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    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    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

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    Digital Technologies Could Help Uganda’s Economy Recover Faster

    Digital Technologies Could Help Uganda’s Economy Recover Faster

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    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

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    Paulo Kato Lubwama`s Nowhere to Everywhere Tale: The Never-Say-Die Story of a Celebrated Comedian who Ceases Fire Before Launching Ceasefire

    Paulo Kato Lubwama`s Nowhere to Everywhere Tale: The Never-Say-Die Story of a Celebrated Comedian who Ceases Fire Before Launching Ceasefire

    Peace Isn’t at The World Cup: Bad News Play in the She Cranes Camp Barely a Month to the Vitality Netball #WC2023 in Southern Africa

    Peace Isn’t at The World Cup: Bad News Play in the She Cranes Camp Barely a Month to the Vitality Netball #WC2023 in Southern Africa

    Newskool Vs Oldskool: Sympathy with the Bogus theory that May Break or Make Alien Skin’s Concert Date Clash with Established Singer Pallaso

    Newskool Vs Oldskool: Sympathy with the Bogus theory that May Break or Make Alien Skin’s Concert Date Clash with Established Singer Pallaso

    Feminists Vs Submission: Today, for women to be guided on their `place` via the hierarchy scale connexion to men, is not only outdated, but unnecessary

    Feminists Vs Submission: Today, for women to be guided on their `place` via the hierarchy scale connexion to men, is not only outdated, but unnecessary

    Captain Shadir Bwogi to Moses Muhangi: You can’t love ‘God’ and ‘Satan’ at the same time

    Momentarily Free: Nakawa Magistrate Grants Boxing Boss Muhangi a UGX2M Cash Bail as His Sureties Stake Non-Cash UGX12M, Just in Case

    Packed Haziness: President Museveni Throws Back the Junk Sports Bill to Magogo and Minister Ogwang for Further Panel Beating by Parliament

    Packed Haziness: President Museveni Throws Back the Junk Sports Bill to Magogo and Minister Ogwang for Further Panel Beating by Parliament

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    Feminists Vs Submission: Today, for women to be guided on their `place` via the hierarchy scale connexion to men, is not only outdated, but unnecessary

    Feminists Vs Submission: Today, for women to be guided on their `place` via the hierarchy scale connexion to men, is not only outdated, but unnecessary

    Together We Can: CIDI, NWSC and Stakeholders Attend Dialogue to Address Water Sanitation and Hygiene Issues in Uganda Schools and Communities

    Together We Can: CIDI, NWSC and Stakeholders Attend Dialogue to Address Water Sanitation and Hygiene Issues in Uganda Schools and Communities

    Is God Thus Far? Muslim Mother Leaves Behind Her Kids to go for Overnight Prayers but Forgets to Pray For them. Two Suffocate to Death

    Is God Thus Far? Muslim Mother Leaves Behind Her Kids to go for Overnight Prayers but Forgets to Pray For them. Two Suffocate to Death

    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

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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

    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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    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    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

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Tech
    • All
    • Apps
    • Gadget
    • Mobile
    • Startup
    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
    Paulo Kato Lubwama`s Nowhere to Everywhere Tale: The Never-Say-Die Story of a Celebrated Comedian who Ceases Fire Before Launching Ceasefire

    Paulo Kato Lubwama`s Nowhere to Everywhere Tale: The Never-Say-Die Story of a Celebrated Comedian who Ceases Fire Before Launching Ceasefire

    Peace Isn’t at The World Cup: Bad News Play in the She Cranes Camp Barely a Month to the Vitality Netball #WC2023 in Southern Africa

    Peace Isn’t at The World Cup: Bad News Play in the She Cranes Camp Barely a Month to the Vitality Netball #WC2023 in Southern Africa

    Newskool Vs Oldskool: Sympathy with the Bogus theory that May Break or Make Alien Skin’s Concert Date Clash with Established Singer Pallaso

    Newskool Vs Oldskool: Sympathy with the Bogus theory that May Break or Make Alien Skin’s Concert Date Clash with Established Singer Pallaso

    Feminists Vs Submission: Today, for women to be guided on their `place` via the hierarchy scale connexion to men, is not only outdated, but unnecessary

    Feminists Vs Submission: Today, for women to be guided on their `place` via the hierarchy scale connexion to men, is not only outdated, but unnecessary

    Captain Shadir Bwogi to Moses Muhangi: You can’t love ‘God’ and ‘Satan’ at the same time

    Momentarily Free: Nakawa Magistrate Grants Boxing Boss Muhangi a UGX2M Cash Bail as His Sureties Stake Non-Cash UGX12M, Just in Case

    Packed Haziness: President Museveni Throws Back the Junk Sports Bill to Magogo and Minister Ogwang for Further Panel Beating by Parliament

    Packed Haziness: President Museveni Throws Back the Junk Sports Bill to Magogo and Minister Ogwang for Further Panel Beating by Parliament

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Travel
    Feminists Vs Submission: Today, for women to be guided on their `place` via the hierarchy scale connexion to men, is not only outdated, but unnecessary

    Feminists Vs Submission: Today, for women to be guided on their `place` via the hierarchy scale connexion to men, is not only outdated, but unnecessary

    Together We Can: CIDI, NWSC and Stakeholders Attend Dialogue to Address Water Sanitation and Hygiene Issues in Uganda Schools and Communities

    Together We Can: CIDI, NWSC and Stakeholders Attend Dialogue to Address Water Sanitation and Hygiene Issues in Uganda Schools and Communities

    Is God Thus Far? Muslim Mother Leaves Behind Her Kids to go for Overnight Prayers but Forgets to Pray For them. Two Suffocate to Death

    Is God Thus Far? Muslim Mother Leaves Behind Her Kids to go for Overnight Prayers but Forgets to Pray For them. Two Suffocate to Death

    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    NWSC Milestone: Parombo Water Supply Operations Gets Power Upgrade that Migrates from Generators to Hydro Power 

    Uganda to Host the Next African Water Association Congress and Exhibition as NWSC MD DR. Eng. Silver Mugisha wins Second Presidential Term

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

    Thursday with Joan Atuhwera: The Pressure from Society for Young men and Women to get Married is Extremely Needless

    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

  • Crime news
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  • Interviews
  • 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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