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Piglets Dumped at Bank of Uganda to Protest Fraud at DFCU Bank

Unidentified members of anti-corruption youth pressure groups have this morning thrown two piglets at Bank of Uganda.
It is reported that this is in protest against greed and corruption by senior officials at the central bank in collusion with management at the DFCU bank.

The two piglets were wrapped with a portrait of the outgoing DFCU bank managing director Juma Kisaame who is accused of participating in the fraudulent acquisition of former Crane bank limited and stashing over 150bn on his account.

Juma Kisaame’s 11 year stint at the under fire bank will end in the first quarter of 2019.He has since been replaced by Mathias Katamba from Housing Finance bank.

Kisaame recently shocked the nation after his accounts leaked indicating that he has $40m stashed on his account in Bank of Africa.

The leaked statement rose questioning by the public on how Kisaame acquired this money.

It came against a backdrop of the Auditor General John Muwanga’s report which indicated that Bank of Uganda negotiated with DFCU to buy Crane Bank which belonged to Sudhir Ruparelia.

Dfcu played a role of buyer and valuer in the Crane bank sale.

Dfcu is said to have negotiated with authorities at BoU to buy Crane Bank Limited at Shs200 billion but as per AG report, it is only Shs90 billion that has so far been paid to the central bank.

It is also said that the transaction of between Dfcu and BoU surfaced and the allegation at hand were that about $3 million of the $8 million deposited by shareholders of Crane bank to BoU was instead shared between top individuals at Dfcu and leading lawyers and only declared $5 million.

Dfcu has had major exits in this year alone, starting with the exit of CDC Group from the bank’s shareholding, which handed Arise Investments BV majority shareholding.

DFCU Shareholding percentages
Arise BV 58.71 per cent
CDC Group of the United Kingdom 9.97 per cent
National Social Security Fund (Uganda) 7.69 per cent
Kimberlite Frontier Africa Naster Fund 6.15 per cent
2 undisclosed Institutional Investors 3.22 per cent
SSB-Conrad N. Hilton Foundation 0.98 per cent
Vanderbilt University 0.87 per cent
Blakeney Management 0.63 per cent
Retail investors 11.19 per cent
BoU staff retirement benefit scheme is 0.59 per cent

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