The acquisition of Crane Bank continues to be used by BOU staff to chew taxpayers’ money under suspicious accountability.
Copies of documents EyeWitness24 has obtained reveal that while embattled billionaire Sudhir Ruparelia used to spend Sh90b to run Crane Bank countrywide per year, BOU and its staff spent a whooping Sh135b to run the same bank in only 3 months before it was quietly transferred to DFCU in January 2017.
This money was drawn from the consolidated fund, which is established by the Constitution (A.153) and all taxpayers’ money is supposed to be kept there. Are we safe?
As per BOU records, Crane Bank was by far a sound financial institution. If indeed BOU is serious and is to be believed, how did it get this far? We have Uganda Financial Intelligence Authority, why didn’t it detect the alleged fraud as BOU alleges?
A highly placed source in BOU says the current stand-off between former Crane Bank and Sudhir is reminiscent of Green Bank and Dr Sulaiman Kiggundu.
Another source reveals to us their prime interest first is to kill his image by using Vision Group, and then takeover his prime assets like they did with Greenland Bank.
Crane Bank which was placed under receivership in October last year for alleged mismanagement was eventually sold to DFCU for undisclosed fee! How much did DFCU pay?
BOU continues to use the saga as a feasting opportunity as we broke to you yesterday the story of how Sh13b has been sanctioned, part of which released to MMAKS Advocates to facilitate Justin Bagyenda, the BOU ED for supervision’s retirement.
Watch the space.