{"id":18723,"date":"2020-09-26T12:44:14","date_gmt":"2020-09-26T09:44:14","guid":{"rendered":"https:\/\/ugmirror.com\/?p=18723"},"modified":"2020-09-26T12:58:35","modified_gmt":"2020-09-26T09:58:35","slug":"stanbic-bank-top-bosses-sell-clients-property-to-themselves","status":"publish","type":"post","link":"https:\/\/ugmirror.com\/index.php\/2020\/09\/26\/stanbic-bank-top-bosses-sell-clients-property-to-themselves\/","title":{"rendered":"Stanbic Bank Top Bosses Sell Client\u2019s Property To Themselves"},"content":{"rendered":"\n

Stanbic bank Uganda top bosses have been accused of selling a client\u2019s property to themselves during the COVID-19 lockdown.<\/p>\n\n\n\n

In a letter to the Special Investigations Division Criminal Investigations Directorate dated 23rd<\/sup> September 2020, the Client, Macdowel Limited requests the directorate to investigate the corrupt sale of property\/insider dealing by Stanbic bank.<\/p>\n\n\n\n

\u201cWe mortgaged our properties at Plots 1,3,4,5 and 6 Works Close, Luzira to Stanbic Bank (U) Limited as security for loan advanced in 2017,\u201d reads the letter signed by Macdowel Limited director, Beatrice Odongo.<\/p>\n\n\n\n

The letter further reads that;<\/p>\n\n\n\n

\u201cWe have since paid off the entire loan, but the bank has refused to release our titles.<\/p>\n\n\n\n

\u201cInitially, the bank\u2019s lawyer (one Andrew Munanura) claimed it had sold the property by public auction advertised in the Monitor to take place on 6th December 2019 yet there was intact no auction.<\/p>\n\n\n\n

\u201cOur properties were actually grabbed through an insider dealing scheme between the bank and its employees using a front called Myriad Investment Club Limited.<\/p>\n\n\n\n

The shareholders of Myriad and their job designations am:<\/p>\n\n\n\n

1. Kenneth Kitungulu Executive and Head, Global Markets Stanbic Bank.<\/p>\n\n\n\n

2. Lawrence Kaweesa – Global Business Manager Stanbic Bank.<\/p>\n\n\n\n

3. Allan Muhinda Interest Rates Dealer Stanbic Bank.<\/p>\n\n\n\n

4. Daisy Nitwe-Corporate – Treasury Sales Dealer Stanbic Bank<\/p>\n\n\n\n

5. Emmanuel Rukeeba – Head Products and Analytics Stanbic Bank.<\/p>\n\n\n\n

6. Maureen Kembabzi Katwebaze – works with Stanbic IBTC Bank, Nigeria.<\/p>\n\n\n\n

7. Thaib Lubega, formerly Treasury Manager Stanbic Bank Uganda.<\/p>\n\n\n\n

\u201cKenneth Kitungulu and Daisy Nitwe signed the sale agreement as the buyer’s directors.<\/p>\n\n\n\n

\u201cThe sale agreement was drawn by the bank’s legal department, colleagues of the buyers’ directors\/shareholders.<\/p>\n\n\n\n

\u201cIt bears the stamp of Head PBB Credit, Stanbic and signature of Denis Lugoloobi, Senior Manager Credit Evaluation signing for the bank.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

“Stanbic Bank conspired with its employees to grab our property at a low price of Shs1billion. Stanbic even gave them the time and opportunity to obtain credit from DFCU to finance the purchase.<\/p>\n\n\n\n

\u201cThe sale agreement indicates a public auction and the sale was concluded on 23rd<\/sup> March 2020 during the COVID-19 lockdown.<\/p>\n\n\n\n

\u201cUnder s.39(2) and (3) of The Mortgage Act, the sale of mortgaged property by a bank to its employees is a crime punishable by imprisonment of not less than 24 months.<\/p>\n\n\n\n

“We are reliably informed this practice has been in going for a longtime within the banking industry.<\/p>\n\n\n\n

\u201cThe purpose of this letter is to request your office to investigate this complaint and charge the culprits,\u201d<\/p>\n\n\n\n

It should be noted that a city businesswoman Ida May Kwesiga recently dragged Housing Finance Bank to court over fraudulent sale of her property at Kyadondo Road Nakasero in Kampala.<\/p>\n","protected":false},"excerpt":{"rendered":"

Stanbic bank Uganda top bosses have been accused of selling a client\u2019s property to themselves during the COVID-19 lockdown. In a letter to the Special Investigations Division Criminal Investigations Directorate dated 23rd September 2020, the Client, Macdowel Limited requests the directorate to investigate the corrupt sale of property\/insider dealing by Stanbic bank. \u201cWe mortgaged our […]<\/p>\n","protected":false},"author":27983,"featured_media":18726,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_paywall_metabox":[],"jnews_override_counter":[],"footnotes":""},"categories":[356],"tags":[31,2356,1563],"class_list":["post-18723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-big-story","tag-featured","tag-macdowel-limited","tag-stanbic-bank"],"yoast_head":"\nStanbic Bank Top Bosses Sell Client\u2019s Property To Themselves - Uganda Mirror<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ugmirror.com\/index.php\/2020\/09\/26\/stanbic-bank-top-bosses-sell-clients-property-to-themselves\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stanbic Bank Top Bosses Sell Client\u2019s Property To Themselves - Uganda Mirror\" \/>\n<meta property=\"og:description\" content=\"Stanbic bank Uganda top bosses have been accused of selling a client\u2019s property to themselves during the COVID-19 lockdown. 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