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FIA on spot for failing to probe Bagyenda’s wealth

Watchdog Uganda by Watchdog Uganda
7 years ago
in News
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By our reporter

In March this year, Financial Intelligence Authority (FIA) confirmed that it was investigating Justine Bagyenda, the outgoing Bank of Uganda Executive Director for supervision over alleged illegitimate accumulation of wealth.

The Executive Director of FIA Sydney Asubo said they are acting on a petition from a whistleblower who indicated that Bagyenda’s wealth is not commensurate with her wealth and she could be involved in money laundering.

According to Asubo, it was after these allegations that the Authority decided to kick off an investigation after which they will share information with relevant law enforcement agencies to take action.

In February, a whistleblower petitioned the Inspector General of Government (IGG) claiming that Bagyenda has accumulated more than Shs 19 billion within a space of two years. The money, the whistleblower claimed has been put on bank accounts in various commercial banks.

During the course, Diamond Trust Bank and Barclays Bank apologized to Bagyenda over the leaked bank accounts and also sacked officials who took part in leaking the details.

She is also linked to 17 properties in central and western Uganda worth several billions. Bagyenda was supposed to declare her wealth under the Leadership Code Act that stipulates that a person shall within three months after becoming a leader and thereafter every two years, during December submit to the IGG a written declaration of their income, assets and liabilities.”

However, up to now, FIA board chairperson Leo Kibirango is yet to approve an in-depth investigation into Bagyenda’s accounts.

“The board is divided on this matter because she wields enormous influence on its operations,” said an insider.

Officials say the probe is yet to gain momentum due to fear that Kibirango could act in her defence. However, with the spotlight on them, FIA is expected to kick off the investigations.


Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com
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