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    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

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    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

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    Digital Technologies Could Help Uganda’s Economy Recover Faster

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    UNBS closes Sunshare factory over failure to comply with Standards

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    A Day in Life: UEFA’s Aleksandra Ceferino’s ‘Pass Time’ Visit to The Aliguma offered a Real-Life Time Opportunity to Repackage Uganda’s Football; But it didn’t!

    Cry My Beloved Country: How Patriotic Brenda Nanyonjo is Staking Her All to Keep the Miss Uganda Brand Afloat as Government Shamelessly Gaze On

    Cry My Beloved Country: How Patriotic Brenda Nanyonjo is Staking Her All to Keep the Miss Uganda Brand Afloat as Government Shamelessly Gaze On

    Have This Instead: Remorseful Sevo Gives Land as Compensation to Boxing Body for their Fallen Zebra ‘Mando’ Senyange, Murdered by Security

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    BAD NEWS: Veteran Singer Halima Namakula and her National Promoters Associations Set to Kill the Entertainment Industry with their new Permit Ultimatum

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    Boxing Big Envelope: Making Sense of the Enormous Envelope Received by Uganda Boxing Federation President Moses Muhangi

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    What a Wasted Investment in the 59-Day Lasted Vipers` Coach Roberto Luiz who Registered only 0 Wins against a Heavily Lavish Vipers Squad!

    What a Wasted Investment in the 59-Day Lasted Vipers` Coach Roberto Luiz who Registered only 0 Wins against a Heavily Lavish Vipers Squad!

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    Is God Thus Far? Muslim Mother Leaves Behind Her Kids to go for Overnight Prayers but Forgets to Pray For them. Two Suffocate to Death

    Is God Thus Far? Muslim Mother Leaves Behind Her Kids to go for Overnight Prayers but Forgets to Pray For them. Two Suffocate to Death

    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

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    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

    Stephen Kissa the Pace-setter

    Stephen Kissa: Unveiling the Country’s Pace-maker who set Ace Cheptegei`s World Athletics` Gold and Bronze Medals

    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
    A Day in Life: UEFA’s Aleksandra Ceferino’s ‘Pass Time’ Visit to The Aliguma offered a Real-Life Time Opportunity to Repackage Uganda’s Football; But it didn’t!

    A Day in Life: UEFA’s Aleksandra Ceferino’s ‘Pass Time’ Visit to The Aliguma offered a Real-Life Time Opportunity to Repackage Uganda’s Football; But it didn’t!

    Cry My Beloved Country: How Patriotic Brenda Nanyonjo is Staking Her All to Keep the Miss Uganda Brand Afloat as Government Shamelessly Gaze On

    Cry My Beloved Country: How Patriotic Brenda Nanyonjo is Staking Her All to Keep the Miss Uganda Brand Afloat as Government Shamelessly Gaze On

    Have This Instead: Remorseful Sevo Gives Land as Compensation to Boxing Body for their Fallen Zebra ‘Mando’ Senyange, Murdered by Security

    Have This Instead: Remorseful Sevo Gives Land as Compensation to Boxing Body for their Fallen Zebra ‘Mando’ Senyange, Murdered by Security

    BAD NEWS: Veteran Singer Halima Namakula and her National Promoters Associations Set to Kill the Entertainment Industry with their new Permit Ultimatum

    BAD NEWS: Veteran Singer Halima Namakula and her National Promoters Associations Set to Kill the Entertainment Industry with their new Permit Ultimatum

    Boxing Big Envelope: Making Sense of the Enormous Envelope Received by Uganda Boxing Federation President Moses Muhangi

    Boxing Big Envelope: Making Sense of the Enormous Envelope Received by Uganda Boxing Federation President Moses Muhangi

    What a Wasted Investment in the 59-Day Lasted Vipers` Coach Roberto Luiz who Registered only 0 Wins against a Heavily Lavish Vipers Squad!

    What a Wasted Investment in the 59-Day Lasted Vipers` Coach Roberto Luiz who Registered only 0 Wins against a Heavily Lavish Vipers Squad!

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Travel
    Is God Thus Far? Muslim Mother Leaves Behind Her Kids to go for Overnight Prayers but Forgets to Pray For them. Two Suffocate to Death

    Is God Thus Far? Muslim Mother Leaves Behind Her Kids to go for Overnight Prayers but Forgets to Pray For them. Two Suffocate to Death

    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

    NWSC Milestone: Parombo Water Supply Operations Gets Power Upgrade that Migrates from Generators to Hydro Power 

    Uganda to Host the Next African Water Association Congress and Exhibition as NWSC MD DR. Eng. Silver Mugisha wins Second Presidential Term

    Thursday With Joan Bonny: When the Stranger Becomes your Hero than the People you are Familiar with, Know Better

    Thursday with Joan Atuhwera: The Pressure from Society for Young men and Women to get Married is Extremely Needless

    National Water and Sewerage Corporation Technical Staff’ Skills Enhanced for Better Service Delivery 

    Work in Progress: NWSC Starts Water Supply Extension to the East African Crude Oil Pipeline (EACOP) Sites in Sembabule

    World Pangolin Day: Let’s Do Something and Quickly or The Pangolin Could Go Extinct Before Most People Realize It Exists

    World Pangolin Day: Let’s Do Something and Quickly or The Pangolin Could Go Extinct Before Most People Realize It Exists

    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

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Greenland Bank Fishy Closure: Dr Suleiman Kiggundu’s Ghost Refuses to Rest, Bounces Back to Torment Central Bank

Both the Auditor General plus Parliament and the country at large were left in total shock after discovering how BOU had given away the Greenland loans at a ninety three percent

January 25, 2023
inBusiness, Featured
Greenland Bank Fishy Closure: Dr Suleiman Kiggundu’s Ghost Refuses to Rest, Bounces Back to Torment Central Bank

RIEP: Dr. Suleiman Kiggundu (Courtesy Photo)

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More than two decades following the closure of Greenland Bank, the ghost of its founder, Dr Suleiman Kiggundu continues to torment Bank of Uganda. The Central Bank’s Chief, Nnyonyintono Kikonyogo, who presided over the closure and dubious sale of the bank and sold its loans, properties as well as those of its sister companies, has since passed on, followed by his successor, Prof Emmanuel Tumusiime Mutebile.

While Mutebile passed on years after Kikonyogo had passed on, he would on resumption of the BOU top job continue with the liquidation of Greenland bank after its closure, more than two decades. And though Kiggundu went way flesh earlier than both Kikonyogo and Mutebile, his ghost since rose through the Auditor General, John Muwanga who, in 2018 issued a report to the effect that the closure of his bank and whatever happened thereafter were mired by fraud.

One of the fraudulent actions which would later be confirmed by the then Parliament’s Abdu Katuntu-led COSASEC’s committee own inquiry, was the presentation of what seems to be a fake company to buy the loans of Greenland. That company was styled by its fronters as Nile Rovers Acquisition Company.

Both the Auditor General plus Parliament and the country at large were left in total shock after discovering how BOU had given away the Greenland loans at a ninety three percent discounted price. On top of selling off the Greenland buildings which were holding the bank’s branches, BOU went for all the buildings and assets of Greenland’s sister companies and sold them off at merely a song.

While they were selling off the properties and as they continued to endlessly liquidate the ill-fated bank, BOU refused to offer any accountability about how much they had exactly realized from the sale of the sold properties. Armed with the findings of the Auditor General and Cosase report, detailing all the fraud involved in these affairs, thirty-one directors of Greenland moved to Commercial Court’s chief, Justice Stephen Mubiru to complain.

Characteristic of how BOU’s lawyers of MMAKS do their things, they immediately filed an application to have the case summarily dismissed. The intention here is clear to figure out. The lawyers whose main principals are Timothy Kanyerezi Masembe, Apollo Makubuya and Moses Adriko, among others, would argue how the case was outdated. They went on to disparage the lawsuit as a regurgitation of the earlier complaints which had been handled and dismissed by court.

And also, that the people behind the case and much as they are directors of the bank, are wrong parties incapable of questioning what BOU did and the suspicious steps it took. The directors compellingly answered back. They argued fraud is not affected by the Limitation Act which requires a complainant to bring a case within a period of six years following its commission.

They educated the lawyers of MMAKS how the case is an exception to the norm since the Limitation Act in the case began to apply to them in 2021 with the discovery of the fraud complained of by the Auditor General. They termed the quest by BOU to have the case dismissed without according it hearing, a ploy to hide the defendant`s transgressions.

They explained such transgressions were committed by BOU during the closure of Greenland and its liquidation process. Consequently, the directors opined BOU’s intention in asking for the summary dismissal of their case was to avoid paying heavily for its wrongdoings. They took issue with the endless liquidation of Greenland, calling it a trick to stop anyone from asking for accountability from BOU.

Incorruptible, bold and sharp as he is, Justice was yesterday, able to discern the intention of BOU and ruled how he couldn’t dismiss the case summarily. He said he would go ahead and delve into an investigation to unlock what exactly went on during the sale and liquidation of Greenland bank. He noted the allegations being put across by the directors of Greenland are quite grave to be swept under the carpet as the lawyers of BOU wish.

He, accordingly, announced the investigation will go on to its logical conclusion and the court will rule out one or the other, after listening to both sides to the dispute and after looking at what the law dictates. The ruling has been surely a defeat of injustice at the hands of justice and the rule law. The case must go to the full length without attempts to stop the wheels of justice on the way. So, we hold. Finally, we hold, justice is too sweet to be sacrificed at the altar of procedure rather than substance.

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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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