• EDITORIAL POLICY
  • ABOUT US
PML Daily
  • Home
  • NEWS
    • Politics
    • Education
    • Regional
    • Africa
    • World
  • INVESTIGATIONS
    • National Archives
    • Special Reports
  • OpEd
  • BUSINESS
    • Agriculture
    • Tech
    • Finance
  • FEATURES
    • Health
    • Tours & Travel
    • Entertainment
    • Society
  • COLUMNISTS
    • The Suited Penguin
  • SPORT
  • Jobs
  • Magazines
No Result
View All Result
  • Home
  • NEWS
    • Politics
    • Education
    • Regional
    • Africa
    • World
  • INVESTIGATIONS
    • National Archives
    • Special Reports
  • OpEd
  • BUSINESS
    • Agriculture
    • Tech
    • Finance
  • FEATURES
    • Health
    • Tours & Travel
    • Entertainment
    • Society
  • COLUMNISTS
    • The Suited Penguin
  • SPORT
  • Jobs
  • Magazines
No Result
View All Result
PML Daily
No Result
View All Result
Home NEWS

BoU bank closures saga: Bagyenda faces arrest too

JAVIRA SSEBWAMI | PML Daily Staff Writer by JAVIRA SSEBWAMI | PML Daily Staff Writer
August 7, 2020
in NEWS
0 0
9
SHARES
757
VIEWS
FacebookWhatsAppTwitter
Former BoU Director for Supervision Justine Bagyenda and Mr Benedict Ssekabira, the director of Financial Markets Development Coordination face arrest over involvement in fraudulent transfer of certificate of tittles belonging to the former clients of defunct banks (PHOTO/Courtesy).

KAMPALA – Days after the Director of Public Prosecutions indicted Mr. Bernard Sekabira, Bank of Uganda’s Director for Financial Markets for prosecution, it has emerged that former Executive Director for Supervision Justine Bagyenda faces arrest too.

The DPP wants police to arrest and search the homes of both Sekabira and Ms Bagyenda, saying evidence on the record indicated they were involved in fraudulent transfer of certificate of tittles belonging to the former clients of defunct banks.

In a letter dated July 7 to CID boss Grace Akullo, the DPP has sanctioned the arrest and seizure of all relevant documents belonging to Ms. Bagyenda on obtaining a court order.

“Obtain a Court Order to search and seize all relevant documents, computers from offices and or homes of the suspects for and useful pieces of evidence since they have refused to cooperate,” the DPP wrote also directing the CID to obtain and retrieve all documents detailing all transactions between River Acquisition and SIL Investment Limited and all statements from the former Deputy Governor Dr. Louis Kasekende.

“The Auditor General should be asked to carry out a specific forensic audit to establish whether or not the continued charging of interest on loans when the banks are in liquidation is irregular since the banking business stops at the time of closure. Provide a list of loan portfolios demanded by Bank of Uganda from respective borrowers of the defunct banks in its capacity as the liquidator before Nile River Acquisition Limited took over and retrieve certified copies of certificates of title complained of as of from Commissioner Land Registration, Ministry of Lands, Housing and Urban Development. This is aimed at establishing the current position of the titles,” the DPP whose focus is on the relationship between the two Central Bank officials and the three companies involved the transactions belonging to seven commercial bank wrote.

The companies and personalities in the spotlight include Kakembo Katende and all his associates/partners trading as Ms Kirkland Associates, Nanyonga Evelyn and all her co-Directors in SIL Investment Limited and the coordinators of the defunct Banks in liquidation Mr. Ben Sekabira together with Polly K. Ndyarugahi his co-coordinator and Octavian Advisors and other Bank of Uganda associates.

“You are therefore, directed to ensure that you prepare a charge sheet ready for court in respect to the offence of cancelling a title deed C/S278 of the Penal Code Act. There ought to be a count for each of the titled deeds we currently have and from the complaint so far. Have all the suspects arrested and arraigned in Court,” the DPP wrote directing CID to obtain a Bank statement print out for A/C No.600077494 at Barclays Bank belonging to SIL Investments to establish its business partnerships.

The police last week summoned Mr. Sekabira to face trial but he had not showed up by today, Friday, August 7.
Mr. Sekabira, and other top officials at BoU were pinned by some of the key findings and recommendations of the report by Parliament’s committee on Commissions, Statutory Authorities and State enterprises in regard to the closed defunct banks and disposal of their assets.

The COSASE report that was presented to the House in November 2019 and adopted by Parliament recommended that the central bank officials involved in the sale of loan portfolios for the five defunct banks be held liable.
The Banks include Green land bank, Global Trust Bank, International Credit Bank, Cooperative Bank, Crane Bank and National Bank of Commerce.
The report pinned Mr. Sekabira and former Executive Director Bank supervision Justine Bagyenda as people who had a conflict of interest in the transaction.

The MPs on COSASE probing banks then had during the probe, tasked Mr. Sekabira, who became a controversial figure to prove that he had been properly appointed as liquidator of the banks.

Mr Sekabira later failed to produce the inventory reports on the closed banks but told MPs he had submitted them to three former BoU officials including Justine Bagyenda, Margaret Matovu and Apollo Obo who were supposed to submit them to the Governor. Governor Mutebile blamed the officials over the mess.

Comments

Tags: Ben SsekabiraBOUjustine bagyendatop

Related Posts

Ms. Joan Kizza Semanda the PR and Communications Manager, at MultiChoice Uganda (PHOTO/Courtesy).
Entertainment

MultiChoice Uganda launches 3 for 1 showmax special offer

January 25, 2021
23
CAF, StarTimes announce partnership to broadcast Total CHAN, Cameroon 2020 in Sub-Saharan Africa (PHOTO/Courtesy)
SPORT

CAF, StarTimes announce partnership to broadcast Total CHAN, Cameroon 2020 in Sub-Saharan Africa

January 25, 2021
8
Former and current NUP party Presidents Moses Kibalama Nkonge and Robert Kyagulanyi respectively (PHOTO/Courtesy).
NEWS

ISO operatives coached me on how to pin Bobi Wine in court – Kibalama

January 25, 2021
275
NEWS

BREAKING! High Court directs Military, Police to vacate Bobi Wine’s home

January 25, 2021
205
Ugandan embassy in Saudi Arabia faces closure over rent (PHOTO/Courtesy).
NEWS

Ugandan embassy in Saudi Arabia faces closure over rent, distressed workers sleep outside

January 25, 2021
135
Bobi Wine at the gate of his home, which soldiers have surrounded after he alleged mass electoral fraud (PHOTO/Courtesy).
NEWS

Court decides on Bobi Wine’s ‘illegal detention’ today

January 25, 2021
196






 

 

About

The PML Daily, published via www.pmldaily.com is a publication of Post Media Ltd, a professional Digital/New Media company in Uganda.

Follow us

KIU

  • EDITORIAL POLICY
  • ABOUT US

© 2020 PMLDAILY.COM

No Result
View All Result
  • Home
  • NEWS
    • Politics
    • Education
    • Regional
    • Africa
    • World
  • INVESTIGATIONS
    • National Archives
    • Special Reports
  • OpEd
  • BUSINESS
    • Agriculture
    • Tech
    • Finance
  • FEATURES
    • Health
    • Tours & Travel
    • Entertainment
    • Society
  • COLUMNISTS
    • The Suited Penguin
  • SPORT
  • Jobs
  • Magazines

© 2020 PMLDAILY.COM

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In