Shame: BoU Leaks Top Ugandan Business Tycoons Who Failed To Service Loans & Crippled Crane Bank Operations, Gov’t’s ISO Owes Bank A hooping Shs 1.7B!

Shame: BoU Leaks Top Ugandan Business Tycoons Who Failed To Service Loans & Crippled Crane Bank Operations, Gov’t’s ISO Owes Bank A hooping Shs 1.7B!

Posted on 25 March 2018 0
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By Our reporter

The plaint filed against Crane Bank and its owners by then BoU lawyers David Mpanga and Masembe Kanyerezi, shows how the financial institution kept hundreds of businesses in operation while others struggled to pay back.

According to the list of loans and advances as of October 2016, Tycoon Patrick Bitature through his Simba Telecom on Kampala Road had an outstanding amount of Shs 12bn. The road construction company, Spencon had an outstanding loan balance of Shs 22bn.

Imperial Botanical Beach Hotel had also borrowed $4.3m (Shs 15bn) from Crane Bank.

A Somali national cum entrepreneur from Garhajis sub-clan, Amina Moghe’s Under Grapes Limited was still chocking on un-paid load to the tune of Shs 11Billion which she had borrowed to expand her businesses in Kampala and Nothern Uganda.

List of defaulters by DFCU that leaked to the media.

Some of Amina’s multimillion-dollar projects in Uganda include Oasis Shopping Mall, garden city, Laburnam Courts Apartments on Nakasero Hill road, among others.

Goodra Behakanira Tumusiime, owner of Bwebajja Hotel Complex along Entebbe Road had an outstanding loan balance of Shs 6.9bn. The widow to late Joseph Behakanira recently sold Avemar Shopping Mall in Kampala to tycoon Lule Ntake at USD 8million but didn’t clear the side outstanding debt the husband left when he collapsed in parliament’s public accounts committee (PAC) and later died while being investigated upon on CHOGM money scandals. Steel and Tube Industries had also acquired a loan of Shs 6bn.

The BoU lawyers released the account names, customer IDs and account numbers of these borrowers in their plaintiff.

While commercial banks have apologized for the leaked account details of former BoU Director in charge of Supervision, Justine Bagyenda, Dfcu which acquired Crane Bank, is yet to comment on the matter.

DFCU That ‘Swallowed’ Indigenous Crane Bank At ‘A samosa Price’ Is Foreign Owned, Details Have Emerge!

Details have emerged about the ownership of the Bank that took over an indigenous Bank, Crane Bank at ‘a samosa price’! According to leaked info, DFCU’s majority shareholders are Rabo Development from the Netherlands and NorFinance from Norway, who are shareholders in Arise B.V together with Norfund, a Norwegian government owned Equity firm and FMO, the Dutch Development Bank. CDC also has shares in the bank.

According to the leaked bank accounts of Crane Bank customers, almost all top businessmen borrowed large sums of money from Crane Bank.

The loans were offered to dealers in agriculture, steel industry, electronics, real estate, entertainment, telecom and print among others.

This confirms reports that the Bank’s troubles could have affected the general performance of the economy.

Robert Mwesigwa Rukaari of international consultancy firm Amproc, had, as of October 2016, an outstanding balance of Shs 2.2bn.

Interestingly, Crane Bank also lent to Internal Security Organisation (ISO) a staggering Shs 1.7bn.

By the time the Bank was put under receivership, businessman Mukesh Shukla of Shumuk Group of Companies was yet to clear a loan of Shs 2bn.

Robert Kabonero, owner of Pyramids Casino, Kampala Casino and a city car bond had an outstanding facility of Shs 2bn.

Fountain Publishers, a publishing company in Uganda and Rwanda owned by James Tumusiime, also had an outstanding balance of Shs 1.4bn.

Foreign Affairs Minister Sam Kutesa had an outstanding balance of Shs 1bn.

Blue Wave Beverages, producers of Blue wave mineral water, had an outstanding balance of Shs 833m.

Others are Esther Ampumuza of Serene Suites Mutundwe who was struggling with a loan of Shs 600m.

Former ICT Minister John Nasasira had an outstanding balance of Shs 400m.

Kuku Foods, which supplies chicken to Kentucky Fried Chicken, an American fast food restaurant chain, also secured a facility of Shs 500m from Crane Bank.

Prominent journalist Andrew Mwenda also had a balance of Shs 250m.

Still in the media fraternity, Vision Group Chief Executive Officer, Robert Kabushenga had an unpaid balance of Shs 176m.

Former ICT Minister Ham Mulira had an outstanding balance of Shs 175m while Chris Katuramu, the brother of former Tooro Kingdom Premier Sanyu Katuramu had a balance of Shs 197m.

The former First Deputy Prime Minister and Minister of Public Service Henry Kajura Muganwa was still paying back a loan of Shs 200m.

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