Kasekende is alleged to be loaded and just last year alone, he is said to have transacted over Shs35 billion on his mobile money account.
Click to view Kasekende’s explanation
Document 5
The Inspector General of Government has zeroed on unexplained wealth of top Bank of Uganda officials in the latest inquiry.
In the newest inquiry, the IG is said to be looking into the assets and liabilities of over 100 employees but more emphasis is being put on employees in supervision and banking departments.
Although Inspectorate downplayed the inquiry to annual declaration of income, asserts and liabilities of officials, however, sources say the inquiry was triggered off by the reports of Auditor General that among others fault BoU officials especially in supervision for failure to explain how properties of defunct banks has been sold or taken over by officials at the central bank.
“The AG in his report was clear on these properties because whenever a bank is closed, such banks have properties like house and land but in most cases, these properties are silent and basically that is why we want to establish who takes over these properties and could these top bosses taking over them?” a sources said.
One of the declarations of income, assets and liabilities forms filled by Dr Kasekende shows that he owns property worth about Shs8 billion in upscale areas of Kampala, Wakiso and other areas. He is also a shareholder of Green Hill schools, a farm in Bukasa valued at Shs500 million and several commercial buildings which fetch millions of shillings in rent per year. In the declaration form, Dr Kasekende says he picked loans from commercial banks and used his statutory salary, savings from research, gratuity payments and travel allowances to build rentals and acquire the assets.
Kasekende is alleged to be loaded and just last year alone, he is said to have transacted over Shs35 billion on his mobile money account.
The Leadership Code Act 2002 requires all specified leaders to declare their Incomes, Assets and Liabilities to the Inspector General of Government. The Code prohibits conduct that is likely to compromise the honesty, impartiality and integrity of leaders or conduct that leads to corruption in public affairs and it imposes penalties on leaders who breach the Code.
Early this year, it is said President Yoweri Museveni ordered Bank of Uganda Governor, Emmanuel Tumusiime Mutebile to ‘sort’ out ‘thieves’ at Bank of Uganda.
Museveni who met the Inspector General of Government and a team from BoU at State House after cabinet lectured the two sides to sort out bickering that could easily hurt the economy but also warned of thieves at BoU.
A tough talking Museveni told me Mutebile that BoU had performed well but the emerging reports that individuals at the central bank had amused wealth were disturbing and such individuals should be fished out.
According to sources at the said meeting, Museveni who seem to have equipped himself well with the current literature on the central bank argued that corruption at the bank could easily manipulate staff not to perform their duties as they are compromised by the sector the supervise.
Eagle Online couldn’t verify whether the president’s call to Mutebile to sort out thieves was triggered by the revelation by leaked bank account details that revealed that former Executive Director in charge of Supervision at BoU, Justine Bagyenda had huge sums of money in several banks accounts. Bagyenda is now being investigated by Financial Intelligence Authority, Inspectorate of Government and Uganda Revenue Authority for allegations of money laundering and tax evasion from income on her properties.
Recently, the IGG faced with the conundrum as to whether the Bank of Uganda Governor acted within his powers to make administrative changes at the Central Bank, one of which involved the retirement of Justine Bagyenda, the erstwhile Director of Bank Supervision.
‘This is to direct the Board of Directors of BoU not to ratify any actions or decisions taken by the Governor on or around February 7, 2018 in relation to the impugned appointments and transfers until such time as the investigation by the Inspectorate has been concluded or until this office directs otherwise’, the IGG’s March 12 letter states in part.
But in his five-page strongly-worded letter which he copied to among others President Yoweri Museveni, Speaker Rebecca Kadaga and Prime Minister Dr. Ruhakana Rugunda and Finance Minister Matia Kasaija,. Mutebile draws the attention of the IGG to Article 162 (2) of the Constitution that guarantees the independence of the BoU from direction of any authority in the country. Others copied in include the Attorney General, the Auditor General and members of the BoU Board of Directors. ‘In performing its functions, the Bank of Uganda shall conform to this Constitution but shall not be subject to the direction or control of any person or authority,’ the Article states in part.
Mutebile adds: ‘The Article in question is clear, unequivocal and unambigious on the Independence of the Bank of Uganda and the fact that Bank of Uganda is not subject to the direction or control of any person or authority and therefore no outsider, including your office can interfere with the decisions of the Bank of Uganda’.