Embattled former Executive Director in charge of Supervision at Bank of Uganda Justine Bagyenda.

The Executive Director of the Financial Intelligence Authority (FIA), Mr Sydney Asubo, has said Thursday that investigations into the alleged illicit wealth of former Director of Supervision at Bank of Uganda (BOU), Justine Baggyenda are still on course, despite yesterday’s petition by a group of youths in Kampala that he has failed to do his job, two months after the whistleblower complained.

The Whatsapp network, dubbed, ‘Youth Power Research Uganda (YPRU)’, yesterday petitioned Prime Minister Dr Ruhakana Rugunda to order the top executives of the FIA to investigate Bagyenda over what they say accumulating illicit wealth as well investigating as her and other BOU officials for their role in the collapse and sale of Crane Bank, National Bank of Commerce and Greenland Bank, among other banks.

Asubo said that two months are too short for the FIA to come to do a thorough report, further stating that his office has not ignored the investigations as alleged by the group whose members feel he is not competent to do the job.
The FIA is a government agency established by the Parliament of Uganda to monitor, investigate, and prevent money laundering in the country. It is also responsible for the enforcement of Uganda’s anti-money laundering laws and the monitoring of all financial transactions inside the country’s borders.

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“We commend you for government achievement as per Hakuna Mchezo Kyankwanzi Resolution. However, would like to report to you that some government agencies like the Financial Intelligency Authority…has not yet lived to the expectations of Ugandans as regards investigating some Bank of Uganda officials who are believed to have accumulated illicit wealth which led to collapse of our banks like Crane Bank which used to employ many youths,” the group’s Head of Publicity, Mathius Ssempala, wrote in a May 30, 2018 letter which was sent and received by the Office of the Prime Minister on the same date. It was letter copied to President Yoweri Museveni.

YPRU, an amalgamation of 100 Whatsapp groups with an estimated 3000 members, says its business is to promote social and economic transformation of the youth through advocacy.

The group claims that Mr Asubo has failed to investigate Ms Bagyenda over Shs19b that was said to be on three different bank banks, even as the matter was reported by the whistleblower over two months ago. Some of the banks that have Bagyenda’s money, according to the recent leaked documents include GT Bank, Barclays and Diamond Trust Bank.

“Even after two months after petitioning, there is no any single draft report made hence casting fear amongst anti-corruption crusaders to think that Mr Asubo, the Executive Director of FIA is no longer competent for the job,” the letter reads in part.

Meanwhile the group has commended Speaker of Parliament Rebecca Kadaga for advising the Auditor General to go ahead and audit BOU as to how three banks, including Crane Bank, could be hastily closed without considering the impact to jobs of the youths and financial penetration. “Many stakeholders like the youths want culprits punished if there was collusion syndicate to profit,” the letter further reads.

The group says investigations into BOU will increase confidence in investors as well as increase foreign direct investments the country. “We do not want any stone … unturned,” the letter concludes, praying that government will consider the group’s recommendation.