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More BoU Fraud Syndicate Exposed, Head Procurement Deposits Billions on Kasekende Account

Anew suspected fraud syndicate between Deputy Governor of the bank of Uganda Austin Louis Kasekende and junior officers at the central bank has been exposed.

According to leaked bank statement belonging to Louis Kasekende and his wife Edith Kasekende held in bank of Standard Chartered bank, the head of procurement at BoU Isaac Kaggwa has been depositing mysterious millions of money on Edith Kasekende account from mysterious sources.

For example, on 21/7/2017, Kaggwa deposited shs 23780000/ on accounting belonging to Edith Kasekende and her husband Louis Kasekende in Standard Chartered bank Lugogo branch, on 18/8/2017,Isaac Kaggwa deposited shs 11.800,000/ on the same account, on 18/04/2018 he deposited shs 43,800,000/ on same account.

Also, on 17/05/2018, Kaggwa gifted Kasekendes shs 24000, 000/- 01/06/2018 he deposited shs 4000, 000/- on the same Louis and Edith Kasekende’s account.

The source of this money and the intended use is not clear and raises suspicion the fact that the person who deposited is the one in charge in charge of all procurement deals at the country’s money center.

This means that Isaac Kaggwa could be conniving with service providers to fix prices for goods and services or get kickbacks which he later share with his boss.
This also raises fears that this money comes from BoU coffers and it is shared amongst family of Kasekende.
Kasekende is alleged to be loaded and just last year alone, he is said to have transacted over Shs35 billion on his mobile money account.

The Inspector General of Government has since zeroed on his unexplained wealth and other Bank of Uganda officials in the latest inquiry.

In the newest inquiry, the IG is said to be looking into the assets and liabilities of over 100 employees but more emphasis is being put on employees in supervision and banking departments.

Although Inspectorate downplayed the inquiry to annual declaration of income, asserts and liabilities of officials, however, sources say the inquiry was triggered off by the reports of Auditor General that among others fault BoU officials especially in supervision for failure to explain how properties of defunct banks has been sold or taken over by officials at the central bank.

“The AG in his report was clear on these properties because whenever a bank is closed, such banks have properties like house and land but in most cases, these properties are silent and basically that is why we want to establish who takes over these properties and could these top bosses taking over them?” a sources said.

One of the declarations of income, assets and liabilities forms filled by Dr Kasekende shows that he owns property worth about Shs8 billion in upscale areas of Kampala, Wakiso and other areas.

He is also a shareholder of Green Hill schools, a farm in Bukasa valued at Shs500 million and several commercial buildings which fetch millions of shillings in rent per year.

In the declaration form, Dr Kasekende says he picked loans from commercial banks and used his statutory salary, savings from research, gratuity payments and travel allowances to build rentals and acquire the assets.

Kasekende is alleged to be loaded and just last year alone, he is said to have transacted over Shs35 billion on his mobile money account.

Kasekende bank statement in Standard Chartered bank….here ..dc

The Leadership Code Act 2002 requires all specified leaders to declare their Incomes, Assets and Liabilities to the Inspector General of Government. The Code prohibits conduct that is likely to compromise the honesty, impartiality and integrity of leaders or conduct that leads to corruption in public affairs and it imposes penalties on leaders who breach the Code.

Early this year, it is said President Yoweri Museveni ordered Bank of Uganda Governor, Emmanuel Tumusiime Mutebile to ‘sort’ out ‘thieves’ at Bank of Uganda.

Museveni who met the Inspector General of Government and a team from BoU at State House after cabinet lectured the two sides to sort out bickering that could easily hurt the economy but also warned of thieves at BoU.

A tough talking Museveni told me Mutebile that BoU had performed well but the emerging reports that individuals at the central bank had amused wealth were disturbing and such individuals should be fished out.

According to sources at the said meeting, Museveni who seem to have equipped himself well with the current literature on the central bank argued that corruption at the bank could easily manipulate staff not to perform their duties as they are compromised by the sector the supervise.

This website couldn’t verify whether the president’s call to Mutebile to sort out thieves was triggered by the revelation by leaked bank account details that revealed that former Executive Director in charge of Supervision at BoU, Justine Bagyenda had huge sums of money in several banks accounts.

Bagyenda is now being investigated by Financial Intelligence Authority, Inspectorate of Government and Uganda Revenue Authority for allegations of money laundering and tax evasion from income on her properties.

Recently, the IGG faced with the conundrum as to whether the Bank of Uganda Governor acted within his powers to make administrative changes at the Central Bank, one of which involved the retirement of Justine Bagyenda, the erstwhile Director of Bank Supervision.

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2 Comments

  1. we are tirelessly working to develop our country, a batch of fools are busy stealing everything, now even the hope that had remained is no more, the reason why we leave Uganda to other countries is not because we love to be abroad, life home is not just worthy leaving, since i was born in 1994, but since i started understanding i have always seen tax payers money stolen , people suffering, land grabbing s , why we cant learn as a country
    if its investigation let it not mean 5years in lizira, actually the most important thing is to return the money .but am always worried leaving in Europe wen my country is sinking

    1. Stay there please and don’t ever think of coming back.
      We are tired of you people in the diaspora being keyboard warriors and telling us how bad our country is. Are you saying there is nothing good about the Pearl of Africa?
      Yes, there is corruption, yes we have shortcomings, we have challenges but don’t portray Uganda as hell on earth. We love Uganda and many people have made it here so deal with it.

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