The Inspectorate of Government (IGG) has arrested 3 senior officials of Uganda Development Bank Limited (UDBL).
The Inspectorate of Government (IGG) has arrested three senior officials of Uganda Development Bank Limited (UDBL).
The IGG arrested CEO; Patricia Ojangole, Andrew Mulubya; the Director, Management Information Systems and Daniel Kaggwa; the Finance Director, for allegedly victimizing a whistleblower.
They were later charged in Buganda Road Court Charged with victimising a whistle blower contrary to the Whistle blower's Act. The whistle blower was fired from the bank.
In February this year New Vision online ran a story that the Police had blocked a sh28b loan disbursement by the Uganda Development Bank (UDB) to a private company following allegations that it was irregularly approved.
The board of directors last year approved a $11.5m (sh28b) loan to Savannah Commodities Ltd owned by city businessman, Hannington Karuhanga.
The director of the Criminal Intelligence and Investigations Directorate (CIID), Grace Akullo, directed the bank to stop the disbursement.
According to sources, UDB is not allowed to lend more than $2.5m (sh6.6b) to an individual borrower.
IGG arrests UDBL top officials