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    Deal: Over 50,000 Housing Units to be supplied as NWSC and NHCC Sign Water Partnership MOU

    From Streams to Screens: Here Unveiling the IT and Digital Transformation of Uganda`s National Water and Sewerage Corporation Corp

    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

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
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    • All
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    • Gadget
    • Mobile
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    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

    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
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  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    Fare Thee Well Darling: Delicately Voiced Singer Evelyn Nakabira ‘Lagu’ Goes Home Sad and Disappointed but with a Hope-filled Smile

    Fare Thee Well Darling: Delicately Voiced Singer Evelyn Nakabira ‘Lagu’ Goes Home Sad and Disappointed but with a Hope-filled Smile

    Micho: The `Serbian Wol-Off`s Second Marriage Whose Divorce was Simply a Waste of Time, One With Magogo and Not for Football

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    Uganda and Kenya Still have to Prove their Might on the Continent as Organizers Kick Out the Afcon 2027 Bidding Neighbors Out of Maiden Clubs

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    No Thank You: Before we ‘Must’ Say Thank You, Take a Look at the Sickening Outside of the Beautiful Interior of Ham Kiggundu’s Nakivubo Stadium

    No Thank You: Before we ‘Must’ Say Thank You, Take a Look at the Sickening Outside of the Beautiful Interior of Ham Kiggundu’s Nakivubo Stadium

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Travel
    Trouble as Ministry of Internal Affairs is drawn into a High-Stakes Child Custody Battle Involving a Prominent City Car Dealer being Accused of Immigration Influence

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    Tribute to Elly Wamala: Remembering the Ever-Green Icon, the Father of Uganda’s Music Recording Industry and His Unforgettable Legacy

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    Musambwa Goes Dormant: Government Soldiers Secure Buganda’s Mysterious Shrine Amidst Renovations of Mandela National Stadium”

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    Cross-Border Collaboration: Uganda’s NWSC and Malawi’s LWB Forge Strong Ties in Urban Sewerage Management

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    ROARING MAJESTY: Taking You Around the Wilderness Trenches and Unravelling the Epic Saga of the King of The Jungle and His Fight for Survival

    ROARING MAJESTY: Taking You Around the Wilderness Trenches and Unravelling the Epic Saga of the King of The Jungle and His Fight for Survival

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
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    UG Pineapple at B&W

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

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    Cindy Sanyu to headline Eastern Megafest

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Mafioso Works: Shock as it Emerges Dfcu Was Fooled into Taking Over UGX10bn Fake Crane Bank Liability

October 11, 2022
inBusiness, Crime news, Featured
Mafioso Works: Shock as it Emerges Dfcu Was Fooled into Taking Over UGX10bn Fake Crane Bank Liability

Senana Building along Buganda Road, inset is Frida Nabirongo (Photo: Matooke Republic)

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Crane Bank fraudulent money dealings never stop to spring up much as the financial institution itself is long dead, buried and forgotten. The latest we have is that much as collateral worth UGX10bn has since been sold off by the defunct bank in settlement of the impugned debt, the same appears to have been properly and, also absolutely diverted.

In much simpler terms, the proceeds of the now impugned auction are neither here nor there, to see and feel currently! The collateral in question is where now happens to stand the imposing Senana Building and Supermarket along Buganda road. The same building lies as well just next to one of the roads leading to Nakasero State Lodge. Businessman Mukesh Shukla of Shumuk is the one who originally owned the land now holding Senana Building. After Mukesh had failed to repay the debts he had picked from Crane Bank, the now defunct bank duly attached and sold off the property.

The property was sold and purchased by the owner of the Senana Building and Supermarket whose name we know of as Frida Nabirongo. Surprisingly if not shocking, the lady is known to have picked the money which she would use to purchase the land, from the Crane Bank itself. Some years later, Crane Bank would suffer such a massive money scam. At such a scale that the same would end up inevitably, callously and prematurely sending the once-third rated largest local bank to it’s premature grave. Coming quickly back to the subject of this conversation, Bank of Uganda would itself inevitably end up selling the insolvent bank to Dfcu Bank.

For our interest, Bank of Uganda would present the USD10bn debt to the new purchaser of Crane Bank as one of the recoverables among the liabilities from the now defunct bank. Dfcu has since, nonetheless, learned to it’s shock, that the debt is not only now viably non-receivable. Right! But that also the same has since been somewhat recovered already by the former owners of Crane Bank and the same most probably shared out. This was after the financial institution had advertised almost all Mukesh’s entire business empire in it’s entirety, to try to recover the debt. 

But only for the supposed debtor himself  to now secure a court injunction stopping such a process. Mukesh himself asserts how the Kakembo Mugwanya-led private audit inquest into the collapse of Crane Bank, has since absolved him of any liability whatsoever in regards to the impugned debt. After all, the former owners of Crane Bank are known themselves to have sold off Mukesh’ land. And  which, moreover, has since been used by the purchaser to erect the well-known Senana Building.

Subsequently, the land was sold by the former Crane Bank owners to realize Mukesh’s liability. And Mukesh himself has since been officially absolved of any liability in regards to this debt. Yet the same had been passed to Dfcu as among the recoverables from the defunct Crane Bank whereas not. Now where is the proceeds of the now impugned auction duly carried out by the former owners of Crane Bank! Now Dfcu itself cannot recover the funds after Mukesh was absolved of the same! That is the most important and paramount question as at the present times and as in regards this conundrum. Strictly speaking, the struggling taxpayer shouldn’t be called upon to pay through Bank of Uganda for having sold complete air to Dfcu. And this, without asking hard questions to all the known concerned parties to this regrettable occurrence as to where went and as well happened to this apparently missing funds. Thank you and keep following.

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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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