Connect with us
  • MY MONEY

    Time To Pay Your Debts: BOU Orders All Borrowers Who Had Loans With Sudhir’s Defunct Crane Bank To Start Servicing Them…

    Published

    on

    Bank of Uganda has ordered all borrowers who took loans from the defunct Crane Bank owned by tycoon Sudhir Ruparelia to satrt servicing them.

    In a statement released today and signed by the Governor Prof. Emmanuel Tumusiime Mutebile, BoU notified borrowers whose loans were transferred to DFCU Bank to continue servicing them with DFCU Bank Ltd.

    “Bank of Uganda (BoU) took over management of Crane Bank Ltd. (CBL) on October 20, 2016 and subsequently progressed it into receivership on January 24, 2017. In exercise of its powers under section 99 (1) & (2) of the Financial Institutions Act, 2004, BoU has now placed CBL under liquidation and ordered the winding up of its affairs. The Central Bank shall be the liquidator of CBL,” Mutebile notes.

    He adds, “All borrowers of CBL, whose loans were transferred to DFCU Bank under the purchase of assets and assumption of liabilities agreement between CBL (In Receivership) and DFCU Bank Ltd., must continue to service their loan obligations with DFCU Bank Ltd.”

    He adds that other borrowers of CBL, whose loans were not transferred to DFCU Bank, must service their loans by paying into the designated collection accounts at Bank of Uganda.

    “CBL borrowers, whose loans were not transferred to DFCU Bank Ltd., can access a statement of their indebtedness from the office of the Director Commercial Banking at Bank of Uganda headquarters.

    Creditors of CBL will be notified of the procedure for presentation of their claims to the liquidator,” he says.

     

    By Grapevine Reporter

    Comments

    MY MONEY

    Where Did Our Data Go? – MTN, AIRTEL Dragged To Court Over Illegal Consumption Of Customer’s Data During Internet Shut Down…

    Published

    on

    Airtel Uganda Managing Director Manoj Murali (L) and MTN CEO Wim Vanhelleputte (R)

    Airtel and MTN, the top two Telecommunication giants in Uganda have been dragged to the High Court Civil Division over illegal consumption of customer’s data during the internet shutdown.

    Controversial city lawyer Hassan Male Male Mabirizi wants High Court Judge Boniface Wamala to declare that  the action of the respondents, to remove subscribers’ internet data bundles between 12th – 18th January 2021 yet social media platforms and the entire internet was shut down infringed on their rights.

    Mabirizi is also seeking for a permanent injunction restraining the respondents from any further or future consumption of his and other subscribers’ internet data bundles when social media platforms and the entire internet are shut down.

    He also wants the Court to issue an order compelling the Respondents to refund his and other subscribers’ internet data bundles chopped between 12th – 18th January 2021 when social media platforms and the entire internet were shut down.

    Mabirizi wants the Court to award general damages to him and other subscribers’ whose internet data bundles were consumed on the said days.

    Both telecommunication companies issued a statement noting that it was the government that issued a directive against them to shut down the internet over violence threats during the general elections. They however did not explain why most subscribers lost their data bundles during the days when the internet was totally off.

    Airtel and MTN have 14 days to file their defense.

     

    By Sengooba Alirabaki

    Comments

    Continue Reading

    MY MONEY

    Judge Who Awarded Tycoon Ham Kiggundu Shs120bn In Battle With DTB Bank Transferred To Remote Soroti City…

    Published

    on

    Businessman Hamis Kiggundu with his lawyer Fred Muwema. Right is Justice Adonyo

    Speculations have already started among the legal fraternity and the general public questioning why the Principal Judge Flavian Zeija, who is also the head of High Court judges transferred the soft spoken senior commercial judge Henry Peter Adonyo to remote Soroti city as the Resident judge.

    Justice Adonyo’s name dominated the news when he dismissed Diamond Trust Bank’s (DTB)  Shs120bn case with 8 percent  interest against controversial city tycoon Hamis Kiggundu, the proprietor of Ham Enterprises Limited on technicality.

    In his ruling to stay of execution, Justice Nzeija cited corruption in Kiggundu’s case and revealed that a number of people approached him asking him to name his price before making his ruling even though he didn’t mention which party tried to bribe him.

    Ham protested Justice Nzeija’s action to stay of execution and dragged him to the Judiciary’s disciplinary body, the Judicial Service Commission.

    In his ruling, Justice Adonyo stated that Diamond Trust Bank (DTB) Kenya where Ham borrowed Shs120bn was not licensed to carry out any commercial transaction in Uganda because it contravened the Financial Institutions Acts of both Uganda and Kenya hence lacked locus to sue.

    Adonyo agreed with Kiggundu’s lawyers led by senior counsel Fred Muwema that it was illegally for the bank to withdraw money from Ham’s account without his consent.

    During the same transfer, over 28 Judges were transferred to different stations, seasoned electoral petitions legal giant turned High Court Judge Musa Sekaana was promoted to head the Civil Division Court of the High Court in Kampala.

    Many observers welcomed the move stating that Sekaana’s experience is going to help especially at this time when Courts are waiting for electoral petitions.

    Sekaana represented a number of politicians including the independent Electoral Commission in the previous elections petitions.

     

    By Sengooba Alirabaki

    Comments

    Continue Reading

    MY MONEY

    How First Son Lt. Gen. Muhoozi Saved Kabushenga From Losing Juicy Job At Vision As CEO…

    Published

    on

    Vision Group CEO Robert Kabushenga

    It has been not an easy task for the first family to convince president Yoweri Museveni to renew the contract of Robert Kabushenga, the Chief Executive Officer (CEO) of vision group.

    Multiple credible sources have intimated to theGrapevine that for almost a year, Kabushenga has been running from one office to another pleading to those he thinks can convince President Museveni to renew his contract.

    “The man spent almost two days at Gen Salim Saleh’s home pleading to him to convince his brother to renew his contract until he told him that he had failed to persuade the old man,” one of Kabushenga’s best friends at vision group revealed.

    He added that Gen Saleh’s statements didn’t make the humble Kabushenga to give up.

    He decided to run to other first family members and the target was Lt. Gen. Muhoozi Kainerugaba, the first son, senior advisor to the president and also the commandant of the Special Forces Command (SFC).

    Sources revealed that several meetings were held between Kabushenga, Muhoozi and a one Alice Kaboyo, a close relative to Museveni on how they can convince the old man to renew Kabushenga’s contract.

    After several secret meeting, Kabs’ contract was renewed for two more years as the head of the vision group.

    Sources intimated to theGrapevine that even though Kabushenga’s contract was renewed, he was told that President Museveni is not happy with the way he has been running affairs at vision group.

    His peers advised him to make sure that by the end of the 2021 elections, the old man from Rwakitura is happy with his performance.

    Sources at vision group disclosed that for the last one year, since the expiry of his contract, Kabushenga has been a very frustrated boss, he has been spending much of the time out of office moving from one office to another in a bid to save his job.

    Recently, Kabushenga’s longtime enemy Joseph Tamale Mirundi who also doubles as the senior presidential advisor on media warned that Kabushenga should leave vision group.

    Mirundi has been moving from one radio station to another saying that Kabushenga refused to vacate office even though his contract expired and that President Museveni directed SFC commandos to go and evict him.

     

    By Sengooba Alirabaki

    Comments

    Continue Reading

    like us

    TRENDING