• Contact Us
  • About Us
  • Advertise
  • Donate
  • Login
Watchdog Uganda
Advertisement
  • Home
  • News
    • National
    • Politics
    • World News
    • Sports
      • Football
      • Motorsport
  • Business
    • Agriculture
    • Finance
    • RealEstate
    • Technology
  • Op-Ed
  • Entertainment
    • Lifestyle
    • Showbiz
  • People
    • Entrepreneurs
    • Stars
    • Politicians
  • Special Report
    • Education
  • Travel
  • Video
  • Luganda
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Sports
      • Football
      • Motorsport
  • Business
    • Agriculture
    • Finance
    • RealEstate
    • Technology
  • Op-Ed
  • Entertainment
    • Lifestyle
    • Showbiz
  • People
    • Entrepreneurs
    • Stars
    • Politicians
  • Special Report
    • Education
  • Travel
  • Video
  • Luganda
No Result
View All Result
Watchdog Uganda
No Result
View All Result

The Bank of Uganda cat is now out of the bag

Mulema Najib by Mulema Najib
3 years ago
in Voices
1 0
Share on FacebookShare on Twitter

By Andrew M. Mwenda

From the beginning I smelt a rat in the way Bank of Uganda handled the matters of Crane Bank. Now the cat is out of the bag. Officials at BoU working through Mrs. Edith Gasana Kutesa, the wife of our foreign affairs ministry, Sam Kutesa, began discussing the sale of Crane Bank to a “Chinese Investor” long before the central bank asked Sudhir Ruparelia to recapitalize the bank.

Now it is obvious that BoU was sharing information about the internal affairs of Crane Bank with third parties long before it informed bank management. It is also clear to me now, that BoU stopped Crane Bank from issuing new loans, overdrafts, bid bonds, performance guarantees, letters of credit etc i.e. froze the bank from doing business in a deliberate strategy to make it fail.

Hill Water

The communication between BoU and this Chinese “investor” happened in May 2016. The demand by BoU on Sudhir Ruparelia to recapitalize Crane Bank happened on July 1, 2016. Therefore BoU had decided to sell the bank even before asking Sudhir to recapitalize it. If Uganda tolerates this fraud, it will not be new. It will only add to the long list of fraudulent activities the public have come to expect from the state.

The elimination of crane Bank from the market has left many Ugandans stranded without access to credit. Our banking sector is dominated by big multinational banks who have little interest in lending our people. They are only interested in holding huge accounts of their fellow multi national corporations and then buying government paper to make money. Worse than that, they have draconian rules on borrowing that make banks during the colonial period look less racist.

Uganda’s march towards the complete, total and absolute control of our economy by foreign forces has now reached it’s apogee. What is sad is that many Ugandan elites do not see how their misery is closely tied to foreign control of our economy.



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

ShareTweetSend
Previous Post

‘Uganda has already achieved security and infrastructure development’- Museveni tells UK oil investors

Next Post

Police finally allow Bobi Wine to stage music shows

Next Post

Police finally allow Bobi Wine to stage music shows

Subscribe to Our Newsletter

Our news in your inbox. Subscribe to receive Watchdog Uganda news in your email at no cost.

Check your inbox or spam folder to confirm your subscription.

Facebook Twitter

Contact Information

Plot 23, Yusuf Lule Road
PO Box 7661 Kampala, Uganda
Office Line: +256 777 286 815
Email: editorial@watchdoguganda.com
To Advertise:Click here

© 2020 Watchdog Uganda

No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Sports
      • Football
      • Motorsport
  • Business
    • Agriculture
    • Finance
    • RealEstate
    • Technology
  • Op-Ed
  • Entertainment
    • Lifestyle
    • Showbiz
  • People
    • Entrepreneurs
    • Stars
    • Politicians
  • Special Report
    • Education
  • Travel
  • Video
  • Luganda

© 2020 Watchdog Uganda

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

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

Log In