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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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We Won’t Refund Your OTT Tax – Finance PS Muhakanizi

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The Permanent Secretary, Ministry of Finance, Economic Planning and Development Keith Muhakanizi has asked Ugandans to forget about the refund of the 1% Mobile Money tax (OTT) as directed by the president in August.

Muhakanizi says that the money was collected legally and spent legally on services to the Ugandans. He disclosed this during a meeting where he was presenting the 2nd quarter report of Government expenditure at the Ministry of finance headquarters in Kampala today.

Muhakanizi said that Government under the Ministry of finance has released the funds for 2nd quarter of the financial year 2018 /2019 putting much emphasis on effective service delivery. He added that this has been done early before the 10th day so that there is effective delivery services to the public and also eliminate complaints from some ministries when they delay to deliver.

When asked about the growing government debt burden and its implications, Muhakanizi said that there is no cause of alarm and that the government was borrowing for projects that are sustainable to avoid being trapped in debt like what happened in Malawi. Muhakanizi revealed that in the last two months, Uganda Revenue Authority (URA) has collected 149 billion above the target and that the GDP has grown by 6.1 %, a clear sign that the economy is growing.

Muhakanizi gave the breakdown of the funds released as follows: Wages – UGX 4.2244 billion, Non-wages UGX. 5,309.09 billion, Government development – UGX 5,229.00 billion, Arrears – UGX 380.50 billion, External Financing – UGX 7,734.54 billion among others.

He added that a total of 4.321.1 trillion has been released for quarter two as part of government of Uganda expenditure which reflects 29.3% of the fully approved budget of the government of Uganda excluding external financing, Appropriation in Aid (AIA), Debt, Karuma and Isimba dams.

 

By Remmy Atugonza

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I’m Ready To Fight Until Musisi Shows Us Accountability For The Carnival – Lukwago

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The Kampala Capital City Authority (KCCA) accountability meeting that was called by Kampala Lord mayor Erias Lukwago at city hall today has flopped after some councilors and the technical wing failed to turn up claiming that they are busy.

Addressing the media at his office after the failed council meeting, a bitter Lukwago vowed that he is ready to fight tooth and nail to see that he retains his powers as the political head of the city.

Lukwago warned that he is not willing to go with the decisions of the minister and the Executive Director who have been accusing him of not calling meetings, and when he calls them, they boycott and give excuses that they have other engagements.

“I know the minister wants to take the powers of the Lord mayor and it’s the main reason why she is trying to influence members of parliament to quicken the process of amending the KCCA act. She wants most of the powers given to the her so that she becomes the decision maker, these are the very things that failed the meetings the other times. We are not going to allow this happen again,” Lukwago said.

Lukwago chairing the council meeting that flopped

Lukwago told the media that the technical teams planned to fail this meeting because no one from the Clerk’s office was around to take minutes after attempting to hide the keys to the Chambers in the morning.

However, Lukwago vowed to squeeze the executive director Jennifer Musisi and the minister for accountability especially on the cancelled Kampala city carnival and the carnivals of the previous years.

He says the council wanted to get explanations from the executive director on how the money was used and how much was collected, how this money is going to be divided among the schools and what criteria they are going to use.

Lukwago insisted that they are ready to bring the same issues of accountability in the next council meeting scheduled to take place on the 10th of October.

He also wants the issue of how the physical planning authority which is not there by law selected buildings in Kampala to be closed and for what reasons.

Lukwago also reminded the minister and the executive director that they have no moral authority to put a physical planning committee because according to the KCCA act, the committee has to be elected by the council headed by the town clerk which procedure was not followed.

 

By Mboowa Nathan

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SHOCKING: Police Detectives Produce Deadly Report On How Bank of Africa Fraudulently Played With Client’s Money

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Finally, a group of senior detectives from the Criminal Investigations Department (CID) have produced their investigation report on how Bank of Africa staff defrauded Jeffery forex bureau sh15,423,450,493.
The team of Police investigators from Kibuli headquarters were led by W. Kototyo the deputy director economic crime and anti-Corruption, Dhabangi John from the department of economic crimes and financial intelligence and Isaac Wabweyo the investigating officer.
According to the report given to this website number CID/C40/207/fraud, titled: Report on the alleged case of fraudulent transaction on the accounts of Jeffery forex bureau limited held at Bank of Africa Vide CID headquarters GEF 698/2016 and GEF 370/16, the detectives discovered that Bank of Africa and Jeffery forex bureau limited are both registered financial institutions with Bank of Uganda and they do forex exchange, banking and money remittances respectively.
Detectives state that they established that Jeffery forex bureau started it’s business in Uganda in 1997. It was established that Jeffery forex bureau limited holds the following accounts with Bank of Africa, UGX20206094001, USD 2020609436, EUR 02060940000 and GB pounds 02060940088.
The detectives further established that whenever a business need arose, the management of Jeffery forex bureau limited would make transactions on those accounts for instance money transfers, receiving, buying, selling of forex and sending funds outside the country.
It was discovered that several deals in foreign currencies were done on these accounts by Ronald Mutebi, Rogers Lutaaya, Ahmed Kalule and Walter Nirwotti Munanu all senior staffs of Bank of Africa. The report shows that they all admitted in the statements they made before the police during interrogation.
It was discovered that in the Month of November and December 2015, the said accounts had over sixty (60) business deals, all postdated and done by the treasury staff to cushion the bank from the losses earlier made through forex bureau trading without authorization from the bank management.
The detectives established that the suspects were given high targets by the bank to make profits came up with proprietary trading which meant that in case the bank made a loss to the forex bureau transaction, the staff in question would book another future transaction to make provision for the loss and the cycle would continue like that until the loss to the bank crystalized on these transactions.
It was established that through these fictitious transactions, the treasury department thought they would meet the target of making profits for the bank and were instead making the forex lose.
It was also established that these transactions were carried out on the accounts of Jeffery forex bureau and were done without the knowledge, consent or approval of the forex bureau.
It was estimated that through these fictitious transactions carried out by staff Bank of Africa the forex bureau lost sh15,423,540,493.
It was also established that it’s against these questionable transactions that Bank of Africa revoked the operational license suspending all business with Jeffery forex bureau and closing its bank accounts.
“Following the above, investigations so far done and the evidence collected we would suggest that our file be submitted to DPP for perusal and legal advice,” the team of detectives recommended.
The forex bureau also filed a civil suit number 320 of 2018 in the High Court of Kampala commercial court division against the Bank of Africa.
“That by simple computation, the magnitude of the defendant bank’s impugned transactions amount to USD 26,321,352,96, EUR 14,639,239, GBP 16,496,651,” part of the forex bureau admission on the Court’s record reads.
The commercial court registrar allocated the file to Justice David Wangutusi. However, before the kick of the case, both parties were given an opportunity for mediation.
Court accredited Virji Mahabuba to chair the mediation, the plaintiff was represented by M/S Kinobe, Mutyaba and company Advocates while the defendants were represented by M/S Sebalu, Lule and Company Advocates
Unfortunately, Mahabuba reported back to Justice Wangutusi and informed him in writing that the mediation he gave him to chair have failed and both parties are ready to battle out legally in court. The file has already been taken back to the judge for scheduling.
This website will keep you posted on this case.

THE DOCUMENTS

The document that proves that meditations failed

By Jamil Lutakome

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