For months now, Justine Bagyenda, the sacked Executive Director, Supervision at Bank of Uganda has been in the headlines over her unexplainable wealth.
Although both the Inspectorate of Government (IGG) and the Financial Intelligence Authority (FIA) has both formally admitted to placing Bagyenda under formal investigation a couple of months ago, the two institutions are tight-lipped about their findings thus far.
The police who have since been silent in this debacle, through their Director of Cyber and Financial Crimes, a one Mr. Kototyo William, instead decided to issue criminal summonses against editors of seven online news publishers that have fiercely reported about this case.
Apparently the summonses stem from a complaint filed by Bagyenda at police in which she claims that the stories published about her are “false, defamatory and extremely damaging” and have caused “untold mental and psychological distress” not only to her, but also family members.
However, the media houses which published Bagyenda’s vast wealth have since stood by their story and have challenged the police not to shoot the messenger but rather go on to investigate the said claims.
The journalists’ firm stand could now be vindicated by a 23rd March 2018 draft report by the Auditor General, unearthing rot at the Central Bank- particularly in Bagyenda’s Department, over the way they handled or rather mishandled the closure of several banks.
The report is a result of an audit ordered by the Parliamentary Committee on Commissions, Statutory Authorities & State Enterprises (COSASE) on 28th November 2017; pursuant to section 13 (3) of The National Audit Act 2008. The audit that sought to examine the circumstances surrounding the closures of Teefe Trust Bank, Greenland Bank, International Credit Bank, Cooperative Bank, National Bank of Commerce, Global Trust and Crane Bank. The audit itself was sparked off by an outcry from the public and Crane Bank’s shareholders over the takeover and rushed sale of Crane Bank, over what they believe was a giveaway price to dfcu Bank.
Leaked mobile money transactions from MTN show, Bagyenda made mobile money transactions to the tune of Shs499,428,906 million in just a period of three years, to a phone number linked to her biological son- a one Robert Muhumuza.
But more importantly, these transactions, were not reported to the authorities by either the banks, or the mobile phone companies as required by Section 6 (2) b of The Anti-Money Laundering Act (2013).
The act mandates all financial institutions, law firms real estate agents, casinos, brokerage firms, investment bankers, registrar of companies, registrars of land, Uganda Investment Authority, NGOs and all Licensing Authorities to report to the Uganda Financial Intelligence Authority (FIA), all transactions equal to, or above the amount of 1,000 currency points (Shs20,000,000). This was later upgraded to 5,000 currency points (Shs100,000,000) as per the amended anti-money laundering act, that commenced on 26th May 2017.
Instead of the journalists, it should be Bagyenda, the banks and the various beneficiaries of her transactions that should be recording statements.
