The Board of Bank of Uganda (BoU) has told Dfcu Bank that they should sue their lawyers for misleading them into taking over Meera Investment properties instead of asking for Shs47 billion.
Dfcu bank recently returned the branches to BoU but is demanding Shs47 billion and yet the same bank undervalued same properties and paid only Shs10 billion to BoU and hardly two years down the road, they are demanding Shs47 billion.
BoU board held a meeting last week and on its agenda was the issue of Meera Investment properties and the Shs47 billion as demanded by Dfcu and the recent court ruling at Commercial Court.
However, sources that attended the meeting told Eagle Online that the Governor, Emmanuel Tumusiime Mutebile refused such demands from Dfcu bank stating that he can never effect such dubious payment given the fact that the transaction involving Meera Investment properties was ‘suspect’ and therefore, a matter before courts of law.
“I am the chairman of the board and also the governor of this great institution called Bank of Uganda. I don’t remember ever sanctioning this transaction and why is it that Dfcu is returning these branches at this time when there is an ongoing case? ladies and gentlemen, let us not be used as shields to cover up for others. I propose we wait for the case in court” Governor Mutebile is quoted scoffing at the meeting.
It should be remembered that on October 20, 2016, BoU closed CBL and made itself a receiver of the bank. It would on January 25, 2017 transfer some of CBL’s assets to Dfcu Bank at Shs200 billion, paid in installments, without interest on top.
It is said Sebalu & Lule Advocates convinced Dfcu bank that it could take over the properties it recently realised it could not takeover and instead demanded that BoU pays it Shs47 billion of the same properties it had valued at Shs10 billion.
) has told Dfcu Bank that they should sue their lawyers for misleading them into taking over Meera Investment properties instead of asking for Shs47 billion.
Dfcu bank recently returned the branches to BoU but is demanding Shs47 billion and yet the same bank undervalued same properties and paid only Shs10 billion to BoU and hardly two years down the road, they are demanding Shs47 billion.
BoU board held a meeting last week and on its agenda was the issue of Meera Investment properties and the Shs47 billion as demanded by Dfcu and the recent court ruling at Commercial Court.
However, sources that attended the meeting told Eagle Online that the Governor, Emmanuel Tumusiime Mutebile refused such demands from Dfcu bank stating that he can never effect such dubious payment given the fact that the transaction involving Meera Investment properties was ‘suspect’ and therefore, a matter before courts of law.
“I am the chairman of the board and also the governor of this great institution called Bank of Uganda. I don’t remember ever sanctioning this transaction and why is it that Dfcu is returning these branches at this time when there is an ongoing case? ladies and gentlemen, let us not be used as shields to cover up for others. I propose we wait for the case in court” Governor Mutebile is quoted scoffing at the meeting.
It should be remembered that on October 20, 2016, BoU closed CBL and made itself a receiver of the bank. It would on January 25, 2017 transfer some of CBL’s assets to Dfcu Bank at Shs200 billion, paid in installments, without interest on top.
It is said Sebalu & Lule Advocates convinced Dfcu bank that it could take over the properties it recently realised it could not takeover and instead demanded that BoU pays it Shs47 billion of the same properties it had valued at Shs10 billion.
