• Contact Us
  • About Us
  • Advertise
  • Donate
  • Login
Watchdog Uganda
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
Watchdog Uganda
No Result
View All Result

Britain’s CDC secretly sells off its 10% share holding in DFCU bank after reaping abnormal profits

Watchdog Uganda by Watchdog Uganda
7 years ago
in News
1 0

Warning: Trying to access array offset on value of type bool in /home/90/81/2028190/web/wp-content/themes/jnews/class/Image/ImageNormalLoad.php on line 70

Warning: Trying to access array offset on value of type bool in /home/90/81/2028190/web/wp-content/themes/jnews/class/Image/ImageNormalLoad.php on line 73
ShareTweetSendShare

By our reporter

It has emerged that Britain’s CDC has under the table sold off its shares in DFCU to another offshore company without notifying Uganda Revenue Authority.

Reports emerging show that after reaping huge profits in the year 2017/18. CDC holds a 10% shareholding stake in DFCU Bank which it seeks to sell off to an offshore bank secretly.

CDCs Investment Director Irina Grigorenko wrote a confidential letter to the Chairman DFCU Bank Limited, Elly Karuhanga announcing CDCs desire to exit the now messy and turbulent Uganda Banking economy which is faced with a low value shilling, increase on excise duty from 10-15%, taxes on mobile money and poor savings.

It should be noted that CDC seeks to evade taxes on profits it acrrued as a share holder in DFCU BANK and is silently floating another foreign Financial Shareholder in CranemerebAfrica Limited and responsAbility Investment AG to become the Strategic Investors to replace CDC and allow it to exit the market minus paying taxes to URA.

However, CDC has not written to Uganda’s tax body URA of it’s intentions to sell off its shares to a third party or expressed any obligations to pay the necessary taxes on dividends.

This development however will most likely affect DFCUs core capital and it will further complicate DFCUs legal status as the bank is still struggling with a buttress of court cases which arose Bank of Uganda’s failure to regulate the local financial market that led to the closure of several banks.

WHO IS CDC

Britain’s Commonwealth Development Cooperation Group (CDC) owns a 10% shareholding stake in DFCU Bank.

CDC together with other foreign firms like Arise B.V together with Norfund, the Dutch Development Bank, acquired a sizable percentage of shares in DFCU Bank.

DFCU records show an impressive Shs127.6 billion net profit in the year ended 31 December 2017, up from Shs46.2 billion registered in 2016. This means that the profit increased by a record Shillings 81.4 billion.

The bank’s shareholders CDC of Britain and the others from Norway, Netherlands made abnormal profits when proposed dividends increased to Shs 51 billion in 2017 up from Shs 18.5 billion in 2016 and it is suspected that with such abnormal profits the CDC is pulling out in order to avoid paying tax or make losses in case Uganda’s economy continues to fail as the shilling stifles.


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

Related Posts

The Queen’s Ball, a high-profile fundraising gala, will bring together entrepreneurs, diplomats, corporate leaders, and Buganda Kingdom officials to foster dialogue, reduce stigma, and support grassroots mental health efforts.
Business

Speke Resort Munyonyo to Host UNESCO Africa Engineering Week 2025

4th July 2025 at 10:07
National

20-year-old Woman Arrested After Dr’ Spire’s Death at Kajjansi Lodge

2nd July 2025 at 22:19
News

Uganda Woos UAE Investors with Vast Opportunities in Agriculture and Tourism

1st July 2025 at 20:07
Next Post

8 year old pupil knocked dead on his way back home for school fees

  • Prostitution in Uganda- Courtesy Photo

    10 dangerous hotspots known for prostitutes in Kampala

    1107 shares
    Share 443 Tweet 277
  • LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

    2285 shares
    Share 914 Tweet 571
  • Uganda’s Billionaires 2025: Once Again Sudhir Ruparelia Leads a Resilient Pack

    42 shares
    Share 17 Tweet 11
  • LIST : Gov’t releases Revised Salary Structure for Teachers, Police, and Prisons Staff for FY 2024/2025

    118 shares
    Share 47 Tweet 30
  • LATEST LIST: New salary structure for all Ugandan civil servants starting July 2021

    1152 shares
    Share 461 Tweet 288
Facebook Twitter

Contact Information

Watchdog Uganda is a portal for solution journalism, trending news plus cutting edge commentaries in the fields of politics, security, business, tourism, entertainment, technology, agriculture, climate change, environment, public health et al. We also give preference to Ugandan community news and topical discussions. The portal also publishes community news and topical discussions.

Email: editorial@watchdoguganda.com
To Advertise:Click here

Latest News

The Queen’s Ball, a high-profile fundraising gala, will bring together entrepreneurs, diplomats, corporate leaders, and Buganda Kingdom officials to foster dialogue, reduce stigma, and support grassroots mental health efforts.

Speke Resort Munyonyo to Host UNESCO Africa Engineering Week 2025

4th July 2025 at 10:07
Dr. Ayub Mukisa (Ph.D.)

Dr. Ayub Mukisa: For Parish Development Model to have impact in Karamoja, Government needs to partner with NGOs

4th July 2025 at 09:10

Check out

  • Trending
  • Comments
  • Latest
Minister Muruli Mukasa

LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

24th May 2020 at 10:45
Pregnant woman

Shock as 17-year old boy impregnates his two sisters during Covid-19 lockdown 

17th June 2020 at 08:17
Sudhir Ruparelia is set to speak at business forum in United Kingdom

Billionaire Sudhir’s wisdom on how to invest in real estate

0

How a boy’s destiny turned from cotton grower to communications guru

0
The Queen’s Ball, a high-profile fundraising gala, will bring together entrepreneurs, diplomats, corporate leaders, and Buganda Kingdom officials to foster dialogue, reduce stigma, and support grassroots mental health efforts.

Speke Resort Munyonyo to Host UNESCO Africa Engineering Week 2025

4th July 2025 at 10:07
Dr. Ayub Mukisa (Ph.D.)

Dr. Ayub Mukisa: For Parish Development Model to have impact in Karamoja, Government needs to partner with NGOs

4th July 2025 at 09:10

© 2025 Watchdog Uganda

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News

© 2025 Watchdog Uganda