Panic; Staff at Capital Markets Authority face dismissal

There is increased tension at the Capital Markets Authority as several staff at the organization are facing dismissal over a leaked dossier accusing the Chief executive of the organization of impropriety, fraud and abuse of office.

The Capital Markets Authority acts as a regulator for Uganda Securities Exchange. Last month, a dossier, authored by several staff of the organization was sent out to the media accusing the Chief Executive of the organization of instead of listening to their grievances, over looked them and offered no solution.

The staff who included members of the senior management of the organization indicated that among other issues, the CEO, Mr. Kalyegira had been given money to increase salaries of all staff. However, only those of the Heads of Department were increased leaving many of the employees struggling.

“In 2022, you hired a firm which you paid over 25m to do staff salary review. They gave you a report which you refused to share with staff yet they participated in the creation of this document, why?” the staffers asked in the leaked memo.

Upon receiving the information that the dossier had leaked to the media, a meeting of all staff was called at the organization’s head office. All staff were asked to disown the dossier, despite the CEO, Keith Kalyegira having been on leave.

However, nine of the staff refused to disown the dossier and have since been threatened with dismissal from work. “Even when we are threatened, we also have to work towards the realization of our rights,” one of the employees told this website.

Upon returning from his official leave on August 28th last month, the CEO of the organization called for another meeting where he promised to immediately take action and ensure that normalcy is achieved at the Capital Markets Authority.

“He accepted that he had severely been ill advised and promised that he would work on the issues raised immediately. He however has not done anything to resolve the issues. We instead still live in tension at the office which remains unsecure and with no certainty,” one of the employees who asked not to be named told this website.

Upon receiving the information that the dossier had leaked to the media, a meeting of all staff was called at the organization’s head office. All staff were asked to disown the dossier, despite the CEO, Keith Kalyegira having been on leave.

However, nine of the staff refused to disown the dossier and have since been threatened with dismissal from work. “Even when we are threatened, we also have to work towards the realization of our rights,” one of the employees told this website.

“He accepted that he had severely been ill advised and promised that he would work on the issues raised immediately. He however has not done anything to resolve the issues. We instead still live in tension at the office which remains unsecure and with no certainty,” one of the employees who asked not to be named told this website.

Efforts to reach out to the Chief Executive Officer of the Organization Mr. Keith Kalyegira and the Communications officer of the organization but no comment has been offered.

The organization promised to offer a statement to that effect for the past three weeks. However, none has been published since.