Day

By our reporter

www.mknewslink.com

In Kampala

The Bank of Uganda (BoU) in its 2018/ 2019 Annual Report has confirmed that DFCU Bank is in preparations to leave 48 properties that the defunct Crane Bank Limited (CBL) was operating its branches before it was taken over by its rival in January 2017 in a Shs200 billion transaction.

“Following the Court’s ruling … DFCU Bank Limited in a letter dated September 12, 2019 communicated to BOU its decision to exercise its option to rescind its interest in purchasing the 48 properties pursuant to clause 8.7 of the Agreement,” BoU says in its latest annual report.

The report added that as part of the rescinding of this purchase, DFCU will return to Bank of Uganda Certificates of title for Meera Investments Limited ‘and requires Bank of Uganda to pay DFCU the new book value of properties recorded in the assets and inventory compilation as October 20, 2016.’

On August 26, 2019, Court ruled on Miscellaneous Application No.320 of 2019 in favor of Sudhir Ruparelia and Meera Investments Limited dismissing Suit No.493 of 2017 where Crane Bank (receivership) had sued Sudhir Ruparelia and Meera Investments Limited to recover Shs397 billion allegedly swindled.

Court ruled that costs of the application be paid by the Bank of Uganda on the basis that Crane Bank (in receivership) is non-existent and does not have locus stand to put forth any claim against Sudhir and Meera Investments Limited.

A recent leaked document showed dfcu Bank calling for bids from companies that want to provide consultancy services as it seeks to relocate its branches to new areas in various districts and towns across Uganda.

DFCU Bank has been operating its business in buildings/properties belonging to Meera Investments Limited since it acquired CBL over two years ago.

In August this year it emerged that the bank was misled by city Law firm Sebalu & Lule Advocates to illegally transfer title properties into its name yet the properties belong to Meera Investments Ltd even though it had leased them to Crane Bank Limited.

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Email: wmuhwezi75@gmail.com
Tel: +256702680106

By Jonan Beinomugisha

www.mknewslink.com

In Mbarara

1,604 students were yesterday awarded with certificates, diplomas, degrees and masters at Bishop Stuart University (BSU) in different disciplines. 

Speaking at a graduation of 828 male and 776 female, the guest of honour the ambassador of Netherlands in Uganda Henk Jan Baker challenged institutions of higher learning to always focus on courses aimed at skilling the students.

Baker said that students should not be job seekers but rather creators of jobs.

In her remarks, Mauda Kamatenesi the Vice Chancellor BSU called upon the graduands to use the knowledge acquired to shape the future of the country.

Kamatenesi added that it’s the role of youth from institutions to protect the integrity of the country by observing discipline and advocating for peace in their communities.

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

By Jonan Beinomugisha

www.mknewslink.com

In Kazo

Police in Kazo are investigating circumstances under which a 7 year old juvenile was murdered in Rwemikoma cell, Rwemikoma parish Kazo sub county, Kazo District.

It is allegedly that the deceased identified as Ephraim Muzahura on 16^th October this year left home with one Jonathan Magara a resident of Rwobuhura Kanoni Kazo District and failed to come back.

According to police the deceased’s body was found few metres away from Rwemikoma trading center decapitated.

The Rwizi region police spokesperson Samson Kasasira confirmed the incident saying they suspect that Jonathan Magara could have murdered the deceased and later dumped the body on the way.

Kasasira revealed that the police led by the deputy OC CID James Kalibuliro visited the scene and the body of the deceased was taken to Kazo health centre IV for postmortem, as manhunt for the suspects commence.

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

By our reporter

www.mknewslink.com

In Kampala

DFCU Bank has written a letter to Bank of Uganda (the regulator) expressing its interest to return land titles and securities of 48 properties which housed former Crane Bank before it was fraudulently sold by Bank of Uganda to DFCU.

These properties belonged to businessman Sudhir Ruparelia and his Meera Investments Limited.

In the sale, however, the Central Bank also handed over the securities of 48 buildings to DFCU without a well streamlined audit of these properties to establish their value.

According to the Auditor General John Muwanga’s report released last year, he faulted BoU of rushing to sell Crane Bank and instructing the buyer to conduct an audit of the bank.

DFCU hired an audit firm PwC which valued the whole 48 properties at shs 47 billion- a price believed to have been under declared with a motive to pay less stamp duty to tax body Uganda Revenue Authority.

But also on the shs 47 billion, DFCU paid  BoU only shs 10 billion for the lease of these properties.

On Wednesday BoU released an annual report which captures information suggesting that DFCU has agreed to return the land titles of 48 Crane Bank Branches and the bank seeks full refund of 47 billion which it claims was the value of the buildings it occupied after 2 years.

Questions lingering are who will be accountable to this 37 billion in case BoU raids coffers to compensate DFCU?

Also if DFCU was given a lease of the buildings under what circumstances does it demand full refund yet it has been occupying the properties.

The whole ping pong is likened to buying a car from a bond at 20 million you pay 40% and after driving it for 3 years you return it to the bond seeking 100% refund.

Expert say, by under declaring the value of the 48 properties while leasing, DFCU was aimed at evading tax which is criminal.

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