Crane Bank News

BoU Tasked to explain foreign currency payment to MMAKS Advocates

The lawyers from MMAKS Advocates were paid $230,000, which translated into sh759 million at the 2017 exchange rate, for services relating to the transactions by the Central Bank in the closure and sale of Crane Bank Limited.

The Independent , Uganda Feb 14, 2019

BoU paid lawyers Shs9b to draft Crane Bank agreement

External lawyers from MMAKS Advocates, were paid $2.7m (about Shs9.8b) by Bank of Uganda (BoU) to draft and negotiate the terms of reference of the Purchase of Assets and Assumption of Liabilities Agreement that the central bank relied on to take over Crane Bank, a parliamentary inquiry has found out.

Daily Monitor , Uganda Feb 14, 2019

Greenland Bank shareholders want sh785b from BoU

The banks are Teefe Trust Bank Ltd (1993), International Credit Bank Ltd (1998), Green land Bank (1999), The Co-operative Bank (1999), National Bank of Commerce (2012), Global Trust Bank (2014) and Crane Bank in 2016.

New Vision , Uganda Feb 14, 2019

MMAKS advocates lawyers quizzed on conflict of interest

The negotiations were conducted by a team consisting of the former BoU Executive Director Supervision Justine Bagyenda, Legal Counsel, Margaret Kaggwa, the former Crane Bank Managing Director, A. R. Kalani and Timothy Kanyelezi Masembe, a lawyer from MMAKS Advocates.

The Independent , Uganda Feb 13, 2019

BOU: Lawyers of MMAKS Advocates quizzed on conflict of interest

The negotiations were conducted by a team consisting of the former BoU Executive Director Supervision Justine Bagyenda, Legal Counsel, Margaret Kaggwa, the former Crane Bank Managing Director, A. R. Kalani and Timothy Kanyelezi Masembe, a lawyer from MMAKS Advocates.

The Independent , Uganda Feb 13, 2019

MPs query BoU payments to MMAKS Advocates

By Solomon Arinaitwe Bank of Uganda paid lawyers from MMAKS Advocates $ 217 (Shs824,600) per hour for 432 hours to act as transaction advisers for the disputed takeover of Crane Bank with the deals inked without any supporting minutes, a Parliamentary Committee heard on Tuesday.

Daily Monitor , Uganda Feb 13, 2019

BoU’s Shs270b injected in Crane Bank can’t be traced

The Auditor General has, in a confidential report to the Speaker of Parliament, Ms Rebecca Kadaga, said the Shs272.6b which Bank of Uganda injected in Crane Bank to save it from collapsing cannot be traced.

Daily Monitor , Uganda Feb 13, 2019

Lukwago asks bank probe to summon Muhoozi, Gen Saleh

He went ahead and named such individuals as businessman Charles Mbire, Vijayan PK Amandan, Caleb International owned by Gen Saleh, Jovia Akandwanaho and former management of the closed Crane Bank.

Daily Monitor , Uganda Feb 13, 2019

Commercial Court locks up SH1.3 trillion

He accuses BoU of fleecing Crane Bank Shillings 397 billion in fraudulent transactions and transfers during the sale of his Crane Bank to DFCU Bank.

The Independent , Uganda Feb 11, 2019

Kasaija blames Crane Bank closure on Sudhir

Finance minister Matia Kasaija says he had advised Crane Bank proprietor Sudhir Ruparelia to sell some of his property to recapitalise the bank but the latter refused.

Daily Monitor , Uganda Feb 11, 2019