BIDCO Staff Cited In Shs74Bn Fraud Scandal

BIDCO Staff Cited In Shs74Bn Fraud Scandal

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By Spy Uganda

Jinja, Uganda: Corruption seems to be eating into Uganda’s economy like a deadly  cancer. The latest information we have is that BIDCO has been hit with a multibillion fraud scandal that is alleged to have been committed by the company’s employees.

Janadhan Naidhu, the Oil Palm Uganda Limited Finance Controller and several others are suspected to have been behind the fraud that has cost the company over Shs74Bn. A Senior Estates Officer at Oil Palm Uganda Limited identified as Patrick Ochieng, revealed that that Kodey Rao, the Managing Director BIDCO resigned recently because he couldn’t survive the audit he was subjected to, since he is the one who had approved the fake transactions conducted by Naidhu which caused the Company the multibillion loss. Highly placed sources at Bwendero Palm Oil Mill revealed that Naidhu fled to India through Entebbe International Airport last year. The sources revealed that in 2013, Naidhu created three fictitious companies namely JANCO Construction, Wheels Logistics and Finix Logistics purportedly to transport crude oil from Palm Oil Mill to a liner, which would transport it to BIDCO Palm Oil refinery in Jinja. He used these fake companies to siphon up to Shs74Bn from BIDCO.  “By the time it was realized, the company had no operating costs and was asking its parent companies to provide for a surplus. Investigations pointed out some of the anomalies done by the financial controller and thus was interdicted,” the source, who is an auditor, said.

It  is also said that  Naidhu was given an electronic bracelet to monitor his movements but moved to Jinja from where he reportedly fled to India.  Wilmar International, the parent company of Oil Palm Uganda Limited instituted a forensic audit to establish how the money was embezzled and that  was how they unearthed Naidhu’s misdeeds. The BIDCO Human Resource Manager, Abbey Mukalu admits that there is an ongoing forensic audit at Oil Palm Uganda Limited. He also confirmed that Naidhu fled the country but declined to divulge details.

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