Auditor General John Muwanga has been instructed to do a broad forensic audit into the operations of the bank of Uganda (BoU) and demand accountability of Shs200b, which was injected into the collapsing Crane Bank before it was sold off to dfcu Bank.
In January last year, dfcu Bank acquired Crane Bank assets and some liabilities. This transaction, according to dfcu officials, presented numerous opportunities in line with the bank’s growth aspirations.
A source in the Auditor Generals who preferred anonymity revealed to us that MPs have asked Mr. Muwanga to audit the agreement between BoU and dfcu Bank after Crane Bank shareholders alleged that it indicated their bank’s assets worth Shs1.3 trillion were given to dfcu for just Shs200b and dfcu has proceeded to make ‘insane’ profits on the deal. This particular matter is, however, part of the case pending determination.
This comes on the back of the release of dfcu’s full 2017 results that show that despite Bank of Uganda selling Crane Bank to dfcu for Shs200 billion; payable over 3 years, dfcu made Shs260 billion on the deal in the first 11 months.
According to the full 2017 results released on Thursday March 29th 2017, Dfcu reported that Total income had grown by 101% from Shs 257.3 billion in 2016 to Shs517.3 billion out of which Shs260 billion was attributed to the “Crane Bank Effect