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.
Author Profile
- 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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