The USD 1M Fake Gold Deal! Investigations Point To Money Laundering as Stanbic Bank Statements Further Pin Maxim Advocates, Sheila Namahe & Isaac Ssemakadde

By Spy Uganda Investigations Desk

Kampala – New evidence has emerged contradicting earlier statements made by prominent lawyers Sheila Namahe Wagidoso and Isaac Ssemakadde, who previously denied any business dealings with American national Robert Turner. Official documents, including an invoice and a stamped Stanbic Bank statement, confirm financial transactions between Robert Turner, an American businessman and Maxim Advocates, a law firm registered under Namahe and Ssemakadde.

$840,000 Mystery: The Money Trail

According to a proforma invoice dated November 12, 2024 (Ref No: GWM 11/2024), the invoice was issued by Green Wave, a client of Maxim Advocates. However, the invoice explicitly provided the bank account details of Maxim Advocates (Account No: 9030013485320 at Stanbic Bank Uganda Ltd, Garden City Branch) for the receipt of funds on behalf of Green Wave. This aligns with subsequent transactions seen in the bank statement.

The bank statement reveals that Turner transferred $840,000 to Maxim Advocates account on November 14, 2024. Notably, records show that Sheila Namahe personally withdrew several amounts, including $20,000 on November 16, 2024, and another $15,000 on November 20, 2024, categorized as legal fees for the firm.

However, the most significant transaction occurred on November 22, 2024, when $750,000 of the total amount was transferred to an individual named Abdi Rashid Mohammed. The nature of this transfer remains unclear, but sources suggest further investigation is warranted to determine Mohammed’s role in this financial trail. Proforma Invoice GW Nov12 (1)

Ssemakadde and Namahe’s Contradictions: A Legal Smokescreen?

Prior to this revelation, Namahe and Ssemakadde had issued warnings to major media houses, including Next Media Services and Vision Group, cautioning against reporting on any alleged dealings with Turner, citing potential defamation claims. Their firm’s official communication categorically denied receiving funds or having any professional engagement with Turner.

However, documents obtained and certified by the Uganda Registration Services Bureau (URSB) confirm that Maxim Advocates is legally registered under the names of Sheila Namahe Wagidoso and Isaac Ssemakadde. These records solidify their direct connection to the firm that received Turner’s payments and subsequently disbursed significant portions of the funds.

Stanbic Bank in the Crosshairs: A Money Laundering Red Flag?

Stanbic Bank now finds itself between a rock and a hard place as these transactions, according to sources, indicate possible money laundering or fraud. The scale of these financial movements, particularly the rapid withdrawal and transfer of large sums to third parties, raises serious red flags. For a bank of Stanbic’s caliber, being caught in such a financial cobweb is highly concerning, as the penalties and consequences can be dire if wrongdoing is proven beyond reasonable doubt. Last week when our Spy tried to get a comment from the Bank, the Bank’s PRO Keneth Agutamba declined to devulge into details maintaining that the information we were looking for was a subject of investigation and releasing it would compromise the same.

FIA’s Role

Regulatory bodies, including the Financial Intelligence Authority (FIA) and Bank of Uganda, if not already, are likely to probe deeper into how such transactions were facilitated and whether proper due diligence was conducted. If any breaches of anti-money laundering laws are confirmed, Stanbic Bank could face severe legal and financial consequences. Other sources claim FIA would have had a role to play before the money was accessed by the intended, whether their inaction was by omission or commission remains a point for clarification from them for now.

Who is Abdi Rashid Mohammed the Refugee Who Receives $750,000 Question? Tomorrow’s Story…

The transfer of a significant portion of funds to Abdi Rashid Mohammed, a Refugee in Uganda raises further concerns about the flow of money and its intended purpose.

Authorities and financial investigators are now examining whether the transactions indicate any irregularities or potential misconduct. Sources indicate that Mohammed could be a key figure in the ongoing financial movements, and his role in this saga is expected to be the focus of future investigations. 

The Fallout: What Next for Sheila, Ssemakadde, and Stanbic Bank?

With mounting pressure, legal experts suggest that Sheila Namahe and Isaac Ssemakadde may need to clarify the discrepancies in their statements. If proven to have provided false information, they could face professional and legal repercussions. Meanwhile, stakeholders continue to analyze the financial paper trail to determine the full scope of these transactions.

Further investigations will focus on identifying the true role of Abdi Rashid Mohammed, who received the largest portion of the transferred funds. Subsequent reports will delve deeper into his identity and possible connections to the ongoing financial saga.

As investigations unfold, the public awaits further disclosures that may shed light on the full extent of the dealings between Maxim Advocates, Robert Turner, Stanbic Bank, and other involved parties.

Watch the space……