Wednesday, February 1, 2023
  • Login
The Investigator News
Advertisement
  • Home
  • News
    • All
    • Science
    • World
    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
    • 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
    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

    No Longer at Ease as Hope Mukasa is Arrested by Police Over Criminally Trespassing on X-Wife`s Property

    Catch22 Blues: Powerful Royal Handler, Longtime Friends, Fail to Save their Pal Hope Mukasa from Luzira Jaws

    Novice Promoter Biggy Events Must Leave to Jose Chameleon Brand Billing at ‘Gwanga Mujje’ or He Dents his Legacy

    Novice Promoter Biggy Events Must Leave to Jose Chameleon Brand Billing at ‘Gwanga Mujje’ or He Dents his Legacy

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

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

  • 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

  • Crime news
  • Politics
  • Business
  • Interviews
  • CIP Records
No Result
View All Result
  • Home
  • News
    • All
    • Science
    • World
    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
    • 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
    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

    No Longer at Ease as Hope Mukasa is Arrested by Police Over Criminally Trespassing on X-Wife`s Property

    Catch22 Blues: Powerful Royal Handler, Longtime Friends, Fail to Save their Pal Hope Mukasa from Luzira Jaws

    Novice Promoter Biggy Events Must Leave to Jose Chameleon Brand Billing at ‘Gwanga Mujje’ or He Dents his Legacy

    Novice Promoter Biggy Events Must Leave to Jose Chameleon Brand Billing at ‘Gwanga Mujje’ or He Dents his Legacy

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

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

  • 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

  • Crime news
  • Politics
  • Business
  • Interviews
  • CIP Records
No Result
View All Result
The Investigator News
No Result
View All Result

Dubious Deals! How a deliberate rip-off of customers earned Bank of Africa a staggering UGX3Bn Court Fine and unsavory PR

This court judgment is not only going to dig a hole in the coffers of the financial facility but also bound to affect its trustworthiness

August 12, 2020
incrime New, Crime news, Featured
Dubious Deals! How a deliberate rip-off of customers earned Bank of Africa a staggering UGX3Bn Court Fine and unsavory PR

Bank of Africa Uganda

2k
SHARES
3.1k
VIEWS
WhatsappShare on FacebookShare on Twitter

KAMPALA, Uganda: Bank of Africa management along with their legal teams are grappling with a case where, a riled Judge in town has reprimanded their institution for selling off a customer’s commercial property in a Mafioso manner, the Investigator authoritatively report.

The property, a hostel in Banda known as Holyway’s, belonged to one Mark Ssemaganda and his mother Agnes Lwanga Kuzuukira. Incarcerated city car dealer, Mohamed Ssebuufu bought the property in auction. Ssebuufu will keep the hostel. Justice David Kutosi Wangutusi found the owner of Pine Car outlet in Kampala, a bonafide purchaser for value.

The bank will also pay the businessman some money since it led him on to buy the property, hence the owners of the hostel dragging him to court. Ssebuufu will pocket the cash without breaking a sweat. He did not find it sensible to appear in court much as he was sued and served with summons to file a defense.

The judgment brings to an end – if not appealed, the eight year old legal tussle that was launched by two aggrieved Bank of Africa customers. This court judgment is not only going to dig a hole in the coffers of the financial facility but also bound to affect its trustworthiness, drawing from the dubious manner in which they sold off their customers’ security.

While the financial institution advertised an entirely different property for auction, it ended up selling a completely different one. For clarity, the property that Bank of Africa advertised is located far off in Namwenda, Busoga. The one it actually auctioned is just in the city outskirts of Banda. The two would belong to different people, of course.

Before then, the bank had written a ‘default notice’ to their now proven-fraud victims on which, it forged some funny signature to indicate how it had duly informed the owners of the property about the imminent auction and that they (The victims) had acknowledged receipt of the same.

In a bid to show that the victim had been served with the notice of sale of his property, the bank produced in court a funny document to that effect. But to its shame, the notice of sale bears a sham address of the victim all together.

To cap the fraud off, the bank sold the property at a song. It sold the property at a paltry 400 million Uganda shillings yet it had itself valued it at close to one billion Uganda shillings upon approval of the loan facility, then two years before it was auctioned.

Well, the customers had approached the bank earlier and both agreed that they were going to look for customers jointly. In doing this, the customers wanted to be involved in the sale to make sure that the bank takes from the proceeds of the sale what they owed it and surrender the balance to them.

But much as the bank approved this arrangement, it sourced for the buyer secretly and later sold the security without involving the owners at all as they had mutually agreed.

Court hence observed thus; “a, the suit against the 2nd Defendant (read Ssebuufu) is dismissed with costs paid by the 1st defendant (read Bank of Africa), b, the sale of the Plaintiffs’ property comprised in Block 232 Plot 1074 land in Kireka by the 1st Defendant to the 2nd Defendant is unconscionable and irregular, c, the 1st Defendant has not been fair, reliable and transparent in its dealings with the Plaintiffs as customers of their service contrary to Bank of Uganda Consumer Protection Guidelines 2011.”

Convinced with the above facts, the Judge ruled in favor of, and awarded the Plaintiffs as follows…; “d, the 1st Defendant to pay to the Plaintiffs a sum of UGX915, 528,445 as fair and adequate compensation for deprivation of their right to property, e, 1st Defendant to pay aggravated damages of UGX20, 000,000 to the Plaintiffs, f, 1st Defendant to pay punitive/exemplary damages of UGX80, 000,000 to Plaintiffs…”

In addition, goes the ruling; “g, 1st Defendant to pay general damages of UGX80, 000,000 to the Plaintiffs, h, Interest on ‘d’ at 18{0945c2a372ac1e8bbfe7cc3e10f9b82eb0b8ae872b07368d754f0396b6ef2afe} per annum from 31st December 2013 till payment in full, i, interest on ‘e’ ‘f’ and ‘g’ at 6{0945c2a372ac1e8bbfe7cc3e10f9b82eb0b8ae872b07368d754f0396b6ef2afe} interest per annum from date of judgment till payment in full and… j, 1st Defendant to pay costs of the suit and counterclaims.”

Our quick calculations have so far settled at UGX3bn plus as it stands at the time of filing this story. The same however keeps jumping considering the ruling date until that time of its full execution. Of whether the Bank has intentions to appeal and/or whether they have any appealable grounds anyway, is a story of another day. Watch this space…

Author Profile

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]
Latest entries

Author Archives

  • CIP Records2023.02.01Gen. Kale Kayihura: How Blossoming Love for His Master`s Throne also Served a Big Deal to His Thunderous Fall
  • Business2023.01.30Tax Evasion: MTN Six-year-Old Unresolved Saga Reduces President Museveni`s Fresh Vow against Offenders to a Fat Joke
  • Crime news2023.01.30The Airport Indiscipline: Museveni, Among Spared the Rod to Spoil Bamuturaki but Aided Impunity to Grow by Folds
  • Featured2023.01.27Namuganza Video: General Museveni Sends a Tough Signal to Speaker Among via His UPDF MPs’ Last-Minute Position
Tags: Bank Fraud in UgandaBank of Africa UgandaCentral BankaKampalaKampala City
SendShare801Tweet501
  • Manukau with her child

    Business Woman and Royalist Nabukalu Hamidah Still Missing

    17087 shares
    Share 37058 Tweet 23161
  • Maria’s Dirty Linen: Unbearable agony as X-minister Maria Kiwanuka uses husband’s vegetative state to swindle family property

    17681 shares
    Share 7072 Tweet 4420
  • The Mohan Family Tales: Tycoon Mohan Kiwanuka finally speaks out about his family empire turbulence, writes to Son

    16342 shares
    Share 6537 Tweet 4086
  • In Kaka’s Horror Grip: Exclusive details why President Museveni invited Ronald Mayinja to perform for him at Kololo

    10596 shares
    Share 4238 Tweet 2649
  • Kabaka Laughs off his ‘Death’: Family tells Investigator the Son of Muteesa is in good health and relaxing in Kenya

    10122 shares
    Share 4049 Tweet 2531
  • Terms of Use
  • Privacy & Policy
  • Contact

© 2022 The Investigator News - More Than Just News Without Fear or Favour.

No Result
View All Result

© 2022 The Investigator News - More Than Just News Without Fear or Favour.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In