The Anti-Corruption Court has remanded Accountant General Lawrence Semakula and seven officials from the Ministry of Finance and Economic Development over the alleged embezzlement of Shs 62 billion from the Bank of Uganda (BoU).
The case stems from a December 2024 revelation by Henry Musasizi, the Minister of State for Finance (General Duties), who disclosed that BoU accounts had been compromised, leading to the loss. However, Deputy Governor Michael Atingi-Ego clarified that there was no evidence of hacking into the Central Bank’s IT systems.
Details of the Fraudulent Transactions
The stolen funds were originally meant for the World Bank and the African Development Fund but were misdirected in two major transactions. On September 12, 2024: $6,134,137.75 meant for the World Bank was instead sent to Roadway Co. Limited via MUFG Bank, Japan.
September 28, 2024: $8,596,824.26 intended for the African Development Fund was wrongly transferred to MJS International, London, UK.
By December 2024, BoU had successfully recovered $8,205,133.84 from MJS International and credited it to the Consolidated Fund. Efforts are ongoing to retrieve the outstanding $391,660.45.
Charges and Court Proceedings
Appearing before Chief Magistrate Recheal Nakyazze, the accused were charged with 11 counts, including:Â Money laundering, Electronic fraud, Causing financial loss, Abuse of office and others.
The suspects were remanded to Luzira Prison until February 18, 2025.
