Day

The never-ending scandals at bank of Uganda have not only brought the once cherished institution into gross public disrepute but also a league of actors at the helm of the bank.

More questions than answers that about the holiness of their qualifications, skills and experience have been posed by a large slew of actors across the divide of elites and the common wanaichi (citizens). Also, questions about their motive in all transactions cannot be overemphasized.

The suspicion hanging over the competencies of the supposed senior technocrats at BoU has been confirmed by innumerable but would be avoidable scandals that have played out in the recent past, the trigger to this exposure was the illegal closure and sale of crane bank limited(cbl).

At almost zero cost, cbl was donated in broad day light to its hitherto competitor,DFCU at a price of Ushs.200 billion.

The crane bank fiasco lifted off the veil from the unclean head and the entire dirty body of BoU.Consequently, other defunct commercial banks that had been fraudulently closed and sold off had their matters publicly heard and discussed especially during the sittings of parliaments committee on commissions, statutory authorities and state enterprises (cosase) under its former chairman Abdu Katuntu.

Many actors at the Bank of Uganda and external mafias especially lawyers could not satisfactorily answer audit queries on closed banks let alone those posed by members of parliament in all committee sittings.

From BoU, spotlight was so much on Dr.Louis Kasekende who is reported to have usurped the governor roles during the cbl irregular transactions. Others were, Benedict Sekabira, Katimbo Mugwanya and Justine Bagyenda the former executive director for commercial bank supervision. The controversy did not spare Margret Kaggwa Kasule, the banks lead counsel/secretary.

Margret Kaggwa Kasule, the incompetent and seemingly conflicted BoUs legal counsel.

The roles of a company secretary in the modern corporate setting mean a lot more than wearing suits and practice gowns. A company lawyers duties include analyzing complex corporate transactions, reviewing contracts, and managing or advising on the cost of legal services among others. She/he is responsible for ensuring compliance with established laws and standards in an institution.

Margret Kaggwa Kasule seems to have abdicated her role at the central bank for hidden motives. The central bank has become a public laughing stalk, instituting and losing needless suits etc. Below are some of the parches on Margrets cv as BoUs legal counsel

a) Hiring of external lawyers at an obnoxious cost.

It should be recalled that the central bank is one of the best paying government institutions and thus, it is expected to have the best qualified professionals.However,when it comes to the legal department, it seems this is far from true.

The reason for my conclusion is because, during the crane bank saga, under the fallacious claim of complexity of the matter and without terms of reference, Bank of Uganda was to pay Ushs.914 million to MMAKS advocates for the legal advice rendered. The firm would later earn 5% commission on monies recovered from crane banks book. The commercial law firm is co-owned by Apollo Nelson Makubuya, Timothy Kanyerezi Masembe and Moses Adriko.

Interestingly, MMAKS advocates were permanently banned by court due to conflict of interest having been lawyers of entities under the Ruparelia group where cbl was also listed.

Bring the terms of engagement with legal firms, we want to see the performance of your legal counsel. Do a quick audit of cases you won and those you lost and the costs you recovered because the cases you win, said Mr Katuntu while questioning the rationale of hiring external lawyers yet the bank has a fully-fledged department.

Another firm that that made a cut from this mess is A.F. Mpanga Advocates of the sacked Buganda Minister, David Mpanga.

The cost of external lawyers has been growing. For instance, in the 2016/2017 financial year, external lawyers received Ush300 million ($83,450), with an outstanding balance of Ush2.9 billion ($806,700).

For FY 2015/2016, Ush387 million ($107,650) was paid out, leaving a balance of Ush8.8 billion ($2.4 million).

In FY 2014/2015, Ush681 million ($189,400) was paid out, with Ush4.1 billion ($1.1 million) outstanding while in FY 2013/2014, Ush61 m ($17,000).

b) Kaggwa Kasule Did not advise BoU on hiring conflicted lawyers of MMAKS and AF Mpanga.

Well aware of the ethical code of advocates especially regarding the client-advocate relationship, BoU procured the services of conflicted lawyers that were later barred by court from representing BoU and dfcu in any matter relating to crane bank and Dr.Sudhir Ruparelia.

While issuing a permanent injunction against conflicted lawyers, Justice David Wangutusi of the commercial court ruled that, It did not matter whether the firm had many lawyers and the one now assigned with the new matter did not personally handle the complainants earlier case. Conflict would still be imputed from the Canteen factor.

Canteen factor in this case included social chat between colleagues or with client that gives away vital information. So if the interaction is between one of the partners, it will be imputed to the others.

Apart from AF Mpanga advocates and MMAKS Advocates, another city law firm of Sebalu & Lule Advocates that had been hired by dfcu to represent the bank in the case against Dr.Ruparelia was not spared by court injunctions.

The concept of conflict of interest is one that doesnt require a law professor to understand. Why then did Kasule fluff?

Does she benefit from the fees paid to these lawyers in any way?

c) She did not advise BoU/Crane bank in receivership not to sue Sudhir Ruparelia.

A bank under receivership cannot sue or be sued. This was contained in the landmark ruling of Justice Wangutusi of the commercial division of the high court.

Bank of Uganda (BoU) /Crane Bank in Receivership had sued Sudhir Ruparelia and Meera Investments Limited of allegedly fleecing the defunct Crane Bank Limited (CBL) of Shs397 billion that the central bank wanted to refunded.

However court held that cbl under receivership could not sue or be sued ie had no locus standi.

So why didnt Kasule advise BoU not to institute the needless suit against Dr.Ruparelia?

In summary, these are among the many holes in the work of Margret Kaggwa Kasule as BoUs legal head. If she cannot aptly advise the central bank, why cant she exit so that more competent people take over?

Why would a tax payer keep on paying for losses that can be averted

The author is a current affairs analyst and aspiring MP Ikiiki County in Badaka district.

Lukka.kagenyi@gmail.com

Ugandan businessman, Sudhir Ruparelia has kept his position at the top in the latest Forbes list of top 10 successful entrepreneurs in Uganda.

According to the list, there are no surprises in the top 10, which list is ruled by Ugandans of Asian origin with Karim Hirji, returning in position two while Mr Alykhan Karmali of the household Mukwano Group is number 3.

Businessmen Charles Mbiire, Gordon Wavamuno, and Patrick Bitature, who is in number 10 position make the portion of the indigenous Ugandans on the list.

Mr Ruparelia has consistently remained top of the list ever since Forbes started publishing it a few years ago.

Sudhir this year has unveiled a number of assets to his name key among them, Speke Apartments, Electrical Plazaand the magnificent Kampala Kingdom Mall. The businessman invests in hospitality, real estate, education and flouriculture among others where he employees a good number of Ugandans.

The list is as:

1.Sudhir Ruparelia

Sudhir Ruparelia has consistently been topping this powerful list for several years.

Sudhir is famed for rising his fortune from US$25,000 which he saved from his hustle in the United Kingdom before he returned to Uganda in mid-1980s as a beverages merchant and later as a foreign currency dealer.

The city businessman has from scratch, built his empire that includes; hotels and other investments in the hospitality industry, real estate, floriculture education and the media, insurance and forex and until recently banking before his Crane Bank was controversially transferred to DFCU bank by the Central Bank.

2.Karim Hijri

Regarded as the main force behind the presence of Dembe Group of Companies, Karim Hijri has attained an impressive feat as Ugandas second wealthiest person. As the Dembe Group of Companies continually thrives through its subsidiaries such as Imperial Group of Hotels, Karim Hijri is declared to be worth US$750 million.

3.Alykhan Kharmali

Until his death recently, the founder of Mukwano Industries, Alykhan Kharmali has been among the richest Ugandans for several decades.

According to Forbes Magazine he is one of the business architects of Ugandas resurgence in 1990s with his popular household flagship.

Mukwano family has interests in banking, manufacturing, agriculture and real estate.

3.Mohammed Hamid

Having emerged into Ugandas class of richest personalities at a youthful age, Mohammed Hamid is considered a fortunate business colleague with huge investments in areas such as transportation, real estate, and manufacturing.

As the owner and originator of the Aya Group, which forms part of Ugandas thriving companies, Mohammed Hamids net worth swirls around US$400 million.

5.Charles Mbire

Since many of the richest Ugandans are of foreign descent, Charles Mbire claims a notable position as the wealthiest native Ugandan.

With his entire worth valued at US$350 million, Mbire is well known for his diverse business investments which span across transportation, agribusiness, pharmaceuticals, telecommunications, real estate, energy, and finance.

6.Sikander Lalani

Other than his investment dealings which largely centre on the manufacturing sector, Lalani is the vital force behind the existence of Roofing Groups. Having established himself as an entrepreneur for a very long time, Sikander Lalani has acquired a sum of US$300 million as net worth.

7.Aaron M. Mukooza

With regard to his large investments which heavily span across the media together with the banking sector, Mukooza has amassed some net worth valued at US$200 million.

8.Gordon Wavamuno

As the best part of his wealth is believed to have stemmed from his automotive business, Gordon Wavamunno is immensely linked with the ownership of Spear House together with Spear Motors his automotive company. Meanwhile,according to Forbes, he has the sum of $100 million as his overall worth.

9.Mukesh Shukla

Shukla is reported to have acquired US$100 million as net worth mainly from his ownership of Shumuk Group of Companies a successful company concerned with cooking utensils.

10.Patrick Bitature

Bitature is a wealthy personage who acquires the largest portion of his money through a giant telecom company, Simba Telcom, which he presides over.

As Simba Telcom Ltd is regarded as Ugandas biggest seller/merchant of MTN airtime, Bitatures wealth has surged perpetually. This year, he bounced back as the Chairman of the giant utility company, Umeme. His interest in hotel and hospitality has seen him immensely invest in hotel business with the opening of NaguruProtea Hotel, and Marriott Protea Hotel in Kampala.

His current net worth is estimated to be US$100 million.

By Wilber Muhwezi Kasibante

www.mknewslink.com

In Bushenyi

Senior Lawyer based in Kampala and the son to Eliab Turyomubingi of Bushenyi- Ishaka municipality Counsel Turinawe has hailed his late mother, Jadress k Turyomubingi for raising his children very well as responsible citizens.

Grand children of Jadress Turyomubaingi at the function
Attachments area

Counsel Turinawe said this in Nyarwanya Rukindo Bushenyi-Ishaka municipality while speaking at the memorial service of his mother who died 20 years ago.

Counsel Turinawe hailed his father Eliab Turyomubingi for taking charge after the death of their mother and raising them disciplined as responsible citizens of Uganda.

Turinawe also hailed the chairperson of the memorial function Ms Janifer Ayijuka for the good organization that was superb and called upon the people of her ward in St. Kagwa whom she represents at the municipality to vote her in 2021-2026 forth coming elections.

Hangamaisho Bashil chukuhangwa speaking as a friend of late Jadress Turyomubaingi at the memorial service after 20 years.

Cousel Turinawe hailed the Bushenyi district leaders like, ,Ms Mary Okurut, who contributed 500,000shillings to the function and she has been supportive to the family.

Turinawe also hailed Ms Annet Katusiime Mugisha, the aspiring candidate for Member of Parliament Bushenyi district.

He also hailed Eunice Kamusiime who is contesting for Bushenyi woman Member of Parliament for attending the function.

www.mknewslink.com a greater western Uganda news website
Email: wmuhwezi75@gmail.com
Tel: +256702680106

By our reporter

www.mknewslink.com

In Kabare

Police in Kabale district are holding the Kitumba sub-county youth chairperson who doubles as the sub-county Electoral Commission registrar Chris Turyomurugyendo for allegedly sending death threats to Samuel Amanya, a journalist with Uganda Radio Network (URN).

Amanya alleged that, on 23rd May this year at around 1:14 pm, Turyomurugyendo using a phone number 0782,227,581 which is registered in the name of Penelope Akampurira Lynnette called him threatening to end his life soon.

Amanya said that Turyomurugyendo accuses him of having taken photos of him (suspect) in Mwendo parish in Kitumba sub-county Kabale district, allegations he (victim) denies.

Elly Maate, the Kigezi Police spokesperson has confirmed the arrest saying that the suspect is currently being held at Kabale police station under Vide No. CRB 1428/2019.

He added that the victim reported the matter to Kabale police station under reference file number SD 55/23/5/2019 for police investigation.

Maate maintained that thereafter, they started investigating and tracking the suspect until Friday morning when the suspect was finally arrested.

Maate said that suspect will be taken to court to answer the charges accordingly after police investigations

When Turyomurugyendo was paraded before journalists for a comment about the matter, he said he was not yet ready to give his side.

www.mknewslink.com a greater western Uganda news website
Email: wmuhwezi75@gmail.com
Tel: +256702680106

By Davis November

www.mknewlink.com

In Bushenyi.

Professor Mauda Kamatenesi Mugisha, the Vice Chancellor Bishop Stuart University warned journalists against unprofessionalism which has resulted into unemployment.

Ms Kamatenesi in the middle,her husband in black coat and managing director MKnewslink.com in white t-shirt

Geofrey, one of the friends to www.mknewslink.com speaking at the function

Speaking as the chief guest at the 6^th birthday of www.mknewslink.com yesterday at TUZZA hotel in Bushenyi-Ishaka municipality, Ms Mauda appealed to the media practitioners to always appear professional while at work if they want to succeed.

Ms Mauda added that most journalists do not    protect their sources of information in addition to breaching the contracts by writing on confidential matters that are not supposed to appear before the public.

She further tasked the media fraternity to groom both boys and girls if they are to prepare a good future generation noting that media like most parents have put emphasis on ladies forgetting that styled up women want styled up men.

Pison Mugizi, the founder and former chairperson BUJOMA called upon Journalists to observe team work in order to promote unity among them.

Pison Mugizi a veteran journalist and founder BUJOMA

He revealed that he is not happy the way journalists are handling the affairs under their Umbrella BUJOMA.

The Managing Director www.mknewslink.com Wilber Muhwezi Kasibante hailed the public and advertisers for being part of mknewslink.com as she celebrated her 6^th birthday.

He also advised upcoming journalists to desist from love for money in order to avoid compromising their professional ethics while on duty.

www.mknewslink.com a greater western Uganda news website
Email: wmuhwezi75@gmail.com
Tel: +256702680106