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    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Heroine! Presidency Minister Milly Babalanda Saves Kyabazinga from Physical Assault at the Canada Busoga Symposium

    Heroine! Presidency Minister Milly Babalanda Saves Kyabazinga from Physical Assault at the Canada Busoga Symposium

    All Royal: HRH Kamuswaga Concludes His Official Trip to California with Lots of Investors` Attraction to Kooki Kingdom

    All Royal: HRH Kamuswaga Concludes His Official Trip to California with Lots of Investors` Attraction to Kooki Kingdom

    Of Daily Monitor’s 30th Well-Earned Birth Bazaar And the Tough Scribes That Have kept M7`s Sleep in Constant Check

    Of Daily Monitor’s 30th Well-Earned Birth Bazaar And the Tough Scribes That Have kept M7`s Sleep in Constant Check

    Stephen Kissa the Pace-setter

    Stephen Kissa: Unveiling the Country’s Pace-maker who set Ace Cheptegei`s World Athletics` Gold and Bronze Medals

    NRMO Canada Symposium: Minister Ruth Nankabirwa to Represent President Museveni at the 1st Ever Do

    NRMO Canada Symposium: Minister Ruth Nankabirwa to Represent President Museveni at the 1st Ever Do

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    Digital Technologies Could Help Uganda’s Economy Recover Faster

    Digital Technologies Could Help Uganda’s Economy Recover Faster

    Liquid Telecom to host first cloud event of its kind in Uganda

    Liquid Telecom to host first cloud event of its kind in Uganda

    TECNO Mobile Uganda Skills Graduates Through Its Graduate Trainee Program

    TECNO mobile Uganda skills graduates through its graduate trainee program

    UNBS closes Sunshare factory over failure to comply with Standards

    UNBS closes Sunshare factory over failure to comply with Standards

    Outgoing PRAU President Cynthia Mpanga (right) hands over the key to new PRAU President Sarah Kagingo as PRAU Patron Min. Frank Tumwebaze looks on

    Hon. Frank Tumwebaze graces PRAU Governing Council Handover Ceremony

    UG Pineapple at B&W

    It was Blankets and Pineapple Waragi as SA’s Distruction Boys entertain Kampala

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    Lost Legacy and Wealth: Five Years Later, and Singer Mozey Radio Fails to Sleep Soundly as his Family Struggles to Survive

    Lost Legacy and Wealth: Five Years Later, and Singer Mozey Radio Fails to Sleep Soundly as his Family Struggles to Survive

    Good to Go: Speaker Anita Among Endorses Chameleon’s Gwanga Mujje Concert, Singer Leaves the Rest to Fate and God

    Good to Go: Speaker Anita Among Endorses Chameleon’s Gwanga Mujje Concert, Singer Leaves the Rest to Fate and God

    Castoff: How Sevo Used Music to Boost His Bush-war but has for 42yrs Ignored the Loud Cries for the Copyright Law

    Castoff: How Sevo Used Music to Boost His Bush-war but has for 42yrs Ignored the Loud Cries for the Copyright Law

    Rev and Groove: Mbarara City Festival Rally Set to Fire Up the Community at Booma Golf Course Grounds this February

    Rev and Groove: Mbarara City Festival Rally Set to Fire Up the Community at Booma Golf Course Grounds this February

    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Thursday With Joan Bonny: When the Stranger Becomes your Hero than the People you are Familiar with, Know Better

    Stay in your lane just: Chasing for the shiny goals won’t make you any happier because happiness resides from within you

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    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Thursday With Joan Bonny: Make them all but best resolutions are ones you do for yourself, to make you feel better about you

    Thursday With Joan Bonny: Make them all but best resolutions are ones you do for yourself, to make you feel better about you

    Bebe Cool List 2022: Afrobeat-Reggae Guru Outs His Best of the Year, Takes Leave to Lecture Saha on Good Manners

    Bebe Cool List 2022: Afrobeat-Reggae Guru Outs His Best of the Year, Takes Leave to Lecture Saha on Good Manners

    Obwakamuswaga Release Official Report on Kijjanebarora Killer Floods, Calls for Help from Government and Elsewhere

    Obwakamuswaga Release Official Report on Kijjanebarora Killer Floods, Calls for Help from Government and Elsewhere

    Thursday With Joan Bonny: When the Stranger Becomes your Hero than the People you are Familiar with, Know Better

    The Lost Friends: You still feel rejected even after trying? It wasn’t to be. You were brave. You tried. But you have to let go now

    Thursday With Joan Bonny: When the Stranger Becomes your Hero than the People you are Familiar with, Know Better

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    UNBS closes Sunshare factory over failure to comply with Standards

    UNBS closes Sunshare factory over failure to comply with Standards

    UG Pineapple at B&W

    It was Blankets and Pineapple Waragi as SA’s Distruction Boys entertain Kampala

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    To Connect the Unconnected with Innovations towards Inclusive Growth

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    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Heroine! Presidency Minister Milly Babalanda Saves Kyabazinga from Physical Assault at the Canada Busoga Symposium

    Heroine! Presidency Minister Milly Babalanda Saves Kyabazinga from Physical Assault at the Canada Busoga Symposium

    All Royal: HRH Kamuswaga Concludes His Official Trip to California with Lots of Investors` Attraction to Kooki Kingdom

    All Royal: HRH Kamuswaga Concludes His Official Trip to California with Lots of Investors` Attraction to Kooki Kingdom

    Of Daily Monitor’s 30th Well-Earned Birth Bazaar And the Tough Scribes That Have kept M7`s Sleep in Constant Check

    Of Daily Monitor’s 30th Well-Earned Birth Bazaar And the Tough Scribes That Have kept M7`s Sleep in Constant Check

    Stephen Kissa the Pace-setter

    Stephen Kissa: Unveiling the Country’s Pace-maker who set Ace Cheptegei`s World Athletics` Gold and Bronze Medals

    NRMO Canada Symposium: Minister Ruth Nankabirwa to Represent President Museveni at the 1st Ever Do

    NRMO Canada Symposium: Minister Ruth Nankabirwa to Represent President Museveni at the 1st Ever Do

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Tech
    • All
    • Apps
    • Gadget
    • Mobile
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    Digital Technologies Could Help Uganda’s Economy Recover Faster

    Digital Technologies Could Help Uganda’s Economy Recover Faster

    Liquid Telecom to host first cloud event of its kind in Uganda

    Liquid Telecom to host first cloud event of its kind in Uganda

    TECNO Mobile Uganda Skills Graduates Through Its Graduate Trainee Program

    TECNO mobile Uganda skills graduates through its graduate trainee program

    UNBS closes Sunshare factory over failure to comply with Standards

    UNBS closes Sunshare factory over failure to comply with Standards

    Outgoing PRAU President Cynthia Mpanga (right) hands over the key to new PRAU President Sarah Kagingo as PRAU Patron Min. Frank Tumwebaze looks on

    Hon. Frank Tumwebaze graces PRAU Governing Council Handover Ceremony

    UG Pineapple at B&W

    It was Blankets and Pineapple Waragi as SA’s Distruction Boys entertain Kampala

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    Lost Legacy and Wealth: Five Years Later, and Singer Mozey Radio Fails to Sleep Soundly as his Family Struggles to Survive

    Lost Legacy and Wealth: Five Years Later, and Singer Mozey Radio Fails to Sleep Soundly as his Family Struggles to Survive

    Good to Go: Speaker Anita Among Endorses Chameleon’s Gwanga Mujje Concert, Singer Leaves the Rest to Fate and God

    Good to Go: Speaker Anita Among Endorses Chameleon’s Gwanga Mujje Concert, Singer Leaves the Rest to Fate and God

    Castoff: How Sevo Used Music to Boost His Bush-war but has for 42yrs Ignored the Loud Cries for the Copyright Law

    Castoff: How Sevo Used Music to Boost His Bush-war but has for 42yrs Ignored the Loud Cries for the Copyright Law

    Rev and Groove: Mbarara City Festival Rally Set to Fire Up the Community at Booma Golf Course Grounds this February

    Rev and Groove: Mbarara City Festival Rally Set to Fire Up the Community at Booma Golf Course Grounds this February

    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Thursday With Joan Bonny: When the Stranger Becomes your Hero than the People you are Familiar with, Know Better

    Stay in your lane just: Chasing for the shiny goals won’t make you any happier because happiness resides from within you

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Travel
    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Thursday With Joan Bonny: Make them all but best resolutions are ones you do for yourself, to make you feel better about you

    Thursday With Joan Bonny: Make them all but best resolutions are ones you do for yourself, to make you feel better about you

    Bebe Cool List 2022: Afrobeat-Reggae Guru Outs His Best of the Year, Takes Leave to Lecture Saha on Good Manners

    Bebe Cool List 2022: Afrobeat-Reggae Guru Outs His Best of the Year, Takes Leave to Lecture Saha on Good Manners

    Obwakamuswaga Release Official Report on Kijjanebarora Killer Floods, Calls for Help from Government and Elsewhere

    Obwakamuswaga Release Official Report on Kijjanebarora Killer Floods, Calls for Help from Government and Elsewhere

    Thursday With Joan Bonny: When the Stranger Becomes your Hero than the People you are Familiar with, Know Better

    The Lost Friends: You still feel rejected even after trying? It wasn’t to be. You were brave. You tried. But you have to let go now

    Thursday With Joan Bonny: When the Stranger Becomes your Hero than the People you are Familiar with, Know Better

    Know Just How We Impact On Others: I think back to days when a genuine ‘have a good day’ from the store clerk lifted me

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Opinions
    UNBS closes Sunshare factory over failure to comply with Standards

    UNBS closes Sunshare factory over failure to comply with Standards

    UG Pineapple at B&W

    It was Blankets and Pineapple Waragi as SA’s Distruction Boys entertain Kampala

    To Connect the Unconnected with Innovations towards Inclusive Growth

    To Connect the Unconnected with Innovations towards Inclusive Growth

    Cindy Sanyu

    Cindy Sanyu to headline Eastern Megafest

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  • CIP Records
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Financial Intelligence Authority to probe Dfcu Bank MD Kisaame’s $40m cash in local bank

October 8, 2018
inBusiness, Crime, Featured, News
DFCU Managing Director Juma Kisaame

DFCU Managing Director Juma Kisaame

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By Patrick Jaramogi
KAMPALA, Uganda: There is growing tension, anxiety and untold fears at the Dfcu bank, the Investigator can reveal. The latest is the leakage of the top boss’ starched US$40 million in one of the commercial Banks.
We can now reveal that the Financial Intelligence Authority (FIA), the government agency tasked with the monitoring, investigating and the prevention of money laundering in the country has already got some ‘home work’ to do. The task is to ascertain how Juma Kisaame, the managing director of Dfcu Bank had $ 40 million (shs150b) in his Bank of Africa account especially amidst controversies regarding the suspected ‘fraudulent’ purchase of the defunct Crane Bank Limited.

Media reports has been awash with a leaked Bank of Africa statements belonging to Juma Kisaame. According to the bank statements printed from 1 March 31st July 2016, Juma Kisaame had in his Bank of Africa dollar account Number: 01087990270 a whopping USD 40 million. This statement was printed on 14th July 2018. The Investigator established that the cash was deposited as at 1st March 2016. Though by the time of statement print, only $ 688 was reflecting as balance, majority having been cashed out.

The leak comes at the time when the Auditor General just released reports indicating that the process under which Dfcu ‘bought’ Crane Bank from BoU wasn’t transparent given that fact that Dfcu was the valuer turned purchaser of the same bank.

Though the FIA boss, Sydney Asubo couldn’t reveal further, inside sources at the Ministry of Finance parent body revealed to The Investigator in confidence that Kisaame would be summoned to have some ‘explanations’. “That is work already for us. We shall have him to explain how and where the funds came from. It is part of our mandate as FIA,” said a close source who preferred not to be named.

The Auditor General revealed that Dfcu negotiated with authorities at Bank of Uganda to buy Crane Bank Limited at Shs200 billion but as per the report, only Shs90 billion has so far been paid to the Central Bank, raising other serious audit and transparent queries.

We can now also state that the MDs woes are far from over, now with his bank transactions leakages after his attempts to resign in a stormy meeting held in South Africa last week blocked his resignation. The shareholders strongly rejected his resignation that he had tendered in.

Reports are rife that Dfcu was lured by top bosses at BoU to takeover Crane Bank, but the bosses, whom we shall not name today, area now living under the ‘storm’ The biggest question that is ringing now is whether or not the Dfcu bank is facing a liquidity crisis. This revelation came to the light when the bank’s board chair, Elly Karuhanga acknowledged, expressing worries about the banks’ stand. We have established that the bank has already phasing off some of its branches including the Entebbe Highway Abayita Ababiri branch.

As if that is not enough, scores of departure by top managers has been registered of late. The latest including the resignation of the banks Executive Director William Sekabembe. We have learnt he is set to join Kenya’s giant bank KCB. He was apparently the man that was set to replace the current managing director following a thorough grooming by the bank

Dfcu has never ceased to be out of the storm ever since they ‘controversially’ purchased Crane Bank in January 2017. The intelligence authorities will now have the task of investigating how the alleged transaction between Dfcu and BoU where about $3 million of the $8 million deposited by shareholders of Crane bank to BoU was instead shared between top individuals at Dfcu and leading lawyers.

When contacted for comment, regarding why within a short period, two leading top officials, Dr. Deepak Malik, the representative of the Arise Bv, the biggest percentage shareholders of the bank (58.71{0945c2a372ac1e8bbfe7cc3e10f9b82eb0b8ae872b07368d754f0396b6ef2afe}) has resigned, the board chair, Elly Karuhanga was cagey.

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Robert Ndawula
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