When Bank of Uganda put Crane Bank under receivership in October 2016, the bank’s ownership put the blame on non performing loans.
Now, a list of debtors that has leaked shows several big wigs and prominent business personalities owed the bank several billion shillings.
The list of debtors is contained in a plaint filed by then BoU external lawyers David Mpanga and Timothy Kanyerezi Masembe who have since been replaced after court found them conflicted because they previously served as tycoon Sudhir Ruparelia’s lawyers.
The debt of Simba Telecom, owned by businessman stood at Shs12 billion.
Amina Hersi Moghe the Oasis Mall owner owed Shs11 billion which she borrowed under Grapes Ltd.
Road construction company Spencon Ltd owed Shs22 billion while Boost Investment Ltd owed over Shs40 billion.
The leaked list shows that Crane Bank was indeed the oil for the smooth running of several big businesses in Kampala as they were the go to people for big loans.
Property developer Christine Nabukeera of Nabukeera Plaza owed $5m (about Shs18 billion).
Businessman Mukesh Shukla of Shumuk Group of Companies had a Shs2 billion loan while Bob Kabonero of Kampala and Pyramid casinos also had a Shs2 billion loan by the time the bank was taken over.
Robert Mwesigwa Rukaari of international consultancy firm Amproc had an outstanding balance of Shs2.2 billion.
Fountain Publishers, a publishing company in Uganda and Rwanda owned by James Tumusiime, who also owns Igongo Country Hotel in Mbarara was yet to clear a Shs1.4billion loan by October 2016.
Tycoon Karim Hirji’s Imperial Botanical Beach Hotel had a $4.3m (about Shs15.6 billion) loan.
Kuku Foods, which supplies chicken to KFC an American fast food restaurant chain, had a Shs500 million loan
Ministers and powerful people
Crane Bank also lent Shs1.7 billion to Internal Security Organisation (ISO) and several government big wigs. Foreign Affairs Minister Sam Kutesa had an outstanding balance of Shs 1bn while Former ISO Director General Ronnie Balya Rwakihumuro owed Shs 562m.
Esther Ampumuza, a business associate of Gen. Salim Saleh of Serene Suites Mutundwe had a Shs600m loan.
Former Transport Minister Eng. John Nasasira owed Shs400m, while Former ICT Minister Ham Mulira had an outstanding loan of Shs175m.
The former First Deputy Prime Minister and Minister of Public Service Henry Kajura Muganwa had a Shs200m loan.
Among media personalities, Vision Group boss Robert Kabushenga owed Shs176m Independent Publications’ Andrew Mwenda owed Shs250m.
Controversy over Shs600 billion bad loans portfolio
Loans are one of the contentious issues that former Crane Bank shareholders want court to resolve.
The shareholders contend that Dfcu fraudulently and in connivance with Bank of Uganda officials took over a Shs600 billion bad loans portfolio for no payment at all.
BOU classified the loans in contention as non-performing, had the Crane Bank shareholders pay for them to the tune of Shs350 billion and then they were secretly transferred to Dfcu.
The shareholders contend that these loans fully secured by valuable securities and a large portion of them were collectable.
Another question that begs to ask is, were there some behind the scenes machinations to ensure some big people were relieved of their debt burdens when Crane Bank was taken over?
