National
dfcu ordered to release Global Fund documents
Publish Date: Jun 26, 2014
dfcu ordered to release Global Fund documents
Court has ordered dfcu bank to release documents relating to a Global Fund case involving the loss of sh494m
  • mail
  • img
newvision

By Edward Anyoli  

KAMPALA - The Anti-corruption Court has ordered dfcu bank to release documents relating to a Global Fund case involving the loss of sh494m.

Justice Lawrence Gidudu of the court made the order on Wednesday after the lawyers representing Tiberius Muhebwa (former project management unit),  Robert  Katuntu (former managing director  of dfcu), Robert Lule (former head  of treasury dfcu)  and  Kituuma  Magala  said  crucial  documents relating  to Global Fund’s transactions are being kept by  dfcu bank.

The team of lawyers led by MacDosman Kabega told court that documents indicating the exchange rates then are with the bank.

Some of the documents include an internal audit report from dfcu bank, a revenue report, a PricewaterhouseCoopers report, a bank report (indicating exchange rates at dfcu bank then)

Court ordered that the documents should be released within 30 days and be given to both prosecution and defence lawyers.

It was heard that dfcu bank refunded sh455m to a Global Fund account and that no loss was incurred during the transaction.

But the prosecution team, led by state attorneys Josephine Namtovu and Andrew Odiit, said they do not need those documents requested for by the defence.

Muhebwa is accused of causing financial loss of sh108m when he allegedly sold Global Fund dollars at a lower rate to dfcu bank, leaving a better rate that was offered by Stanbic bank.

It is alleged that in 2004, he and two former employees of dfcu bank caused a loss of sh494m to the government.

Katuntu , Lule  and  Kituuma  are facing  charges  of  conspiracy  to defraud the government  of sh295m which was allegedly  and fraudulently raised  by Katuntu and Lule through manipulation of Global Fund  foreign exchange rates and illicitly paid Kituuma as brokerage  fees claiming that  Kituuma had introduced a Global Fund account to dfcu bank.

They have denied the charges.


Also related to this story

Trial of former Global Fund project boss starts

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
EALA Speaker suspension: Uganda to intervene
Uganda is studying the circumstances under which East African Legislative Assembly (EALA) Speaker, Margaret Zziwa, was suspended by members....
Protester loses fingers to tear gas
A man from Mayuge district has lost fingers on his right hand after a tear gas canister reportedly exploded in his hands.Local police say Gaster Ibinga picked up a tear gas canister that was hurled at fishermen who were rioting at Busuyi landing site, and tried to throw it back at the police....
Ncube tips media on technologies
Media entrepreneur, Trevor Ncube and owner of South Africa’s Mail & Guardian newspaper has tipped Ugandan media to come up with s that use technology to improve delivery of news and information....
Uganda told to ban export of domestic workers
The Speaker of Parliament, Rebecca Kadaga, has told the Government to ban the export of domestic workers, following complaints of torture....
Army tracks Ugandan rebels after DR Congo massacre
The Congolese army on Wednesday searched for suspected Ugandan rebels in villages in the east of the Democratic Republic of Congo, following the massacre of around 100 people last week, the UN said....
Museveni, Uhuru top African influential Presidents list
President Yoweri Museveni has been named among the four most influential Presidents on the African continent who feature on the list of the most influential persons on the continent....
Should Govt lease parts of Lake Victoria to private developers?
Its Ok
No Way
Not Sure
follow us
subscribe to our news letter