Matooke Republic
Wednesday, July 9, 2025
  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos
  • Relationships
Matooke Republic
  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos
  • Relationships
No Result
View All Result
Matooke Republic
No Result
View All Result

CDC’s sale of Dfcu shares to IDC hits a snag over failure to have minutes in Crane Bank sale

Matooke Republic by Matooke Republic
January 31, 2020
in Business
Reading Time: 2 mins read
Share on FacebookShare on Twitter

Commonwealth Development Fund (CDC) is still stuck with its 9.97 per cent shares in Dfcu Bank as the potential buyer, Investment Fund for Development Countries (IDC), a Danish company, insists that Dfcu avails minutes regarding its purchase of Crane Bank on January 25, 2017.

Following a series of bad press surrounding the controversial take over, CDC, a British development organ wanted out, and found a buyer for the shares. In fact, Dfcu had already made the announcement on December19, last year that CDC was selling its 74,589,276 shares (9.97 per cent), but now there is a hiccup.

The Danish company wants to look at the Crane Bank sale minutes and Parliament’s Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) that probed the controversial sale and take over of seven commercial banks found that Bank of Uganda had transferred Crane Bank assets to Dfcu without any minutes written!

RELATED POSTS

Equity Bank Uganda set to launch 2025 Top 100 mid-sized companies survey

Who is Claver Serumaga, the new Equity Bank Uganda Executive Director?

Then COSASE Chairman Abdu Katuntu found it strange that BoU and Dfcu could agree on a transaction of that magnitude without any minutes. BoU’s former Executive Director in charge of Commercial Bank Supervision Justine Bagyenda confirmed to the shock of Parliament that the transaction was concluded via telephone.

On top of the COSASE finding the Crane Bank sale dubious, a report by the Auditor General pointed at collusion and corruption among BoU officials that handled the bank sales and the beneficiaries of the deals. The AG’s reported noted that procedures laid out in the Financial Institutions Act 2004 were flouted.

As the deal hits a snag, online outlet Eagle.co.ug has reported that Parliament has rejected a secret move by Dfcu to have the Hansard, Parliament’s book of records edited to expunge the section implicating them in having bought Crane Bank without any minutes.

Related

Tags: CDCDFCUIDC
ShareTweetSend
Matooke Republic

Matooke Republic

Freshly peeled info from area code 256

Related Posts

UK Supreme Court orders that DFCU, its owners and directors must stand trial in UK for their role in fraudulent acquisition of Crane Bank

by Matooke Republic
2 years ago

...

15 Dfcu staff throw in towel in just one month

by Matooke Republic
2 years ago

...

Lands Registry cancels titles of 48 former Crane Bank branches held by Dfcu, returns them to Sudhir

by Matooke Republic
2 years ago

...

Crane Bank shareholders welcome London Court ruling to hear multi million dollar case against DFCU, vow to fight for justice

by Matooke Republic
2 years ago

...

Sudhir wins London Court of Appeal case to prosecute DFCU Bank over corruption involving BoU officials in $211m Crane Bank Takeover Case

by Matooke Republic
2 years ago

...

Next Post
Clever J.

Blessings continue to overflow for Clever J as he starts up own studio

BETTING TIPS: Janworry is done so let’s start February with a bang; here are some of the selections to bet on

RECOMMENDED

Equity Bank Uganda MD Gift Shoko.

Equity Bank Uganda set to launch 2025 Top 100 mid-sized companies survey

July 8, 2025
Claver Serumaga.

Who is Claver Serumaga, the new Equity Bank Uganda Executive Director?

July 8, 2025
  • 643 Followers
  • 23.9k Followers

MOST VIEWED

  • Here is how to use NIRA’s new online portal to register or renew your national ID

    3878 shares
    Share 1551 Tweet 970
  • DNA test confirms late MP Ssegirinya was father to only 4 of 9 children presented after his death

    93 shares
    Share 37 Tweet 23
  • Kampala University proprietor Prof Kateregga’s wife rejects DNA results indicating one of three children is not his, demands fresh test in the United States

    92 shares
    Share 37 Tweet 23
  • Properties owned by late billionaire Aponye at risk of auction over Shs15 billion loan arrears

    73 shares
    Share 29 Tweet 18
  • Pastor Bugingo’s daughter Doreen Gift awarded scholarship to Arizona State University in the US

    60 shares
    Share 24 Tweet 15
Matooke Republic

Uganda's only free Newspaper. Out every Thursday. Freshly peeled info. kiwatule, Kampala, Uganda.

  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos

© Matooke Republic 2024

© Matooke Republic 2024

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.