By Jamil Lutakome
Former Managing Director of National Social Security Fund (NSSF) David Chandi Jamwa has appealed to the supreme court challenging the 12 years imprisonment in Luzira prison and ten years ban from serving in any government office after finishing his imprisonment sentence.
Through his lawyer David Mpanga, Jamwa put a notice to appeal in the supreme court criminal division. In his appeal, Jamwa challenges the two court of appeal justices Kenneth Kakuru and Opio Oweri who indicated on Monday that they agree with High Court judge David Katuusi’s assessment of the evidence brought to court by the Inspector General of Government (IGG) that he caused financial loss of three billion shillings to NSSF by selling immature treasury bonds to Crane Bank.
Jamwa says he is also dissatisfied with the four years imprisonment sentence the two justices added to him for the charges of abuse of office.
Jamwa also challenges the judgement read to him because it was overtaken by events. By the time Justice Apio Aweri signed the judgement, he was already elevated to supreme court.
FORMER NSSF DMD SUPPORTS JAMWA
Ms. Geraldine Ssali, the former Deputy Managing Director of the National Social Security Fund (NSSF), has faulted the justices of the Court of Appeal for upholding the 12-year jail term for David Chandi Jamwa, the former managing director of the Fund.
Ms Ssali said that selling treasury bonds before their maturity, which was the prime crime Jamwa had committed, is a “legitimate business” which managers make from time to time. As an alternative, Ms Ssali said the State would have gone against Jamwa on other queries like the Temangalo land saga.
She said managers in big organisations make financial decisions all the time and punishing Jamwa sends a wrong signal to them.
“As a Finance professional, I have never really understood his crime on this very transaction of liquidating a bond earlier than maturity. Bonds carry risks. This means they are also speculative in nature and also carry risk,” she said. “So, a manager can make a decision to exit early if they feel the opportunity cost on the remaining interest is not better than the next best alternative for that money.”
She added, “For example, if a one year lucrative fixed deposit opportunity is identified and is closing, I can choose to exit in anticipation for more income from a higher yielding fixed deposit. This is normally referred to as tactical trading. It’s therefore normal to make gains or losses in the course of trading.”
She said that based on the risks involved in dealing with bonds, managers are always insured against such liabilities so that once such decisions backfire, the losses are covered.
“This is the reason managers and officers’ liability insurance exist – to cover any losses incurred in the process of doing legitimate business as anticipated,” Ms Ssali said.
She wondered why many companies that incurred losses in 2015 were bailed out by government instead of their managers being jailed for wrong financial decisions that caused the losses.
“In about two years ago, a total of 65 companies cried out to the government to bail them out of their financial mess after their businesses became distressed due to non-performing loans.”
Ms Ssali said the judges should have considered the decisions in their entirety instead of only looking at the liquidity position of NSSF at the time. “The judges with all due respect to them may have looked only at the liquidity position of NSSF and ignored all the other factors like interest rates, exchange rates, cost to income ratio and all the other stuff they consider boring. They have set the wrong message. The indirect implications of this ruling are that the judgment has killed a percentage of the secondary and primary bond market.
Financial analysts and fund managers may not be willing to participate in these bond markets unless they can demonstrate beyond reasonable doubt, the dire need for liquidity,” Ms Ssali warned.
Property Dealer Kamoga Survives Prison Over Fraudulent Multi Billion Land Deals…
Muhammad Kamoga the proprietor of Kamoga Property Consultants situated along Entebbe Road has been charged before Entebbe Chief Magistrate Court and released on bail on the allegation of masterminding fraudulent multibillion land deals.
According to the State, Kamoga was accused of fraudulently acquiring a prime piece of land measuring 200 acres in two villages in Katabi Town Council near Entebbe Municipality in Wakiso District.
Before his arrest, State through the Deputy Director of Public Prosecutions, George William Byansi had directed Maj. Dr. Tom Magambo the Director of Police Criminal Investigations Directorate (CID) to arrest Kamoga and present him before the Chief Magistrates Court at Entebbe.
According to the charge sheet, Kamoga is facing charges of forgery, uttering a false document and obtaining registration by false pretense.
It is alleged that on May 7, 2021 at Wakiso Lands office, Mr. Kamoga with intent to deceive forged a transfer form dated May 7 in respect to land on block 435 plot 8 purporting to have bought it from Bibangamba Peter which was false.
State contends that Kamoga also forged a transfer form dated February 8, 2021 in respect to land on Block 435 in regard to 105 plots.
The land broker is also accused of uttering a false document where it is alleged that he submitted the said forged documents to the Registrar of titles purporting it to be signed by Bibangamba whereas not.
According to the state, Kamoga willfully procured for himself registration of disputed land under the registration of titles Act by falsely pretending that the same was transferred to him by Bibangamba.
The charges result from complaints regarding four plots on land on Block 435 at Bukaaya Village in Katabi Town Council, Entebbe.
Bibangamba is accusing Kamoga of subdividing his land into more than 100 plots and transferring them into his names and later on selling them off without his consent.
“Charges of GEF 308/22 and CRB 556/2022 should be prepared as guided above and forwarded to Resident State Attorney (RSA) Entebbe for further action,” reads the document received at the CID on September 4.
According to the complaint, in 2021, Bibangamba engaged Kamoga to recover his land from occupants who had become a big problem to him.
It is alleged Bibangmba and Kamoga signed a Memorandum of Understanding accompanied by powers of attorney to enable the latter to execute the assignment.
It is alleged that Kamoga held meetings with squatters, opened boundaries of the land and negotiated with some of them and even took one of them, J.P Cuttings to Bibangamba and sale was concluded.
“However, thereafter Kamoga proceeded and subdivided the entire land into several small plots and transferred most of them into his own names and then sold them without the knowledge or consent of the complainant or the affected occupants” Bibangamba states.
Efforts to get Kamoga were futile as his known telephone number was switched off.
By Grapevine Reporters
NCBA Bank In Spotlight Over Fraudulent Advert With Intent To ‘Deal’ Top Lawyer’s Multi-Million-Shilling Property…
A city lawyer and property mogul has accused NCBA Uganda of trying to defraud him of value by selling his prime property in Kampala by employing underhand methods
Deox Tibeingana, also a property developer, accuses NCBA Bank Uganda of trying to sell off his property by maliciously advertising the same. He says that in doing so, they are trying to actualize a fraud.
On Monday, September 25, 2023, the bank advertised the lawyer’s property in Mbuya for sale in the Daily Monitor, with a call to the occupants to vacate. He attached a letter from the bank granting him 30 days extension from 16th September 2023 but even before the lapse of the days given, the bank was advertising. This obviously means his efforts are now useless.
For Tibeingana, it raised a red flag.
“They put up a notice for ‘occupants’ to vacate property knowing that I voluntarily vacated the property under the false presumption that they (the bank) would respect common sense and sell the property by private treaty,” he says.
Tibeingana reveals that by going ahead to advertise, NCBA bank was cementing its reputation as a financial institution that thrives on other people’s misfortune.
Tibeingana, who had a financial obligation with the bank, said he approached the bank, when it was still being headed by Mr. Anthony Ndegwa, with proposals on how he could pay part of the loan to a tune of UGX 1 billion. However, they were unrelenting and he flew to Nairobi at the bank’s head office where he got positive feedback.
“In Nairobi, they accepted my proposal to sell off the Estates in Kireka to pay off the principal. However, what followed was the most unprofessional and childish display of personal vendetta from the bank. They said that since I had gone to Nairobi, they would frustrate me and refused to accept an immediate part payment of UGX 670m insisting I must pay UGX 1 billion in one lumpsum,” he says.
According to Tibeingana, it went on for one year with interest accumulating at 36%. Eventually, after frustrating me, the Managing Director called to say he was going to sell off the property in piece meal and had buyers. They became the brokers for my properties and were negotiating with clients to pay them inducements on the side and sold all the property that way.
Tibeingana also accuses the then MD of meeting up with his (Tibeingana’s) business rival, a notable loan shark, at a Golf Course Hotel, and devising means to frustrate him.
“I engaged lawyers (Kyazze & Kyankaka advocates), after I got wind of the MD’s meeting with the loan shark. They put it to him that since I had constructed the apartments and had shown steps to create value and pay the bank, their scheme was bound to fail,” he says.
He recalls that in 2020, he requested the bank to release to its lawyers the land title for plot 8A Mbuya Road so he could create condominium titles to sell the houses he had constructed and pay the bank. They refused his request for 6 months while his account ran on penal interest.
According to Tibeingana, the bank eventually relented but he had to first raise 10% of the agreed sum before he could get the title. After depositing UGX 250M, the title was released and the condos created. “I was able to pay the bank UGX2.5Billion in 30 days after selling 5 of the 43 condos that were created. Upon payment of these monies, It was another battle to get my titles released as management was “too busy” to sign all the 38 mortgage releases,” he narrates.
Tibeingana recalls that on two separate occasions, officials from the bank approached him proposing a gentleman’s agreement to sign sham mortgage documents of UGX 3.88bn and UGX 3.97bn in a period of 3 days to fool BOU auditors. He further narrates that “…I was shocked to later learn that these too had been registered against my properties as legal charges. It was against that fact that I filed a suit to challenge the thuggery of the bank,” he says.
He reveals that out of the UGX3.5b lent to him by the bank, he has so far paid back more than UGX7.5b, but the bank now claims they are still demanding UGX 1.6bn.
“We reached an agreement and I vacated the building so that the bank could tour prospective buyers after they declined my offer to participate in disposal of the property. Hardly a week has passed and the bank is keeping with its culture of advertising a property under a mortgage Act, whereas the agreement was a gentleman’s deed to sell under the insolvency act by all players,” he says.
By Grapevine Reporter
How Bad Economy, Politics Forced Monitor Publications MD Glencross To Seek Early Retirement, New Vision’s Don Wanyama Warns Shareholders…
Professor Samuel Sejjaaka, the chairman Board of Directors Nation Media Group (NGM), the publishers of Daily monitor newspaper revealed that the search for the company’s Managing Director has kicked off after Tony Glencross tendered in his early retirement prayer and it was allowed.
In the Statement, Sejjaaka stated that effective from 31st December, 2023, Glencross will be officially retiring and as per now, the board is undertaking a competitive recruitment process to identify a suitable replacement.
South African born Glencross joined Monitor Publication in 2015 and has spearheaded its transformation from print media company to a multimedia company.
Highly placed sources at Nation Media told theGrapevine that politics and the bad economy forced Glenscross, a former Commercial Officer at Vission Group, to retire. A source said that the company has failed to recover from the economic shock that many companies are currently suffering from as a result of the Covid-19 long lockdowns and the Russia-Ukraine war.
The monitor paper circulation has since declined because the pockets of most readers are yawning due to the bad economy.
There is also the issue of bad politics. Insiders allege that Glencross has been working under pressure especially from top government officials who are always attacking the company for working against the government.
On several occasions, President Yoweri Kaguta Museveni declared Monitor a ‘bad paper’ to the extent of suing the publication over defamation.
In Monitor’s legal battle with Museveni, Justice Musa Ssekaana of the Civil Division of the High Court ordered them to pay Shs300m as damages to the President.
Museveni always alleges that Monitor publication is working for bad foreign agents.
A source at Monitor further revealed that the newspaper’s private advertisement has dropped yet government is also taking long to pay for their adverts.
Glencross’ early retirement comes days after New Vision Managing Director Don Wanyama warned the company’s current and prospective shareholders of an impending loss for the year 2022/2023.
Wanyama based his announcement on the “preliminary assessment” of the company’s performance by the Board of Directors, which is expected to return a loss for the year.
He explained that the company’s bad performance is as a result of the recent price hikes of inputs like; newsprint and other raw material inputs resulting from global supply chain disruptions.
He added that the company’s revenues are dominated by printing which accounts for almost half, followed by broadcasting (radio and television) outlets, commercial printing and others.
“The main contributor to this performance is the challenging business environment due to slow business recovery from the COVID-19 impact on newspaper sales and advertising revenue spent across the different platforms,” Wanyama stated.
Highly placed sources at both Monitor and New Vision intimated to theGrapevine that plans are underway to cut on the number of staff and costs of operations.
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