DFCU Board of Directors and the shareholders have raised concerns after it emerged that beleaguered Managing Director Juma Kisaame is allegedly ‘siphoning’ money for personal interest.
This comes high on heels of reports that the bank is facing liquidity risk.
This website has learnt through officials from DFCU that Mr. Kisaame has directed his juniors to create a budget to pay off whoever he thinks has a hand in relation to his woes after a leaked bank statement showed he had $40 million stashed on his bank account in Bank of Africa.
Whereas the Bank at first denied leakage, it later backtracked claiming it is investigating the staff who leaked the statement and will subsequently hold him or her culpable.
A source inside DFCU said that Kisaame has already instructed that among those they should pay to let him off the hook include security officials who are investigating his source of money, journalists and other top government officials.
But the bank board and shareholders are protesting the move questioning why the institution should be drained to fight personal wars.
The DFCU sharing percentage is as follows;
DFCU Shareholding percentages
Arise BV 58.71 per cent
CDC Group of the United Kingdom 9.97 per cent
National Social Security Fund (Uganda) 7.69 per cent
Kimberlite Frontier Africa Naster Fund 6.15 per cent
2 undisclosed Institutional Investors 3.22 per cent
SSB-Conrad N. Hilton Foundation 0.98 per cent
Vanderbilt University 0.87 per cent
Blakeney Management 0.63 per cent
Retail investors 11.19 per cent
BoU staff retirement benefit scheme is 0.59 per cent
Recently the board led by Chairman Elly Karuhanga trashed Kisaame’s resignation letter when he attempted to quit but instead tasked him to explain his role in DFCU- Crane Bank hostile takeover.
Kisaame is among a few officials who pushed for the takeover of Crane Bank after he convinced the board and shareholders that it was a good deal offered by the Central Bank.
But the Auditor General’s report released recently exposed the deal as malicious and fraudulent.
DFCU took over Crane Bank in January last year having paid shs 200 billion.
The Central Bank officials allege that Crane Bank was grossly insolvent, however, the report indicates that there was room to recapitalise Crane Bank back into operational.
The report further questions the motive of ‘donating’ Mr Sudhir Ruparelia’s financial institution to DFCU.
Mr. Kisaame who was at the center of this ‘good deal gone bad’ owns a chain of properties in the city and in the neighbouring towns.
We understand he owns a secondary school in Jinja where students receive exceptional treatment as compared to international school.
“You only take your child and fees, the rest of the necessities are provided at school,” an insider in DFCU said.
After the leaked Bank Statement security arms, Financial Intelligence Authority and Economic Monitoring Unit under ISO have since expressed interest in probing Kisaame’s source of cash.
