Shocking details about the director in charge of security at the bank of Uganda Milton Opio-Orech have emerged. For those who doesn’t remember, Milton Opio-Orech formerly worked at bank of Uganda as Senior Principal Banking Officer as Director banking. Opio was accused of aiding fraud in which government lost over shs13.4bn under Northern Uganda. He connived with Geoffrey Kazinda, to withdraw billions of shillings meant for post-war recovery efforts in northern Uganda and Karamoja sub-regions using forged signatures. Opio did not consult OPM former Permanent Secretary Pius Bigirimana whose signature…

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Teefe Bank Was Improperly Shutdown by Bank Of Uganda Without Central Banks Creating Inventory Report


BoU officials led by Governor Emmanuel Mutebile and his deputy Louis Kasekende were on Monday while  re-appearing before the parliamentary committee on Commissions The parliamentary committee on Commissions, Statutory Authorities and State Enterprises (COSASE) investing the closure of seven commercial banks has learnt that Bank of Uganda closed down Teefe Bank in 1993 without creating an inventory report. This means that the central bank didn’t establish the worthiness of the commercial bank before closing it down indefinitely. Bank of Uganda officials appearing before COSASE inquiry into the the mismanagement of…

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Deepak Malik Eventually Quits Dfcu Bank


Bank of Uganda has announced that Deepak Malik who has been a director on the board of bank has finally resigned and left the board of the bank. According to an internal memo, Malik ceased being a member of the board on September 21, 2018. The board had early hinted on his resignation as being normal. “The board of directors of Dfcu (the company) informs its shareholders and general public of the resignation of Mr Malik as a directorin the company with effect from the 21th of September 2018. Mr…

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Tough Times For DFCU Bank As Key Investor CDC Quits


In what looks like loss of confidence and interest, CDC Group, has expressed interest to sell their commercial interests in DFCU Bank. CDC Group, Britain’s oldest Development Finance Institution has been investing in DFCU Bank since 1964. CDC, according to media reports, has already written to dfcu informing them of their incoming decision. Irina Grigorenko, CDC’s Investment Director in charge of Financial Institutions, has been quoted by media saying they are undertaking a review of its investment in DFCU Limited. This, Grigorenko said, may lead to the disposal of some…

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