UPC warns Orient bank

Uganda People's Congress has warned Orient Bank over unlawful transactions with one of the Milton Obote Foundation leaders. Lawrence Okae, the party's national chairman said Peter Walubiri, the chairman board of trustees of Milton Obote Foundation (MOF) misuses funds.

He said MOF annual accounts are a fiction and testaments to dubious financial practice. Okae said only last financial year, they declared approximately sh950m as having been spent on maintenance of Uganda House, yet in that financial year, Kampala Capital City Authority shut down the building because of poor maintenance conditions.

Speaking to journalists during weekly press conference at the UPC headquarters in Kampala, Okae appealed to Orient bank to reconsider the relationship it has with MOF under the current management of people whom he describes as a group of fraudsters.

He also said MOF accounts over eight years are going to be subjected to a forensic audit."The said fraudsters will be culpable," said Okae.

He said it has come to party's attention through a whistle blower that one of the top leaders of MOF operates a dollar account at Orient Bank, which he uses for currency speculation. He alleges that speculation is done with aid of one of bank officials.

Efforts to get comments from Orient Bank public relations officer were futile.