Kwagala, one of the complainants says the company paid the promised 5 per cent interest on the fixed deposit account for the first few months before cutting it by half. She has since failed to even withdraw the principal amount, which brings the total to about 190 million Shillings.
However, the Central Bank says a foreign bank can choose to contract a person or company as their agent in Uganda using the general contract laws. Under this, they are not required to get approval from the Bank of Uganda. “Such agencies do not fall within regulated agency under the FIA, 2004 and do not require a BoU license”, it says.
Fort Portal City Mayor, Rev Willy Kintu Muhanga adds that due to lack of guidelines; he has not yet formed an executive committee that would implement council resolutions. According to Muhanga, the operationalisation of Fort Portal city led to the immediate closure of Fort Portal municipal bank accounts.
The Registrar for the High Court Execution Division, Isah Serunkuma issued the first garnishee orders on November 20, 2019. The order stemmed from a miscellaneous application filed by 13 Mulago Paramedical students who in 2011 sued Government over the delayed award of their diplomas and certificates.
Martine Erimu, the chairperson of the Teso Grain, Rice Millers, Processing and Marketers Association- TEGRIMMA, says some financial institutions limit farmers when borrowing but are fast in collecting the money.
Nandala also told Kagole that the documents show that just in a space of one day, he withdrew another Shillings 29.8 million on June 29th, 2018 for the alleged travel of the Chief Justice to South Africa and questioned how the Chief Justice would travel to two destinations at the same time.
In his presentation on Tuesday evening, the Finance Committee Chairperson, Henry Musasizi explained that the Bank of Uganda Act, 2000 provides that government is authorized to issue securities for recapitalising BOU where its capital impaired.
In an August 8, 2019 letter, FIA directs Equity bank to “search your databases and avail us account opening documents, bank statements for the last three years and any other information available to you linked to each of the above-listed entities for further review,” reads the letter signed by Sydney Asubo, the FIA Executive Director.
According to the Bank of Uganda act, the Central Bank Governor who is also the most senior officer in the bank also chairs the board of directors and deputized by the Deputy Governor. The other members are the Secretary to the Treasury and directors from different departments in the bank.
Dr Louis Kasekende, the Bank of Uganda Deputy Governor, says that the Central Bank has not been monitoring loans transactions on mobile money platforms because the Telecoms had also not been given licenses to offer products to clients.
Doctor George Wilson Ssonko, the head of Financial Consumers Protection Unit at the Bank of Uganda, says the problem arises from many borrowers failing to promptly meet their obligations of loans repayment.
A statement issued this evening by the Central Bank indicates that The Bank of Uganda is working very closely with investigative teams and the Ministry of Finance to ensure that the services and operations of Post Bank Uganda Limited are not interrupted.
Maurice Mugenga Keitaba, the Greater Kabale NRM Registrar, said Maj. Gen. Mutebire has exhibited perfect leadership skills and experience for the time he has known him. Keitaba also hailed Maj. Gen. Mutebire for supporting the ruling NRM party financially during the previous elections.