BoU: The war started at Bank of Uganda (BoU) reportedly raging between the Governor Prof. Emmanuel Tumusiime Mutebile and his deputy Dr Louis Kasekende, which is threatening a smooth flow of operations at the Bank.
The war is all about BoU whether should return the 48 properties that Dfcu had erroneously seized from Meera Investments Ltd and their certificates of ownership to the right man Dr. Sudhir Ruperaria.
Last month this website posted with the story about Dfcu bank bosses accepted to evict themselves from properties that Crane Bank had leased from tycoon Sudhir Ruparelia’s Meera Investments Limited before it was wound up and to Dfcu by BoU.
The bank (DFCU) had seized the properties and even changed the certificates of titles from Meera Investments into the Bank’s names after being ill-advised by their lawyers of Sebalu, Lule and Company Advocates.
Days after, Dr. Sudhir and Meera Investments dragged Dfcu Bank to court, which ruled that Dfcu Bank was illegally occupying the properties and had to vacate them, on top of compensating Meera Investments for the monies lost during the time Dfcu bank was occupying their properties.
Dfcu bank this year wrote a letter to BoU, notifying them of their decision to rescind the purchase of the 48 properties that they had inherited from Crane bank. Dfcu bank also demanded that BoU should compensate them with Shs48bn as a result of the botched deal.
It opens the war at BoU whether the 48 Properties and their titles should be returned to tycoon Sudhir as court ordered or not, and whether Dfcu Bank should be compensated as they claim.
The two sided group, one led by governor Mutebile and another by deputy governor Kasekende have cropped up at BoU.
Sources identified that, Mutebile’s camp wants to do what court instructed; to give back properties to Dr. Sudhir, Kasekende’s camp is vehemently against it. In the same vein, Mutebile and his camp are vehemently against compensating Dfcu bank with the Shs48Bn they demand, reasoning that it would be a wastage of tax payers’ money, whereas Kasekende’s Camp is viciously advocating for the compensation.
This conflict (personal interest) has since caused a bitter split between both camps and insiders at the Bank reveal that the tension between the camps is likely to jeopardize the operations of the staff as many of them are currently torn between siding with either Team Mutebile or Team Kasekende.
The insiders are also wondering why Kasekende is pushing for compensation of Dfcu bank with Shs48Bn tax payers’ money well-knowing that the Bank erred by seizing properties that belonged to Meera Investments.
In other words, instead of Dfcu bank compensating Sudhir, the Bank wants to be compensated and Kasekende’s push for the same has raised eyebrows.
The group that hobnobbed with Dfcu to illegally acquire Sudhir’s property is now afraid of the repercussions, a trend which sources say, has left the Central bank in tension of fear but sources still reveals that the fights have also indicated claims that battle lines between Mutebile and Kasekende have been drawn, with the left wing and right of BoU.