Standard Chartered Bank in hot-soup over Renegade General Kale Kayihura forays

By Our Special News Correspondent 

Kampala, Uganda |DAILYNEWS UG| Standard Chartered Uganda, the 2nd largest Bank in Uganda often referred to as Stanchart Uganda, is in a collision course with President Yoweri Museveni over the besieged Gen. Kale Kayihura saga.

Standard Chartered Bank Uganda Limited is a Top-Tier large bank serving large corporate clients and purely prefers upscale retail customers and as of June 2018 was the second largest commercial bank in Uganda by assets.

The unusual cauldron that Standard Chartered Bank Uganda Limited finds itself in a tricky situation about aiding and abetting with Gen Kayihura unbeknownst to the Government of Uganda.

Our top placed source close to the investigation has revealed that on Friday 18th May 2018 a high rank EXCO Member of Standard Chartered Bank Management Team delivered USD $7,000,000 (approximately Billions Ugx 27,000,000,000) to his Country Home in Kashagama, Lyantonde District.

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It has also been divulged that had Standard Chartered Bank Uganda NOT dragged its feet to deliver the USD$7m money to the embattled Gen Kale Kayihura in Kashagama, Abel Kandiho & CMI Intelligence Team wouldn’t have captured him. Gen Kayihura would have crossed over into exile to a neighboring Country.

It is said that President Museveni id very unhappy and disappointed with the activities of Standard Chartered Bank with the beleaguered General and that Museveni has instructed that a Special investigation be conducted in activities of Standard Chartered Bank.

Sources say that after the murder of Arua Municipality MP Ibrahim Abiriga on June 8, Kayihura learned that his time was up. He had retreated to his farm in Kashagama, Lyantonde since March, alternately spending some time in a nearby town.

On June 13, he was arrested. He had reportedly slipped out the back entrance of a hotel where he had been holed up and headed for the western Uganda district of Mbarara.

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Above: Lt Gen Wilson Mbadi 

One source, familiar with the chase, said, “…we found out that Kayihura had placed his known phones in a Toyota Premio and instructed his driver to head to Kabale. Meanwhile, Lt Gen Wilson Mbadi (above) called Brig Kayanja Muhanga (below), the second division commander and instructed him to deploy and block all roads leading to the Rwandan border,” the source revealed.

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Above: Brig Kayanja Muhanga (a Brother to Andrew Mwenda)

As the dragnet tightened, the source said, a Toyota Ipsum car with about three boda bodas riding some distance ahead in the direction of Kabale attracted the attention of the army. It was stopped and searched.

All the main routes towards Rwanda were closed, which forced the former IGP to change course and go through Lake Mburo Park in a bid to reach Tanzania. It was while inside the park that he reportedly jumped into the boot of a ramshackle vehicle.

A boda boda rider reportedly saw this strange exchange and reported to security officers manning Sanga road block. The former police chief was discovered and recovered.

“Brig Muhanga now rushed to the scene and picked Kayihura from the boot, put him in his car, drove him to his [Muhanga’s] home and gave the dirty, tired looking Kayihura water to take a shower. He then reported his arrest to his bosses. The army then re-sent its helicopter to pick him up for an arrest,” added the source.

Sources say, when he was captured, Kale Kayihura was carrying that same Standard Chartered bag with millions of Dollars.

Standard Chartered Banks activities appear to be called aiding and abetting an enemy of the state. In this case, StanChart here is an accessory. It had knowledge of its activities before or after the fact, and may assist in its commission through advice and actions.

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By Press time, the Writer was trying to reach Bank of Uganda, Standard Chartered Bank Regulator to establish BoU Policy and position on such a $7m transaction between a Commercial Bank and the Renegade General. It was also proving difficult to get a word from Standard Chartered Corporate Communications.

History

Standard Chartered Bank Uganda founded in August 1912, is the oldest commercial bank in the country and has maintained a continuous banking presence in the country since its founding. In 1998, Stanchart Uganda acquired four branches of the former Uganda Cooperative Bank. As of May 2018, Stanchart Uganda had 9 branches and 29 automated teller machines and employed over 600 people.

It was the second largest commercial bank in Uganda by assets, with an asset base of UGX: 2.944 trillion (US$796 million), with shareholders’ equity of UGX: 542.4 billion (US$147 million) behind Stanbic Bank Uganda. As of June 2013, Stanchart Uganda owned an estimated 16.2 percent of total bank assets in the country. Other credible sources have put the bank’s total assets at UGX: 3.3 trillion (US$892.1 million), as of February 2017.

Stanchart Uganda is a wholly owned subsidiary of the Standard Chartered Bank Group, an international financial services conglomerate, headquartered in London, United Kingdom.

 

 

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