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    Impressive AGM: Umeme Jumps out of Covid-19 Frying Pan with UGX139Bn Harvest, Sets UGX88Bn for Shareholders

    Impressive AGM: Umeme Jumps out of Covid-19 Frying Pan with UGX139Bn Harvest, Sets UGX88Bn for Shareholders

    Oulanya Substitute: EC issues Campaign plan and Polling Day for Omoro County Parliamentary Seat fill 

    Oulanya Substitute: EC issues Campaign plan and Polling Day for Omoro County Parliamentary Seat fill

    Intelligence Xclusive: Gen. Muhoozi eyes Premier Peter Mayiga for Vice Presidency, Chairman Norbert Mao for Prime Minister

    Intelligence Xclusive: Gen. Muhoozi eyes Premier Peter Mayiga for Vice Presidency, Chairman Norbert Mao for Prime Minister

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    Must Read Big Story: Tycoon Patrick Bitature Floors South African Loan Sharks in Fraudulent UDS30M Transaction

    EC New Home Panic: Ugly Encumbrances emerge on Butabika Land, IGG Strips Self Naked as Ownership gets questioned

    EC New Home Panic: Ugly Encumbrances emerge on Butabika Land, IGG Strips Self Naked as Ownership gets questioned

    Salim Saleh: The General who Rejected to be President but Elected Playing Second Fiddle and diffusing Poverty from Society!

    Salim Saleh: The General who Rejected to be President but Elected Playing Second Fiddle and diffusing Poverty from Society!

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    UNBS closes Sunshare factory over failure to comply with Standards

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    3rd ‘BAT’ on Target: Uganda Cricket Women National Team’s Kevin Awino Snatches 3rdfor Victoria Pearls but…

    3rd ‘BAT’ on Target: Uganda Cricket Women National Team’s Kevin Awino Snatches 3rdfor Victoria Pearls but…

    Stanbic Uganda Cup: The Rivalry is down to Two Clubs’ Trade affairs with either BUL FC or Vipers SC to gloss on Top

    Stanbic Uganda Cup: The Rivalry is down to Two Clubs’ Trade affairs with either BUL FC or Vipers SC to gloss on Top

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    Expert adds Scientific Angle to NCS’s Witchcraft Scandal without Dismissing the Vice as a Big Pass time for Africans

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    The Story: How Nabilah’s Sobbing Husband Ssempala Left a Hole into which Barya Slipped and Filled

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    U`re Hypocrites: Ugandan Socialite Zaituni Kirigwajjo aka Zari Freezes her Appearances on all Uganda Events 

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    Impressive AGM: Umeme Jumps out of Covid-19 Frying Pan with UGX139Bn Harvest, Sets UGX88Bn for Shareholders

    Impressive AGM: Umeme Jumps out of Covid-19 Frying Pan with UGX139Bn Harvest, Sets UGX88Bn for Shareholders

    Oulanya Substitute: EC issues Campaign plan and Polling Day for Omoro County Parliamentary Seat fill 

    Oulanya Substitute: EC issues Campaign plan and Polling Day for Omoro County Parliamentary Seat fill

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    Intelligence Xclusive: Gen. Muhoozi eyes Premier Peter Mayiga for Vice Presidency, Chairman Norbert Mao for Prime Minister

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    Must Read Big Story: Tycoon Patrick Bitature Floors South African Loan Sharks in Fraudulent UDS30M Transaction

    EC New Home Panic: Ugly Encumbrances emerge on Butabika Land, IGG Strips Self Naked as Ownership gets questioned

    EC New Home Panic: Ugly Encumbrances emerge on Butabika Land, IGG Strips Self Naked as Ownership gets questioned

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    Salim Saleh: The General who Rejected to be President but Elected Playing Second Fiddle and diffusing Poverty from Society!

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    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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    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

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    Cindy Sanyu to headline Eastern Megafest

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    • Nintendo Switch
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    3rd ‘BAT’ on Target: Uganda Cricket Women National Team’s Kevin Awino Snatches 3rdfor Victoria Pearls but…

    Stanbic Uganda Cup: The Rivalry is down to Two Clubs’ Trade affairs with either BUL FC or Vipers SC to gloss on Top

    Stanbic Uganda Cup: The Rivalry is down to Two Clubs’ Trade affairs with either BUL FC or Vipers SC to gloss on Top

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    The Victory-ia Pearls Cricket Team Thrashes ICC’s High Ranking Women Nepal side, goes Chest-thumping

    Jumping to the Topmost: Nansana Galaxy Club Currently enjoying the Top Spot of the 2022 ULF top tier Ludo League

    Jumping to the Topmost: Nansana Galaxy Club Currently enjoying the Top Spot of the 2022 ULF top tier Ludo League

    Deservedly Honoured: Hasifah Nassuuna Receives a Standing Ovation on scoring her 100th goal, Setting a historical Record

    Deservedly Honoured: Hasifah Nassuuna Receives a Standing Ovation on scoring her 100th goal, Setting a historical Record

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    More Clout: Crested Cranes Welcome Two Professionals, set to face Rwanda, Burundi and Djibouti at Women Championship

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    Expert adds Scientific Angle to NCS’s Witchcraft Scandal without Dismissing the Vice as a Big Pass time for Africans

    Expert adds Scientific Angle to NCS’s Witchcraft Scandal without Dismissing the Vice as a Big Pass time for Africans

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    The Story: How Nabilah’s Sobbing Husband Ssempala Left a Hole into which Barya Slipped and Filled

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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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