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

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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

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    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

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

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    UNBS closes Sunshare factory over failure to comply with Standards

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    Hon. Frank Tumwebaze graces PRAU Governing Council Handover Ceremony

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    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
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    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

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    Cut The Slack: Naysayers Can go Hang but Spice Diana Deserves her Success Moment of Glory for a Crooner her Age

  • Lifestyle
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    • Food
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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

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    UG Pineapple at B&W

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    To Connect the Unconnected with Innovations towards Inclusive Growth

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    Cindy Sanyu

    Cindy Sanyu to headline Eastern Megafest

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Dfcu Files: Mystery as Shs10Bn recovered from sale of Tycoon Mukesh’s Land by Crane Bank goes missing

Crane Bank and dfcu ghosts still roaring

August 23, 2019
inCrime, crime New, Crime news
Dfcu Files: Mystery as Shs10Bn recovered from sale of Tycoon Mukesh’s Land by Crane Bank goes missing

dfcu Bank wants Mukesh (inset) to double pay Shs10Bn

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KAMPALA, Uganda: More than ten years ago, Crane Bank Limited (CBL), as it was then, sold off the land holding Senana Super Market. This land lies along Buganda road behind Watoto Church on one side and along the road leading to Nakasero State House on the other.

Frida Nabirongo, a businesswoman in town is the one who bought this land. She has since built an imposing storied building on the hitherto car wash piece of land. The building houses Senana Supermarket.

CBL sold the land to recover money in loans, which businessman Shukla Mukesh of the Shumuk Group of companies had borrowed from the now defunct financial institution. More than ten years later, the whereabouts of the proceeds of the auction remains a mystery.

No one knows who pocketed the proceeds of the sale, actually. The takeover of CBL by dfcu is the one that is unfolding the decade long mystery. It is all happening after dfcu wrote a letter to Mukesh asking him to clear the loans that are still reflected on the books of accounts which they (dfcu) inherited from CBL.

Mukesh wrote back explaining how he had already cleared the loans when CBL sold his land above. But dfcu is not buying into the explanation by Mukesh. The bank has since went ahead and advertised almost the whole of Mukesh’s business empire, including commercial buildings, hotels, car bonds and a steel and rolling mill factory along Jinja road, among others.

This state of affairs has now culminated into a court battle with Mukesh accusing dfcu of trying to get double payment from him. “The matter is still a contestation in court, but dfcu is demanding that I pay the money personally,” Mukesh guaranteed payment for his companies in case they defaulted on paying back themselves.

But he now argues that since CBL sold off his land, the loans were realized. “I am no longer liable to pay as a guarantor,” Mukesh argues via a written statement before the commercial section of the High Court. Mukesh’s companies were the first ones to go to court after dfcu advertised his properties in April this year, alerting people with money to buy them in an auction.

The companies based their lawsuit on the same ground of the loans having been cleared already after the auction of the land along Buganda road. Before the above case could be determined, dfcu wrote to Mukesh calling on him to pay as a guarantor. This is what has prompted Mukesh to file his own case too.

In the new case, just like in the one filed by his companies, Mukesh presents evidence from Mugwanya Katimbo, the one appointed by BOU to wind up the business of CBL, reportedly clearing his companies from further liability regarding this loan following the auction of his land. Mukesh’s evidence is contained in a letter he says was authored by Mugwanya in November 2016. Dfcu has not responded to Mukesh’s case so far. To be continued…

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Stephen Kasozi Muwambi
Stephen Kasozi Muwambi
Mr. Stephen Kasozi Muwambi is a seasoned crime investigative writer, majoring in judicial-based stories. His two decades’ experience as a senior investigative journalist has made him one of the best to reckon on in Uganda. He can also be reached via [email protected]
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Tags: Crane Bankdfcu BankSenana SupermarketShukura MukeshSudhir RupareliaUganda banking sectoruganda newsUganda online news
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