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Shame as Thugs Drop Piglets at Bank of Uganda

Police are hunting down a group of thugs which dropped piglets near the entrance of Bank of Uganda headquarters in Kampala on Monday.

The piglets were wrapped with placards bearing the photo of outgoing dfcu bank Managing Director Juma Kisaame.

Kampala Metropolitan Police spokesperson Luke Owoyesigire said the law enforcement body was looking for the culprits behind the despicable act and would “face charges related to violation of animal rights.”

It remains unclear why Kisaame is being targeted by thugs.

But dfcu recently castigated “malicious propaganda” aimed at tarnishing its reputation, saying it will not be deterred in pursuit of its strategic objectives.

“Over the last couple of days, a torrent of malicious propaganda has been circulated through online publications and social media in what appears to be a deliberate effort to taint the reputation of dfcu Bank and its leadership,” dfcu said in a statement recently.

The bank’s lawyers also threatened to sue Rajiv Ruparelia, the son of embattled businessman Sudhir Ruparelia for financing the media campaign against the financial institution.

The hostile media campaign against Bank of Uganda and Dfcu started after the takeover of Crane Bank, an institution previously owned by the Ruparelia family.

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BoU governor Tumusiime Mutebile said the Central Bank had intervened in Crane Bank and taken it over in October 2016 after an “inventory found that Crane Bank was massively insolvent, with core capital of negative Shs240 billion, as a result of mismanagement and fraud.”

Mutebile said the “notion that this bank could have been rehabilitated by its owners – the same people who were responsible for its failure – if only the BoU had provided more liquidity support and allowed the owners to remain in control, is not tenable.”

He emphasised: “In reality, the BoU had no other options, if it wished to minimise the losses incurred by the bank and protect the interests of its depositors, other than to take over Crane Bank and resolve it.”

Sudhir Ruparelia was last year dragged before courts of law for fraud, money laundering and insider lending among other alleged crimes during his reign as Crane Bank boss.

The case is scheduled for hearing later this year.

The lawyers have since observed the campaign against dfcu is taking the twist of “economic sabotage” which they said should prompt authorities to act.

Dfcu recently said it remained “resolute in delivering on the dfcu brand promise of ‘Making more possible’ and pursuing its strategic business objectives.”

Established in 1964 as a development finance institution, dfcu has over the years provided funding for agribusiness, communication, education, health, manufacturing, tourism, real estate, mining, construction, transport, trade and commerce, among others.

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