Day

By Ronald Namanya

www.mknewslink.com

In Bushenyi

Councilors of Nyakabirizi Division in Bushenyi District have raised their concern over the failure by the Bushenyi-Ishaka Municipal Mayor Jackson Kamugasha to monitor and supervise them.

The issue was raised by their speaker Mackay Twijukye while in a council meeting held at Nyakabirizi division offices today 6^th Nov.2019.

Speaking to www.mknewslink.com after the meeting, Mackay said that Kamugasha has never visited their division since this year started adding that he does not care about them.

He also noted that Bushenyi-Ishaka municipality cannot work without divisions, appealing to the mayor to always monitor and visit them because they sometimes have problems in their office plus villages that need to be addressed by him (Kamugasha).

“We appeal to the Municipality Mayor Kamugasha to visit Villages, LCs and Divisions for better development,” Speaker Mackay said.

In the same meeting, the speaker Mackay warned Nyakabirizi division town clerk Jackline Namara on opening division offices when it is too late.

He said that people always come looking for services and stand outside because offices are often closed even after 8:00am and get opened at 10:00am which is prohibited.

Speaker Mackay appealed to Jackline and other authorized technical team to always get offices opened not exceeding 8:00am daily for better services delivery to people.

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

By www.mknewslink.com

In Kampala

The Board of Bank of Uganda (BoU) has told Dfcu Bank that they should sue their lawyers for misleading them into taking over Meera Investment properties instead of asking for Shs47 billion.

Dfcu bank recently returned the branches to BoU but is demanding Shs47 billion, yet the same bank undervalued same properties, paid only Shs10 billion to BoU and hardly two years down the road, they are demanding Shs47 billion.

BoU board held a meeting last week and on its agenda was the issue of Meera Investment properties and the Shs47 billion as demanded by Dfcu plus the recent court ruling at Commercial Court.

However, sources that attended the meeting told www.mknewslink.com  that the Governor, Emmanuel Tumusiime Mutebile refused such demands from Dfcu bank stating that he can never effect such dubious payment given the fact that the transaction involving Meera Investment properties was ‘suspect’ and therefore, a matter before courts of law.

“I am the chairman of the board and also the governor of this great institution called Bank of Uganda. I don’t remember ever sanctioning this transaction and why is it that Dfcu is returning these branches at this time when there is an ongoing case? Ladies and gentlemen, let us not be used as shields to cover up for others. I propose we wait for the case in court” Governor Mutebile is quoted scoffing at the meeting.

It should be remembered that on October 20, 2016, BoU closed CBL and made itself a receiver of the bank. It would on January 25, 2017 transfer some of CBL’s assets to Dfcu Bank at Shs200 billion, paid in installments, without interest on top.

It is said that Sebalu & Lule Advocates convinced Dfcu bank that it could take over the properties it recently realised it could not takeover and instead demanded that BoU pays it Shs47 billion of the same properties it had valued at Shs10 billion.

In 2017, evidence came out to the effect that Dfcu bank was misled by Kampala Law firm Sebalu & Lule Advocates to illegally transfer title properties that belong to Meera Investment Limited and Crane Bank Limited Meera Investment Limited.

According to a leaked memorandum of May 8, 2017,  Sebalu & Lule Advocates who were in April that very year barred by the High Court from representing the same bank against businessman tycoon Sudhir Ruparelia for being conflicted ,misled Dfcu bank to transfer leasehold titles from Crane Bank Limited during the controversial takeover two years ago. Meera Investments Limited is a company under the Ruparelia Group whose Chairman is Sudhir Ruparelia and whose Crane Bank limited was controversially closed three years ago.

In a leaked document titled, “ Transfer of former Crane Bank household properties’, “the law firm skipped important aspects of the law including the fact that banks are not allowed to invest in business for fear of conflict of interest with their clients, apart from their main premises.

“Our opinion is that although the proposed approach of registering caveats provides Dfcu with some level of legal protection, its indisputable title to the leasehold properties can only be guaranteed through the registration of transfers executed by BoU in favour of Dfcu. Accordingly, in light of the length of time between the completion  date and when Dfcu can validly exercise the option to rescind the purchase of the leasehold properties  our recommendation is that transfers be registered immediately,” the law firm advised

Bank of Uganda in its 2018/ 2019 Annual Report had earlier confirmed that Dfcu bank would be leaving 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.

The report adds that as part of the rescinding of this purchase, Dfcu will return to BoU 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.’

However, what is shocking to BoU board is the turnaround of Dfcu to ask for Shs47 billion and yet they paid Shs10 billion.

But the latest development has confirmed fears that BoU and Dfcu Bank will develop a bad relationship over Shs47 billion payment for loss Meera Investment properties. Dfcu Bank was the first to write to BoU, requesting for fast payment of the money after realising that the case in court is likely to take a long period of time and therefore would not match with the bank’s financial objectives.

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

By Felix Twinomugisha

www.mknewslink.com

In Ntungamo

Residents in Ntungamo district are decrying shoddy work on the road connecting to Nyamunuka town council that was commissioned in secrecy.

Residents of the three sub counties of Ihunga, Kibatsi and Bwongyera on Monday 4^th Nov.2019 protested over the road that was tarmacked this year but has already developed potholes and bridges which were fixed have been washed away by running waters.

This is the second time residents have protested over roads following one in May this year where they complained on roads from Bucence, Kamatabura, Rwanda to Nyamunuuka town council all in Kajara County citing shoddy work and lack of bills of quantities.

They said that the contractor Dove Engineering Limited had installed poor culverts, even ignored some places that they were supposed to put culverts.

Innocent Katungye the Kamatabura village chairperson  and Lydia Mbabazi both residents of Kibatsi sub county  said that their businesses are now affected because of the potholes  and washed away bridges that have spread all over the road. 

Kajara county Member of parliament Hon Timuzigu Michael Kamugisha who toured the roads expressed concern over the shoddy work warning contractors against execution of shoddy work.

He said that the contractor commissioned the road secretly knowing that they would not allow what he did adding that he is going to face the ministry officials so that they compel the contractor to reconstruct the road and fix good culverts before the resident can make use of the road.

Eng. Loy Namata the resident Engineer  had earlier told media that they were following the contract agreement and bills of quantities in implementing the UShs 900M contract of 12km road.

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