Uganda’s Top Tax Payers 2017, Sudhir’s Crane Bank Beats DFCU Bank

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A new list from Uganda Revenue Authority (URA), of Uganda’s top 273 top tax payers in 2017, shows that Crane Bank paid more taxes than DFCU Bank in 2017 despite the fact that DFCU took over Crane Bank in January of that year as over 270 top companies paid over Shs4.2 trillion.

In a list led by telecom giants MTN who paid over Shs430 in taxes, Crane Bank paid taxes worth over Shs33.5 billion while DFCU Bank paid taxes of over Shs26.2 billion, putting Crane Bank in position 24th while the latter in 27th.

It should be remembered that in January 2017, Bank of Uganda (BOU) announced that it had sold Crane Bank to DFCU Bank in a controversial deal worth Shs200 billion after taking over management of Crane Bank in October 2016.

Kampala businessman and majority shareholder in Crane Bank Sudhir Ruparelia later sued BOU and DFCU Bank for illegally taking over his bank. Specifically, Sudhir said BoU took over his Bank, branches and properties, which it handed over to DFCU bank without proper transfers. But BOU through DFCU, has also sued Sudhir and his Meera Investments, accusing him of fraud that reportedly causing Crane Bank a loss of Shs400bn. The case is pending in court.

BOU and DFCU also claimed that a lot of the assets of Crane Bank were bad loans, worth Shs550 billion. They claimed that DFCU inherited Shs800 billion worth of good loans from Crane Bank. But DFCU had invested nothing to get the loans worth 800 billion.

Meanwhile, the central bank claimed then that Crane Bank had non-performing loans (bad loans) worth Shs550 billion and as such claimed they were written off to zero and Sudhir has been asked to pay for all of them. But most of all the so called “bad loans” had collateral, in most cases the best pieces of real estate in Uganda.

However, DFCU Bank would in mid-August 2017 raise eyebrows in the public as it announced half year net profit of Shs114 billion, up from Shs23.3bn in June 2016. Interesting, more than a year after taking over Crane Bank management, DFCU reported a huge profit of Shs127.6 billion in the year that ended on December 31, 2017 compared to Shs46 billion earned in the same period in 2016.

Below is the list of the top tax payers

TAXPAYERNAME  NET URA TAXES
MTN UGANDA LIMITED        430,954,250,306.30
NILE BREWERIES LTD        298,341,136,573.00
UGANDA BREWERIES LTD        191,388,990,619.41
TOTAL UGANDA LIMITED.        190,650,400,408.00
TORORO CEMENT LTD        132,545,878,970.47
CENTURY BOTTLING CO. LTD.        109,671,539,401.50
BUJAGALI ENERGY LIMITED        108,909,445,123.49
STABEX INTERNATIONAL LIMITED          87,654,348,739.42
KAKIRA SUGAR LIMITED          85,879,410,002.59
BIDCO UGANDA LIMITED          80,369,177,937.81
HIMA CEMENT LTD          79,145,220,741.49
STANBIC BANK (U) LTD.          78,955,672,895.50
SUGAR CORPORATION OF UGANDA LIMITED          78,815,251,399.57
CROWN BEVERAGES LIMITED          77,043,945,442.87
NILE ENERGY LIMITED          71,769,071,913.89
UMEME LIMITED          64,949,526,882.01
PETROCITY ENTERPRISES (UGANDA) LIMITED          62,934,706,182.20
KINYARA SUGAR LIMITED          59,619,304,185.58
BAKHRESA GRAIN MILLING UGANDA LIMITED          42,996,596,637.88
GAPCO UGANDA LTD.          40,153,787,333.09
FOL LOGISTICS UGANDA LIMITED          39,330,719,549.24
PETRO UGANDA LIMITED          35,652,077,750.93
CRANE BANK LIMITED          33,537,650,756.54
NISH AUTO LIMITED          30,902,513,087.20
SADOLINS PAINTS (U) LTD          26,287,555,077.01
DFCU BANK LIMITED          26,188,499,102.92
MOGAS UGANDA LIMITED          26,096,552,580.79
ROOFINGS ROLLING MILLS LIMITED          26,081,508,200.50
ATC UGANDA LIMITED          25,665,734,562.30
MOIL (U) LIMITED          24,703,025,484.50
MADHVANI GROUP LIMITED          24,221,994,434.61
UNILEVER UGANDA LIMITED          23,705,238,874.51
QUALITY CHEMICALS LTD          23,656,288,053.00
STEEL AND TUBE INDUSTRIES LIMITED          23,181,921,927.00
ROOFINGS LIMITED          21,525,827,383.62
DIAMOND TRUST BANK UGANDA LIMITED          20,946,738,450.00
JOHAR IMPEX LIMITED          20,927,990,263.00
RWENZORI BOTTLING COMPANY          20,319,986,092.93
KOBIL UGANDA LIMITED          20,208,389,432.00
GURU NANAK  OIL MILLS (U) LTD          19,081,384,459.08
A.K. OILS AND FATS (U) LIMITED          19,052,574,324.00
ORIENT BANK LTD          18,539,340,547.39
ECOBANK UGANDA LIMITED          18,170,454,817.99
TULLOW UGANDA OPERATIONS PTY LIMITED          18,053,944,827.01
EATON TOWERS UGANDA LIMITED          17,693,736,300.91
TOTAL E & P UGANDA B. V.          16,712,216,379.00
LEAF TOBACCO & COMMODITIES (U) LIMITED          16,670,788,251.08
PAN AFRIC IMPEX (U) LIMITED          16,238,795,945.00
BON HOLDINGS LIMITED          15,850,957,648.81
MOVIT PRODUCTS LIMITED          15,620,995,339.75
TPS (UGANDA) LIMITED          15,310,962,578.50
TATA UGANDA LIMITED          15,093,067,131.00
TOSHA (U) LIMITED          14,983,261,848.00
S.W.T. TANNERS LIMITED          14,466,887,466.01
BAJABER MILLERS LIMITED          13,704,346,530.45
LIBYA OIL UGANDA LIMITED          13,689,054,534.43
THE JUBILEE INSURANCE CO LTD          13,346,810,205.01
ROKO CONSTRUCTION LIMITED          13,222,780,559.01
JESA FARM DAIRY LIMITED          12,915,743,189.57
AIG Uganda Limited          12,901,361,767.00
EAST AFRICAN PACKAGING SOLUTIONS          12,839,209,764.16
RILEY PACKAGING (U) LTD          12,797,342,259.43
AFRICA EMS MPANGA LIMITED          12,645,357,451.00
CHINA CIVIL ENGINEERING C/C          12,613,706,571.49
STAR DTV (UGANDA) CO.LIMITED          12,542,466,622.00
MUKWANO INDUSTRIES (U) LTD          12,414,424,237.19
CHIEF DISTILLERIES UGANDA LIMITED          12,390,510,792.50
UAP INSURANCE UGANDA LIMITED          12,177,459,428.00
NILE AGRO INDUSTRIES LIMITED          12,141,484,592.50
INTERNATIONAL  ENERGY TECHNIK (U) LIMITED          12,100,688,558.00
OLYMPIC PETROLEUM U LIMITED          11,811,491,382.20
GAME DISCOUNT WORLD (UGANDA) LIMITED          11,746,391,908.30
GOLF COURSE GROUP LIMITED          11,645,327,651.34
NTAKE BAKERY & COMPANY LTD          11,627,340,991.20
BLUE NILE DISTILLERIES LIMITED          11,363,912,722.83
COMPUTER POINT (U) LTD          11,295,095,930.59
MASTER GRAIN MILLING LIMITED          10,911,668,786.75
NTAKE BAKERY & COMPANY LTD          10,430,137,266.39
KAMPALA CEMENT CO. LIMITED          10,296,255,724.11
ESKOM UGANDA LIMITED          10,132,915,311.78
THE COOPER MOTOR COPORATION (U) LTD             9,737,815,497.97
GRAPHIC SYSTEMS (U) LIMITED             9,687,772,217.73
KCB BANK UGANDA LIMITED             9,143,420,030.80
MULTIPLE INDUSTRIES LIMITED             9,081,345,553.49
TRANSLINK (U) LTD             9,061,591,542.50
TATA UGANDA LIMITED             9,027,595,954.00
A.K. PLASTICS (U) LTD.             8,998,470,271.50
EUROFLEX LIMITED             8,891,167,178.00
CABLE CORPORATION LTD.             8,840,597,614.00
MM INTERGRATED STEEL MILLS (UGANDA) LIMITED             8,810,826,069.00
DELOITTE UGANDA LIMITED             8,793,410,061.67
BAYPORT FINANCIAL SERVICES UGANDA LIMITED             8,718,006,843.00
SAMEER AGRICULTURE & LIVESTOCK LIMITED             8,487,246,165.00
SHOPRITE CHECKERS UGANDA LIMITED             8,082,163,498.01
IN-LINE PRINT SERVICES LIMITED             7,586,871,306.00
HARED PETROLEUM LIMITED             7,576,510,635.63
BIPLOUS (U) LTD             7,454,374,345.63
MAYUGE SUGAR INDUSTRIES LIMITED             7,444,429,075.62
SECURITY GROUP UGANDA LIMITED             7,425,171,987.62
CITIBANK UGANDA LIMITED             7,276,157,349.07
BANODA PETROLEUM UGANDA LIMITED             7,261,921,762.89
SMILE COMMUNICATIONS UGANDA LIMITED             7,109,577,104.00
HIPPO INDUSTRIES LIMITED             7,098,126,794.00
TRANSPAPER LTD             6,956,626,868.01
MANTRAC (UGANDA) LIMITED             6,945,996,869.50
VISION IMPEX LIMITED             6,944,226,589.01
SPEKE HOTEL (1996) LIMITED             6,941,822,737.50
ENTEBBE HANDLING SERVICES LIMITED             6,911,521,405.50
ENGAANO MILLERS LIMITED             6,863,570,837.00
ELECTRO-MAXX (U) LIMITED             6,785,423,761.63
APPLIANCE WORLD LIMITED             6,771,429,134.40
KENGROW INDUSTRIES LIMITED             6,594,742,437.00
NAKUMATT (UGANDA) LTD             6,520,191,557.61
PRIME GENERAL SUPPLY LIMITED             6,332,017,977.12
RWIMI EP COMPANY LIMITED             6,171,611,156.73
BIYINZIKA POULTRY INTERNATIONAL LIMITED             6,122,921,579.00
FARM ENGINEERING INDUSTRIES LIMITED             6,108,701,245.00
DESBRO UGANDA LIMITED             6,083,823,628.50
APONYE (U) LTD             6,007,402,981.00
HEMA BEVERAGES LIMITED             5,873,757,813.50
PROPERTY SERVICES LIMITED             5,777,788,168.39
BAO CHANG INTERNATIONAL UG.             5,626,011,541.00
EXCEL CONSTRUCTION LTD.             5,534,037,328.55
ABUBAKER TECHNICAL SERVICES             5,430,975,561.00
SOMOCHEM (UGANDA) LIMITED             5,342,835,756.00
AFRICA POLYSACK INDUSTRIES LIMITED             5,312,035,412.00
FOUR STAR BEVERAGES LIMITED             5,308,371,234.68
TEMBO STEELS (U) LIMITED             5,284,279,745.00
ACACIA APARTMENTS LIMITED             5,277,758,887.00
UGANDA CHRISTIAN UNIVERSITY             5,271,966,367.50
KYAGALANYI COFFEE LIMITED             5,178,877,450.00
DEMBE TRADING ENTERPRISES LTD             5,161,722,074.00
SERVICE & COMPUTER INDUSTRIES UG             5,144,536,132.40
MEGHA INDUSTRIES (U) LTD.             4,986,313,339.99
BRIGADE DISTILLERIES LIMITED             4,874,594,574.90
DHL SUPPLY CHAIN INTERNATIONAL LIMITED             4,856,588,937.54
IMPERIAL BANK (UGANDA)LIMITED             4,845,299,176.23
COMPUSCAN CRB LTD             4,833,190,891.83
UNITED BANK FOR AFRICA (UGANDA) LIMITED             4,830,804,506.83
UGANDA BATTERIES LIMITED             4,811,546,608.01
AHMED RAZA FOODS INDUSTRIES LIMITED             4,783,809,918.00
SARACEN (U) LIMITED             4,739,891,549.01
DERMA INTERNATIONAL LIMITED             4,714,161,853.00
TASCO INDUSTRIES LIMITED             4,647,431,013.01
DEMBE TRADING ENTERPRISES LTD             4,534,850,957.23
GOMBA FISHING INDUSTRIES LIMITED             4,526,722,112.57
SOLITON TELMEC U LIMITED             4,526,285,826.12
UGANDA BAATI LTD             4,452,555,256.00
GENTEX ENTERPRISES LTD.             4,405,901,824.00
NILE PLYWOODS (U) LTD.             4,250,395,898.00
AUROMEERA INDUSTRIES LIMITED             4,240,100,387.00
GRAND VICTORIA LIMITED             4,164,917,566.78
UNGA MILLERS (U) LIMITED             4,149,598,671.01
AQUVA INTERNATIONAL LIMITED             4,096,546,075.00
UNISTRONG INVESTMENT (U) LIMITED             4,087,228,459.01
KAMULI SUGAR LIMITED             4,084,734,713.00
BATA SHOE CO. UGANDA LIMITED             4,056,233,424.96
CAR & GENERAL (UGANDA) LTD.             4,054,437,213.19
ERNST AND YOUNG             4,044,202,238.40
SUGAR AND ALLIED INDUSTRIES LTD             4,040,297,966.01
DRD CONSTRUCTION & ENGIN.             3,987,903,501.00
NILE FIBREBOARD LTD             3,984,530,228.00
TILE CENTRE LTD.             3,930,356,573.43
SHREEJI STATIONERS 2009 (U) LIMITED             3,904,104,708.50
NICE HOUSE OF PLASTICS LIMITED             3,886,801,791.50
SKENYA MOTORS (U) LIMITED             3,716,899,144.51
FORTUNA LIMITED             3,597,364,461.46
YUVRAJ INTERNATIONAL (U) LTD             3,568,425,737.01
VERMA CO. LIMITED             3,567,851,011.01
GENERAL LUBE OIL LIMITED             3,565,312,708.00
KING ALBERT DISTILLERS LTD             3,501,093,783.70
RAINBOW INT. SCH (2003) LIMITED             3,490,930,472.50
INDO-BALI DISTRIBUTORS LIMITED             3,462,732,662.39
PANYAHULULU COMPANY LIMITED             3,439,602,172.00
LAKE VICTORIA HOTEL LIMITED             3,411,184,822.19
DOTT SERVICES LIMITED             3,404,298,033.50
CAVENDISH UNIVERSITY UGANDA             3,403,731,986.20
PRAMUKH STEEL LIMITED             3,359,816,852.00
ZPEB UGANDA CO. LIMITED             3,356,327,849.00
MT. ELGON MILLERS LIMITED             3,329,629,452.00
LANDY INDUSTRIES LIMITED             3,324,095,777.50
A.K. TRANSPORTERS LTD.             3,312,811,409.00
GEMS EDUCATION UGANDA LIMITED             3,311,658,936.23
ZTE  UGANDA LIMITED             3,307,418,974.01
CIVICON LIMITED             3,299,633,648.00
SCD (UGANDA) LIMITED             3,265,807,593.12
KIFARU CHEMICALS LIMITED             3,249,675,193.00
NC BANK UGANDA LIMITED             3,197,056,219.20
UGACHICK POULTRY BREEDERS LTD             3,172,869,335.01
CEMENTERS LIMITED             3,161,772,966.00
AFRICA FUELS AND LUBRICANTS LIMITED             3,152,929,452.00
QUALITY GAS LTD             3,095,032,314.11
SOUTHERN RANGE NYANZA LIMITED             3,054,367,161.50
PEARL DEVELOPMENT GROUP LIMITED             3,051,541,698.00
SUNBELT TEXTILES COMPANY LIMITED             3,026,493,937.50
YOGI STEELS LIMITED             2,990,946,919.01
AMBITIOUS CONSTRUCTION CO. LTD.             2,982,065,755.00
UGAFODE MICROFINANCE LIMITED             2,956,077,489.01
ARROW CENTRE (U) LTD             2,937,570,851.00
MUKWANO ENTERPRISES LTD.             2,907,105,070.11
AIR SERV LIMITED             2,896,804,760.00
MEERA INVESTMENTS LIMITED             2,886,138,088.07
THE NEW FOREST COMPANY LIMITED             2,882,376,114.01
JAPAN AUTO TRADERS (UGANDA) LIMITED             2,881,645,516.84
AMKE GLOBAL INVESTMENTS LIMITED             2,849,041,806.58
SUMADHURA TECHNOLOGIES LTD             2,828,798,577.73
TUF FOAM (U) LTD             2,818,134,698.00
ECOBANK UGANDA LIMITED             2,816,040,129.00
UGANDA BRILLANT PILE INDUSTRIAL CO.LTD             2,813,184,831.01
HYDROMAX LIMITED             2,789,974,969.62
MOUNT MERU MILLERS UGANDA LIMITED             2,724,535,690.11
MAGNET CONSTRUCTION COMPANY LIMITED             2,715,859,968.59
ENVIROSERV UGANDA LIMITED             2,705,211,865.02
BIYINZIKA POULTRY INTERNATIONAL             2,684,018,555.00
AFYA LIMITED             2,655,229,324.50
ACHELIS UGANDA LIMITED             2,649,738,348.50
ALFIL MILLERS UGANDA LTD             2,649,126,821.00
IBERO (U) LTD             2,647,717,327.00
TIGHT SECURITY LIMITED             2,567,548,043.00
NANJING EXEC RESTAURANT & MOTEL             2,560,655,198.00
MCLEOD RUSSEL UGANDA LIMITED             2,558,494,608.95
TECH MAHINDRA LIMITED             2,556,534,474.01
XING XING FURNITURE (U) LIMITED             2,535,134,494.00
PICFARE INDUSTRIES LTD.             2,530,781,991.00
MITSUMI COMPUTER GARAGE LIMITED             2,513,607,197.00
KINGS INVESTMENTS (U) LIMITED             2,500,092,289.39
CREST FOAM LTD             2,485,553,229.00
AFROPLAST ENTERPRISES LTD.             2,471,696,800.00
PHOENIX OF UGANDA ASSU. CO             2,457,675,990.00
UMA INDUSTRIES LIMITED             2,432,856,714.01
EPSILON (UGANDA) LIMITED             2,393,040,802.00
MAGANJO GRAIN MILLERS LTD             2,375,526,143.00
STEELWORKS LIMITED             2,369,688,917.00
SOMOTRADE (U) LIMITED             2,347,335,210.00
MERIDIAN TOBACCO CO LTD             2,331,181,169.00
WISPRO (UGANDA) LTD.             2,323,665,049.01
INTERNATIONAL HOSPITAL-KAMPALA LIMITED             2,320,019,076.00
CAIRO INTERNATIONAL BANK             2,289,729,489.00
TUSKER MATRESSES UGANDA LIMITED             2,287,343,305.50
G.M. SUGAR LIMITED             2,249,241,985.00
EVEREST DISTRIBUTORS LIMITED             2,237,346,567.99
CHINA GOLDEN ROOSTER STEEL CO. LTD             2,230,367,282.00
HENCHANG PLASTIC (U) COMPANY LIMITED             2,228,748,095.00
SECUREX AGENCIES UGANDA LIMITED             2,218,307,225.01
APA INSURANCE UGANDA LIMITED             2,210,345,221.43
MAKEPASI MATCH LIMITED             2,174,406,988.90
AUDLEY LIMITED             2,149,900,132.43
CHINA HENAN INTERNATIONAL CGCL             2,085,069,724.58
WAZIR AUTO TRADING LIMITED             2,079,419,563.00
HEINEKEN UGANDA LIMITED             2,078,791,326.00
LYDIA HOME TEXTILES (U) LIMITED             2,070,016,055.11
JHY SPARE LIMITED             2,056,617,300.00
KITANDWE ENTERPRISES LIMITED             2,050,838,153.00
ASIATIC SPORTS LIMITED             2,048,461,299.00
MULTIPLE I.C.D. LIMITED             2,028,157,405.00
LAKHANI MOTORS UGANDA LIMITED             2,018,186,836.00
MUZURI INTERNATIONAL (U) LIMITED             2,010,941,114.57
BWENDERO DAIRY FARM LIMITED             2,004,458,814.50
HUDANI MANJI HOLDINGS LIMITED             1,989,591,289.50
MUNYONYO COMMON/W RESORT             1,984,247,810.93
JMK CONCRETE WORKS LIMITED             1,976,515,098.23
MANZI INTERNATIONAL (U) LIMITED             1,976,140,525.50
HOTEL AFRICANA LTD             1,968,526,447.50
BEMUGA FORWARDERS LIMITED             1,961,419,992.00
COMMERCIAL BANK OF AFRICA UGANDA LIMITED             1,952,909,536.00
SAMEER AFRICA (UGANDA) LIMITED             1,926,402,686.01
JESANI CONSTRUCTION LIMITED             1,921,767,389.04
SAI OFFICE SUPPLIES (UG) LTD             1,903,566,380.00
MANSONS UGANDA LIMITED             1,898,804,133.00
KRISHNA CONSTRUCTION COMPANY LIMITED             1,885,166,829.00
HOUSE OF EDEN (U) LIMITED             1,880,496,701.00
PEOPLE PERFORMANCE GROUP ltd             1,865,675,589.11
Total    4,228,999,137,131.62

 

By J. Makumbi

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After Fighting Bank Of Uganda, Sudhir Now Cited In MP Sanjay Tana’s Financial Woes

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It seems the supporters of Dr. Sudhir Ruparelia will stop at nothing in their maneuvers to target and bring down whoever stands in his way for anything.

The latest victim to suffer the wrath of the Sudhir network is none other than ex-Tororo Municipality MP Sanjay Tana who is being demonized with reports that his Bunga residence is being confiscated by Bank of Baroda on grounds of loan-defaulting. Sources which are involved in these battles between Indian business community guys with big egos say Sanjay’s trouble began when preparations began for Indian Prime Minister Modi to visit Uganda.

The members of Modi’s security detail and advance team preferred Sanjay Tana saying he was the one the Prime Minister was more comfortable with leading preparations. Sales reps from Sudhir’s Speke Resort Munyonyo started pitching for business this being a big opportunity to cash in on the hospitality money. They started going to the members of the Modi organizing committee who were headed by Sanjay Tana and others like Singh Katongole. They fronted a proposal and indicated benefits in case Sanjay used his influence to ensure Modi addresses a big business delegation at Munyonyo. But this proposal was flatly rejected after some people approached Tana and told him the Sudhir Empire was looking for an opportunity to use the Modi visit to blackmail Museveni to become more sympathetic and side with Sudhir the Indian tycoon in his battles with the incorruptible men at Bank of Uganda. Tana declined the offer and in the end Modi addressed the Indian community at Kololo as opposed to Munyonyo.

Sudhir became so furious and didn’t participate in many of the activities to welcome Modi in Uganda. His people considered this a lost opportunity to use Modi to neutralize Museveni’s indifference in the BoU saga. Those who know how vindictive the Sudhir network can be say it was now a matter of time before Sanjay Tana paid for his sins. There is no pretending that Sanjay Tana, having lost his MP seat, is financially not doing very well because he was even kicked out of Petrol Jinja road but this is a situation the Sudhir squads are taking advantage of to finish off Sanjay Tana on social media. It’s said even Modi wasn’t interested in Munyonyo because that would make his visit look like its partisan and private yet he wanted all Indians to benefit having enough audience with him regardless of their feuds and misunderstandings over petty differences. Whatever Sudhir lost in the Modi refusal to go to Munyonyo, he recovered in the way the idea to host the Ghandi Conventional Center in Entebbe was rejected. Instead the Center was taken to Jinja source of the Nile where Gandhi’s remains are buried after cremation. The location of the same in Entebbe would be bad news for Sudhir as his Munyonyo would be rendered weakened in terms of the business to host international conferences now that the Entebbe Express way has increased access by overcoming the jam on Entebbe road.

It’s said Sudhir’s people were bitter with officials like Ephraim Kamuntu and Godfrey Kiwanda because their tourism ministry wanted the Center in Entebbe and yet this would have destroyed Sudhir’s business in Munyonyo. Sudhir’s powerful supporters haven’t forgiven the bosses of tourism ministry and don’t be surprised if Kiwanda and Kamuntu face strong competitors and lose their MP Seats in 2021. This is very possible because Sudhir’s network members don’t forgive. They can keep quiet planning to strike at a right time in future. PPS Molly Kamukama is another powerful official who Sudhir’s people don’t like. They see her as someone who hasn’t helped their man to access Museveni to plead for his bank to be restored to total humiliation of Mutebile and other bosses at BoU. Sudhir supporters are always waiting for the day Molly will be fired and they slaughter their goats and chicken to celebrate because they see her as a very bad woman who is too strong for their machinations.

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SUDHIR/BOU WARS: The Naked Truth Exposed: Falsehoods Sudhir’s Fans Told Vs. Bank Of Uganda’s Kasekende

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L-R: Bagyenda, Sudhir, Edith Kasekende and husband Kasekende

Being the tycoon he is, there is little surprise that Dr. Sudhir Ruparelia has many fans and supporters operating in the social media space. These have nowadays been very active character-assassinating BoU officials they see as being responsible for the collapse of his Crane Bank empire. One of the biggest victims is Dr. Louis Kasekende, his reclusive wife Edith Kasekende and his former BoU workmate Justina Bagyenda. Sudhir’s supporters have uttered many things on social media targeting Dr. Kasekende and his wife who should be less concerned about the husband’s public position. One of the most notorious falsehoods is that Edith was being used as a conduit to coordinate funny deals between the Deputy Governor and some of the law firms BoU hired to prosecute the Sudhir case and to also finalize the sale of CBL and the recovery of USD80m from Sudhir and other CBL shareholders. It has been peddled that Edith Kasekende was dubiously hired to offer HR consultancy services for BOWMANS which is one of the law firms BoU had retained for the Sudhir case.

THE NAKED TRUTH;

The truth as established by Grapevine is as follows; sometime in 2013, BOWMANS suffered severe staff exodus and this was at a time the South African partners were buying into the firm and coming on board to boost its global profile. Many employees were leaving and this scared the South African partners. Price Watershouse Coopers (PWC) which is an HR and audit firm in Kampala was approached and hired to help restore sanity at BOWMANS. Francis Kamulegeya who heads PWC deployed Mrs. Baliddawa to head a team of consultants to help BOWMANS come up with better strategies to ensure staff retention or else the AF Mpanga firm then based at Workers House risked losing the BOWMAN partnership. Mrs. Baliddawa did some work and set up systems and even recruited an HR Manager for BOWMANS. This was a lady called Dorothy from Shell Uganda. She then went ahead with creating strong HR systems to ensure staff retention and talent attraction for the law firm. In her report, Mrs. Baliddawa pointed out why even when they were given instant salary increment, young lawyers still insisted on quitting AF Mpanga. The lawyers still quit even after the crowded Workers House office was abandoned for more spacious DFCU Towers. After sometime, Mrs. Baliddawa quit PWC and went into retirement. She left in place a team of young consultants carrying on the work at AF Mpanga/BOWMANS and this lasted several months for which PWC experts were paid a retainer. Meanwhile Edith Kasekende was also working with PWC and on Mrs. Baliddawa’s recommendation, Francis Kamulegeya deployed her to boost the teams working for BOWMAN to establish strong HR systems. That is how she came to work for AF Mpanga in her own right as an eminent HR practitioner and not as wife of Dr. Kasekende.

BOWMANS WORKING FOR SUDHIR;

By the way, this way before the AF Mpanga/BOWMAN lawyers ever got to be involved in any work relating to Sudhir and BoU. The truth is the law firm only worked for Sudhir during the takeover of Amama Mbabazi’s National Bank of Commerce by CBL. Fred Muwema, representing the NBC owners, used Justice Steven Kavuma to get a strange court order against CBL bosses including the MD Kalan, the DMD and Sudhir himself. He accused them of contempt of court that they went on to take over NBC operations even when there was an order restraining such as issued by Justice Kavuma. There was panic at Crane Chambers and city lawyer Alex Rezida (a director in CBL) recommended that AF Mpanga would handle that Muwema case on behalf of CBL. He led the AF Mpanga lawyers to Crane Chambers late evening and instructions were issued inside Sudhir’s office. The case was worn and the AF Mpanga attorneys moved on. That is the only deal they ever had with Dr. Sudhir who sometime back accused them of conflict of interest. Muwema’s client NBC had brought contempt of court criminal proceedings against both CBL and BoU which was separately represented by MMAKS. Then much later on, the same AF Mpanga came to do some work for BoU as external lawyers after some diplomatically powerful representatives in Kampala got concerned and insisted on AF Mpanga’s inclusion on the team of lawyers to pursue the CBL saga. Justine Bagyenda, the strong Mukiga lady who was at first very uncomfortable with the AF Mpanga law firm on grounds that it had represented Kizza Besigye and other FDC honchos in high profile cases, was instructed to add AF Mpanga on the list of BoU’s legal team to pursue the CBL matter. She directed PWC to closely work with the firm in carrying out a forensic audit on CBL and this angered the Sudhir camp. That forensic report became the basis for the CBL’ sale to DFCU which took it after other bidders became disinterested in seeing the bank’s vulnerable situation (it had just UGX1.5bn against depositor obligations stretching over UGX1trn). This was long after Edith Kasekende had been working for BOWMANS as HR consultant. Even after quitting PWC, after Francis Kamulegeya communicated that PWC would be scaling down on HR practice to concentrate on its core function which is audit, Edith Kasekende maintained a consultancy relationship with BOWMANS and all this clearly had nothing to do with Dr. Kasekende or any dealings regarding CBL. On starting her own company, she still occasionally moved in to support and supervise other teams on ground working to ensure the BOWMANS HR functions worked well. Of course she would be paid by BOWMANS for her services and it’s these payments that Sudhir’s fans misconstrued for being a conduit for money to her husband Dr. Kasekende.  Because they wanted to make Dr. Kasekende look shady and dirty, they also deliberately misrepresented Edith’s bank statements to exaggerate her bank balances as if she is a billionaire whereas not. She simply kept fixing her own retirement benefits package in order to get some interest at the end of the banking year but Sudhir’s fans made it appear she was damning rich.

CONFLICT OF INTEREST CLAIMS;

But there has also been claims of conflict of interest being propagated by Dr. Sudhir’s supporters. But there is one glaring case they never speak about. Ernest & Young which OAG John Muwanga hired to do the latest audit report on BoU had for some time back accumulated an axe to grind with Bagyenda. As the powerful Director supervision, Bagyenda had denied E&Y business a few years ago and struck them off the list of audit service providers after they missed submitting very important pre-qualification documentation.  And here was the same firm being tasked or hired by Muwanga to audit BoU decisions including those that occurred at a time Bagyenda was in key authority and decision-making positions. Its hard ruling out this being an opportunity to settle an old score against Bagyenda and other heavyweights at BoU.

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INVESTIGATION

SELFISH: How Sudhir Badly Frustrated Bank Of Uganda Talks, Kenyan Crane Bank Shareholder Feared Being Arrested On Ugandan Soil

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Tycoon Sudhir Ruparelia

Shocking secrets have come out showing how Crane Bank proprietor Sudhir Ruparellia frustrated BoU on the talks the President had directed in order to protect him against being prosecuted for criminally mismanaging his own Crane bank.

Sources have told this website that when BoU moved in to control the mess and Crane Bank and protect the clients who had their money there, they discovered that the bank had only Ugx1,500,000,000 in its possession. This was against depositor obligations of more than Ugx1trn.

That’s how Price Waterhouse Coopers auditors discovered things which had gone wrong. BoU had to stabilize the economy by using its own capital (and that’s how BoU became insolvent) to make sure depositors didn’t get to know that their money had been diverted to other things creating liquidity problems for Crane Bank Ltd which forced BoU to come in and solve it. This was dangerous because Crane Bank was the 3rd largest bank in Uganda at that time. Sudhir and other shareholders were supposed to be arrested and prosecuted which never happened because Museveni pleaded for them.

Instead, BoU agreed that Sudhir and other shareholders must repay the tax payers’ money BoU had used, which was in a tune of more than Ugx400bn to cater for the depositors. BoU hired city law firms like MMAKS to recover the money from Sudhir and other shareholders. Meetings would he held at MMAKS headquarters at Diamond Trust. When lawyers wrote to the Kenyan shareholder Rasik Kantaria, he panicked and first feared coming to Ugandan for BoU meetings because he feared he would be arrested because the Crane bank mess was a very big case which in a normal country was clearly going to lead shareholders to Luzira.

The Kenyan-based Indian shareholder later on agreed to come but he was full of fear. A total of USD80m was at stake and BoU hired the MMAKS lawyers to recover it from Crane bank shareholders. The Kenyan shareholder was assured by BoU that he wouldn’t be arrested and that’s why he agreed to come for the meetings.

In the first meeting, the Kenyan shareholder Kantaria cried like a little boy and repented his sins saying he was misled by his business partner Sudhir to embrace the Crane Bank saga. The lawyers told him all was well and all he had to do to escape jail was to pay up to his liability as a shareholder. The Kenyan/Indian shareholder who was escorted by lawyers from a law firm called ABMAK in Kololo thanked the lawyers and immediately agreed to pay USD7.5m not to be prosecuted. Sudhir whose extravagancy is understood to have caused Crane bank liquidity problems also paid USD8m and promised to pay the balance later. The balance was USD65m. When Sudhir failed to get the money, he came back to BoU lawyers and said he had his properties which he was staking to cover the USD65m.

BANK OF UGANDA AGREES

BoU management and board agreed that if he can surrender his properties, then it’s okay. Meetings were held at Diamond Trust building inside MMAKS offices but Sudhir made a U turn and started acting funny. He complained to Museveni that the BoU lawyers were very complicated. The Indian tycoon is understood to have caused Crane bank problems because he was lending to politically exposed entities and these are borrowers who took cash without being able to pay back and yet they are too powerful for the bank to foreclose by way of attaching their security properties. Others were unable to pay because the loans weren’t properly assessed against the amounts sought right from day one. When he was ready with the properties, Sudhir gave a phone call to BoU officials and meetings were held at MMAKS lawyers’ offices. While there, Sudhir’s lawyers shocked everybody when they delivered titles for properties that were legally not good for any value. These included 50 acres of land covering the whole of Kinawataka wetland. The BoU lawyers wondered how anyone can have a private title in a wetland which is supposed to be gazetted public land.

They even doubted there can be 50 acres in Kinawataka.

They refused that title and Sudhir’s lawyer quarreled and stormed out of the meeting. Sudhir also delivered a title for land in the Kitante valley which BoU lawyers rejected because it was similarly a wetland. Sudhir also tendered a title for the land situated in Kololo near Summit view. There was also land for the Nakasero primary school playground and the Kololo School which Bamugemereire is now investigating. The big tycoon was exposed on the Kololo land near Summit View. He gave in the title saying it was his land which BoU can sell to recover Ugandan taxpayers’ money. However, when BoU surveyors reached there they got arrested immediately by SFC soldiers.

They accused them of criminal trespass and made them crawl on their berries. The soldiers kept saying this land belongs to the army. The surveyors were detained for many days for illegally accessing the army land under Summit View barracks in Kololo. BoU top management had to contact the President for the surveyors to be released. The surveyors were so terrified some of them even resigned their jobs and refused to go to any other Sudhir land for similar surveying. Apart from the SFC chasing them away saying this is army land, the surveyors also found that the Kololo land was bad property because it had no regular access road meaning that even if BoU had accepted it, there would be little value because of the access problems. On being told of his weaknesses, Sudhir became even more annoyed and started accusing the MMAKS lawyers of being complicated.

He also reported to the President that the BoU team had refused his land titles because MMAKS MD Timothy Masembe Kanyerezi hates and wants him to die in prison. The lawyers wrote to BoU showing that the properties combined wouldn’t exceed USD13m in value as opposed to the USD45M that was still pending. The lawyers also advised BoU not to accept the properties because the Auditor General and MPs would in future raise a red flag for causing financial loss because BoU would be asked why they accepted wetlands which is clearly public land.

Sudhir made the talks even more complicated when he started demanding that BoU gives him back the titles for properties like Bauman House which used to be an extension of Parliament. Bauman was taken by BoU/DFCU because it’s among the properties or companies of Sudhir which were borrowing from Crane Bank and the rich Indian wanted BoU to return it to him to strengthen his tenancy arrangements with Parliament and later on the Ministry of Justice which now rents Bauman. BoU bosses refused which led to problems and made the tycoon even more annoyed.

The Grapevine strives for accuracy by providing in-depth, objective and non-partisan information if you have a hot story or scandal you would like to share with us, please reach us through 0752 227640, or grapevineug@gmail.com, info@thegrapevine.co.ug.

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