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
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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

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