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Bank Of Uganda Directors Fired For Gross Fraud

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Government of Uganda has fired seven directors in its Central Bank charged with crimes including printing money, illegal sell of a commercial bank and mismanagement.

On Friday last week, a leaked internal memo at Bank of Uganda indicates that seven positions in the institution are being advertised.

The memo said, “Applications are invited from suitably qualified candidates for the vacant positions due to fall vacant as follows;”

Executive Director Information Technology (EDT), Executive Director Operations (EDO), Director Non-Bank Financial Institutions (DNBFIl), Director Medical (DM), Director Human Resources (DHR), Director Financial Stability (DFS) and Director Financial Markets IDFM).

According to this memo, interested candidates are required to submit their applications to the Director Human Resources through the Bank of Uganda; Recruitment Module of the HRMS not later than of May 22, 2020.

Ugandan Central Bank is under a prolonged investigation after reports emerged that the institution illegally closed seven commercial banks.

The financial regulator is being investigated by the Parliament’s Committee on Commissions, State Authorities and State Enterprises (COSASE) and the Auditor General.

Sources privy to internal dynamics at the Central Bank say investigations established that seven directors some of them were involved in fraud, mismanagement of office, and embezzlement of funds with the Ex -Deputy Governor Dr. Louis Kasekende and Ex Executive Director of Operations, Justine Bagyenda.

In June 2019, the Ugandan military and police jointly raided the central bank and arrested five officials accused of printing their own money worth $24 million.

The bank officials had travelled to Germany aboard a chartered airplane to bring printed cash from (Germany) where the Ugandan shilling is printed.

The entire saga began in April 2019, when the Central Bank Governor Prof. Tumusime Mutebile alerted President Museveni that Bank of Uganda had received a consignment and that during the verification process; the staff reported an anomaly in the inventory of the expected consignment.

The raid and arrest was ordered by Anti-Corruption Unit in President Yoweri Museveni’s office.

Since last year, staff at the Central Bank have been working in dire panic as detectives had assumed spots in nearly every office as investigations continue.

The Ugandan Central Bank has been on the spotlight for a fall in levels of integrity in its operations.