Details leak how plans to off-board Crane Bank were hatched in the walls of BOU in 2013

Friends cum foes: Mutebire (L) and Dr. Sudhir Ruparelia

KAMPALA, Uganda. The latest information we have laid our hands on indicate that the plan to have Crane Bank written off was reportedly hatched in 2013, to the unknown surprise of Crane Bank management.

The Investigator has established from highly placed security sources that three top Bank of Uganda directors names withheld) were behind the scheme along with a line of mafias orchestrated by a top ‘powerful’ minister.

According to the security report, Kampala-based ‘mafias’ hatched a plan to takeover Crane Bank. The details in the highly ‘guarded’ report indicated that it was an inside job at Bank of Uganda.

When contacted, the Governor, Emmanuel Tumusiime Mutebile denied any knowledge of the scheme. Similarly, efforts to get comment from BoU Director of Communications Christine Alupo were futile as she declined to pick our calls.

According to the report, it is alleged that three top BoU directors reportedly connived with a flamboyant and ‘well-connected’ Minister to have Crane Bank declared non-performing, as they planned to sell it to some Asian Investors.

The two directors, a man and two ladies are said to have given useful information to the minister. The Investigator has established that the said minister was also a very a close friend of the directors of Crane Bank.

Reports are rife that the minister used his capacity to, in turn, brief the ‘so called’ investors on the ‘plan by BoU’ to sell the third largest and best performing bank in the country.

However, at the beginning of year 2014, the three BoU directors are said to have indicated to the Crane Bank management how ‘poorly the bank was performing and the need to recapitalize’ it. According to sources, to the management of Crane bank, this was news because they had never been alerted about ‘the poor performance’ by BoU before.

However, the report says that in response to the issue of recapitalization, the Crane Bank directors indicated to the BoU officials that they were recovering money from the creditors who had taken loans and that in a year’s time, the Crane Bank would have enough capital to operate.

The reply by Crane Bank bosses was however, ignored and the unknown scheme by the already determined mafias went on, the report further indicates. Nevertheless, Crane Bank put its foot down insisting and in the process the so called investors realized there was something ‘fishy’ and abandoned the deal.

It is at this point, the report indicates, that the BoU raided Crane Bank and took over its management and later on brought DFCU on board. However, what remains unknown is whether DFCU was brought on board to cater for the interests of the same mafias.

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Patrick Jaramogi is a trained Crime, Financial and Fraud investigative journalist. He is a senior writer and Editor at the Investigator. He can be reached via email: or watsup +256772426211​​​

  • Paul Mayende

    “However, what remains unknown is whether DFCU was brought on board to cater for the interests of the same mafias”. You are the man-in-charge, just watch over their shoulders and scratch under their feet. They might be standing on or waving away some helpful info.