DOCSLIB.ORG

Project Nyonyi Report on the Preliminary Forensic Review At

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Project Nyonyi Report on the Preliminary Forensic Review At www.pwc.com/ Project Nyonyi Report on the Preliminary Forensic Review at Crane Bank December 2016 Strictly Private & Confidential The Executive Director Supervision Bank of Uganda Plot 37/ 43 Kampala Road P.O Box 7120 Kampala 21 December 2016 Dear Madam Subject: Report on the preliminary investigative and forensic review services at Crane Bank Uganda Ltd PricewaterhouseCoopers Uganda Limited (“PwC”) has performed certain services to assist Bank of Uganda (“BoU”, “Client” or “you”) in providing forensic services into specific concerns raised in relation to Crane Bank Uganda Ltd (“CBL” or “the Bank”). Our services were performed and this Report was developed in accordance with our engagement letter dated 28 October 2016 (“LoE”) and are subject to the terms and conditions included herein. Our services were performed in accordance with the scope and terms set out in the LoE. The procedures we performed did not constitute an examination or a review in accordance with generally accepted auditing standards or attestation standards. Accordingly, we provide no opinion, attestation or other form of assurance with respect to our work or the information upon which our work was based. We did not audit or otherwise verify the information supplied to us in connection with this engagement, from whatever source, except as may be specified in this Report. Our work was limited to the specific procedures and analysis described herein and was based only on the information made available through 20 December 2016. Accordingly, changes in circumstances after this date could affect the findings outlined in this Report. This Report and all PwC deliverables are intended solely for BoU for your internal use and benefit and are not intended to nor may they be relied upon by any other party (“Third Party”). Neither this deliverable nor its contents may be distributed to, discussed with, or otherwise disclosed to any Third Party without the prior written consent of PwC. PwC accepts no liability or responsibility to any Third Party who gains access to this deliverable. We appreciate the opportunity to assist you with this matter. Yours faithfully, Francis Kamulegeya Director, PricewaterhouseCoopers Limited PricewaterhouseCoopers Limited, Communications House, 1 Colville Street, P. O. Box 8053, Kampala, Uganda, Company Number 37792 T: +256 (414) 236018, +256 (312) 354400, F: +256 (414) 230153, www.pwc.com/ug Directors: C Mpobusingye D Kalemba F Kamulegeya U Mayanja A Eriksson# K Muchiru# RK Shah# (# Kenyan) PwC Important Notice: This report has been prepared solely for BoU for use in considering immediate steps to safeguard Crane Bank’s interests and the additional investigative and evidence collation work that is required on key areas of concern to enable the preparation of a report that can be adduced as evidence in a court of law. Confidentiality: This report has been prepared for the exclusive use of BoU. The contents of this report may not in whole or in part, be copied, quoted, referred to, disclosed or disseminated to any other party without our prior written consent. It is imperative that the contents of this report remain strictly confidential until the recommended additional investigative steps are concluded and relevant evidence is secured. PwC Table of Contents Glossary of Terms 7 Terms 7 Individuals interviewed 8 Individuals 8 List of Figures 9 List of Tables 9 Executive Summary 12 A. Introduction 12 B. Summary of findings of wrongdoing 13 B-1. Shareholding irregularities 13 B-2. The 2012 transfer of branch ownership 14 B-3. Accounting misstatements and the 2014 overstatement of fixed assets 15 B-4. Cash extraction through fraudulent IT payments 16 B-5. Review of loans and advances 17 C. Analysis of the financial impact of the noted irregularities 19 D. Assessment of corporate governance 20 E. Preliminary culpability assessment and options analysis 22 E-1. Assessment of culpability 22 E-2. Options analysis 24 F. Recommended next steps 26 Immediate next steps 27 Introduction, objectives and scope 29 A. Introduction 29 A-1. Purpose of the Report 29 A-2. Structure of the Report 29 B. Scope of work, methodology and work done 30 B-1. Scope 30 B-2. Methodology and work done 31 B-3. Sources of Information 32 B-4. Limitations 32 Background 36 A. Background to CBL 36 A-1. Ownership and leadership 36 PwC A-2. Growth 41 B. Background to our review 42 Reviews prior to 20 October 2016 42 Detailed Findings 45 A. Introduction 45 B. Shareholding irregularities 45 B-1. The source of funds for the procurement of CBL shares by Mr Kantaria 45 B-2. The destination of dividends payable to Mr Kantaria 50 B-3. The ownership and management of White Sapphire 51 B-4. The level of Mr Kantaria’s involvement in the affairs of CBL 52 B-5. Legal assessment 53 C. The 2012 transfer of branch ownership 54 C-1. Background to the transfer 54 C-2. Assessment of the facts around the transfer 55 C-3. Legal assessment of the transfer 58 D. Accounting misstatements and the 2014 overstatement of fixed assets 60 D-1. Irregularities in loan impairment 60 D-2 High percentage of interest income over total advances 61 D-3. Spike in Land and Buildings in 2014 - Interdico 64 D-4. Analysis of legal implications 73 E. Cash extraction through fraudulent IT payments 74 E-1: Acquisition of Bank Master 76 E-2. Additional payments made to TA for software in March and September 2013: 77 E-3. Acquisition of the T24 CBS 78 E-4. Ownership of Technology Associates 81 E-5. Legal analysis of the payments 82 F. Review of loans and advances 83 F-1. Noted patterns of irregularities in loans and advances 83 F-2. Analysis of the top customers with outstanding loans 91 F-3. Further detailed review of select loan accounts 92 Amina Moghe 92 Mohammed Ali Accounts 98 John Bosco Muwonge / Boost 102 Logic Real Estates and Developers Limited 104 F-4. Written off loans 106 1. Megabells Electronics (U) Limited. 107 2. Infinity Investments Limited 108 3. Ssebaggala & Sons Electro Centre. 110 PwC F-5. Analysis of securities and recovery options 113 F-6. Legal implications 114 G. Assessment of corporate governance 115 G-1. Assessment of the approved guidelines for the Board, its committees, and senior management 115 G- 2. Assessment operations of the Bank against the requirements of the FIA and FIA Regulations 123 Preliminary culpability and options assessment 128 A. Culpability Assessment 128 The CBL Board 128 Dr Sudhir Ruparelia 136 Mr Rasiklal Kantaria 139 Mr A R Kalan 139 Mr Ajay Kumar 140 Mr Vivek Sharma 141 Rakesh Gupta 141 Meera Investments Limited 142 Girisch Nair 142 Mr Nitin Vekaria 143 Specific Borrowers 143 B. Options analysis 144 Recommended next steps 146 A. Civil and Criminal Action 146 B. Further investigative work 146 Immediate next steps 149 Closing Statement 150 PwC Glossary of Terms Terms Table 1 - Glossary of terms Term Definition A1 A1 Construction Limited Advocates Act The Advocates Act, Cap 267 laws of Uganda ALCO Asset and Liability Management Committees Anglo Universal Anglo Universal Holdings Limited AML Act The Anti-Money Laundering Act, 2013 Anti-Corruption Act The Anti-Corruption Act, 2009 BoU Bank of Uganda Bowmans Bowmans Uganda, AF Mpanga Advocates CBL or “the Bank” Crane Bank Uganda Limited CBRL Crane Bank Rwanda Limited CBS Core Banking System CFS Crane Financial Services Companies Act The Companies Act, 2012 laws of Uganda FIA Financial Institutions Act, 2004 as amended Interdico Interdico (U) Limited IPO Initial Public Offer IT Information Technology KCCA Kampala Capital City Authority LC Letter of Credit LoE Letter of Engagement Ltd Limited MD Managing Director MIL Meera Investments Limited Megabells Megabells Electronics (U) Limited Misys Misys International Banking Systems NBC National Bank of Commerce OD Overdraft Penal Code The Penal Code Act Cap 120 laws of Uganda Premier Premier Commodities Limited PwC PricewaterhouseCoopers RFP Request for Proposal RTA Registration of Titles Act Ssebaggala Ssebaggala & Sons Electro Center Limited TA Technology Associates Limited Temenos Temenos Africa (PTY) Limited TT Telegraphic Transfer USE Uganda Securities Exchange URA Uganda Revenue Authority URSB Uganda Registration Services Bureau Veksons Veksons (U) Limited White Sapphire White Sapphire Limited PwC Individuals interviewed Table 2 - List of individuals interviewed Individual Full name and designation Mr Nair Mr Girisch Nair, Chairman Technologies Associate Limited Mr Sharma Mr Vivek Sharma, CBL Mr Gupta Mr Rakesh Gupta, CBL Finance Manager Mr Opio Mr Peter Opio, CBL Branch Manager Operations Mr Syed Mr Zaki Syed, CBL Senior Manager IT Mr Siva Mr Sivanandam Ramasami, CBL Senior Manager International Mr Jugdish Mr Srivastava Jugdish, CBL Head of International Mr Nitesh Mr Nitesh, Accountant Veksons Mr Deepak Mr Deepak, Accountant Veksons Mr Raza Mr Syed Anwar Raza, CBL Executive Director Operations and Services Mr Karama Mr Umar Karama, CBL Senior Manager Operations Ms Komuhenda Ms Lilian Komuhendo, CBL Banking Assistant Mr Nayak Mr Srinivas Nayak, CBL Company Secretary Mr Mutunga Mr Samuel Mutunga, CBL Senior Manager IT Mr Kiza Mr Ahmed Kiza, CBL Senior Manager Credit Individuals Table 3 – List of individuals Name Full names and designation Dr Ruparelia Dr Sudhir Ruparelia, CBL major shareholder and Vice Chairman Mrs Ruparelia Mrs Jyotsna Ruparelia, owner of Meera investments Mr Kantaria Mr Rasiklal Kantaria, CBL Director Mr Kalan Mr A. R. Kalan, CBL Director and Former MD Mr Kumar Mr Ajay Kumar, CBL Director and Former Deputy MD Mr Sharma Mr Vivek Sharma, CBL Former Director and Head of Finance Mr Gupta Mr Rakesh Gupta, CBL Finance Senior Manager Mr Nair Mr Girisch Nair, Chairman of Technology Associates Mr Vekaria Mr Nitin Vekaria, Proprietor of Veksons Mr Nagrecha Mr Jagdish Nagrecha Mr Kirumira Mr Godfrey Kirumira Mr Ali Mr Mohammed Ali Mr Sahai Mr Suneet Sahai, MD Technology Associates Mr Yoosuf Mr Mohammed Yoosuf, Director Infinity Investments Ms Ajay Ms Valentina Ajay, Dr Ruparelia’s Personal Assistant and Infinity Investments Company Secretary Mr Tharani Mr Azim Tharani, MD of Goldstar Insurance Mr Sanghani Mr Jitendra Sanghani, CBL Shareholder Ms Moghe Ms Amina Moghe Mr Nabukeera Ms Christine Nabukeera Mr Gupta Mr Manish Gupta, CBL Head of Credit Mr Nagarajan Mr V.
Load more

Recommended publications
  • Equipment Leasing in Africa Handbook of Regional Statistics 2017 Including an Overview of 10 Years of IFC Leasing Intervention in the Region
    AFRICA LEASING FACILITY II Equipment Leasing in Africa Handbook of Regional Statistics 2017 Including an overview of 10 years of IFC leasing intervention in the region © 2017 INTERNATIONAL FINANCE CORPORATION 2121 Pennsylvania Avenue, N.W., Washington, DC 20433 All rights reserved. First printing, March 2018. This document may not be reproduced in whole or in part without the written consent of the International Finance Corporation. This information, while based on sources that IFC considers to be reliable, is not guaranteed as to accuracy and does not purport to be complete. The conclusions and judgments contained in this handbook should not be attributed to, and do not necessarily represent the views of IFC, its partners, or the World Bank Group. IFC and the World Bank do not guarantee the accuracy of the data in this publication and accept no responsibility for any consequence of its use. Rights and Permissions Reference Section III. What is Leasing? and parts of Section IV. Value of Leasing in Emerging Economies are taken from IFC’s “Leasing in Development: Guidelines for Emerging Economies.” 2005, which draws upon: Halladay, Shawn D., and Sudhir P. Amembal. 1998. The Handbook of Equipment Leasing, Vol. I-II, P.R.E.P. Institute of America, Inc., New York, N.Y.: Available from Amembal, Deane & Associates. EQUIPMENT LEASING IN AFRICA: ACKNOWLEDGEMENT Acknowledgement This first edition of Equipment Leasing in Africa: A handbook of regional statistics, including an overview of 10 years of IFC leasing intervention in the region, is a collaborative efort between IFC’s Africa Leasing Facility team and the regional association of leasing practitioners, known as Africalease.
    [Show full text]
  • Determinants of Procurement Performance in Commercial Banks Within East Africa?
    DETERMINANTS OF PROCUREMENT PERFORMANCE IN COMMERCIAL BANKS WITHIN EAST AFRICA BY EVANS JUMA LUKETERO A RESEARCH PROJECT SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENTS OF THE MASTER OF BUSINESS ADMINISTRATION, THE UNIVERSITY OF NAIROBI OCTOBER, 2016 DECLARATION This Research Project is my original work and has not been presented for a degree in any other University …………………………………….. ………………………… Signature Date EVANS JUMA LUKETERO Reg. No: D61/69206/2011 This Research Project has been submitted for examination with my approval as the University Supervisor MR. MICHAEL K. CHIRCHIR …………………………………….. ………………………… Signature Date ii DEDICATION I dedicate this research proposal to all the Banks in East Africa, to family especially my wife Rineldah Asiko, My daughter Adalia Juma and friends for their support and prayers during my studies. iii ACKNOWLEDGEMENT I would like to thank the Almighty Lord for the gifts of Grace and Perseverance accorded to me. I would also like to acknowledge all my course lecturers and colleagues for their sincere support. Most important, I sincerely wish to acknowledge the support from my supervisor without whom I could not have gone this far with my project work. I owe you my gratitude. iv ABSTRACT Procurement efficiency is the association that exists between planned and actual required resources needed to realize formulated goals and objectives as well as their related activities. The improvement of procurement performance would ensure that sourced firm materials are indeed procured during the right time at suitable cost. This would in turn enable improvements in organization procurement process leading to improvements on quality of offered products and services at minimum cost.
    [Show full text]
  • Public Notice
    PUBLIC NOTICE PROVISIONAL LIST OF TAXPAYERS EXEMPTED FROM 6% WITHHOLDING TAX FOR JANUARY – JUNE 2016 Section 119 (5) (f) (ii) of the Income Tax Act, Cap. 340 Uganda Revenue Authority hereby notifies the public that the list of taxpayers below, having satisfactorily fulfilled the requirements for this facility; will be exempted from 6% withholding tax for the period 1st January 2016 to 30th June 2016 PROVISIONAL WITHHOLDING TAX LIST FOR THE PERIOD JANUARY - JUNE 2016 SN TIN TAXPAYER NAME 1 1000380928 3R AGRO INDUSTRIES LIMITED 2 1000049868 3-Z FOUNDATION (U) LTD 3 1000024265 ABC CAPITAL BANK LIMITED 4 1000033223 AFRICA POLYSACK INDUSTRIES LIMITED 5 1000482081 AFRICAN FIELD EPIDEMIOLOGY NETWORK LTD 6 1000134272 AFRICAN FINE COFFEES ASSOCIATION 7 1000034607 AFRICAN QUEEN LIMITED 8 1000025846 APPLIANCE WORLD LIMITED 9 1000317043 BALYA STINT HARDWARE LIMITED 10 1000025663 BANK OF AFRICA - UGANDA LTD 11 1000025701 BANK OF BARODA (U) LIMITED 12 1000028435 BANK OF UGANDA 13 1000027755 BARCLAYS BANK (U) LTD. BAYLOR COLLEGE OF MEDICINE CHILDRENS FOUNDATION 14 1000098610 UGANDA 15 1000026105 BIDCO UGANDA LIMITED 16 1000026050 BOLLORE AFRICA LOGISTICS UGANDA LIMITED 17 1000038228 BRITISH AIRWAYS 18 1000124037 BYANSI FISHERIES LTD 19 1000024548 CENTENARY RURAL DEVELOPMENT BANK LIMITED 20 1000024303 CENTURY BOTTLING CO. LTD. 21 1001017514 CHILDREN AT RISK ACTION NETWORK 22 1000691587 CHIMPANZEE SANCTUARY & WILDLIFE 23 1000028566 CITIBANK UGANDA LIMITED 24 1000026312 CITY OIL (U) LIMITED 25 1000024410 CIVICON LIMITED 26 1000023516 CIVIL AVIATION AUTHORITY
    [Show full text]
  • Crane Bank to Appeal to Supreme Court
    Plot 37/43 Kampala Road, P.O. Box 7120 Kampala Cable Address: UGABANK, Telex: 61069/61244 General Lines: (+256-414) 258441/6, 258061/6, 0312-392000 or 0417-302000. Fax: (+256-414) 233818 Website: www.bou.or.ug E-mail: info@bou.or.ug CRANE BANK TO APPEAL TO SUPREME COURT KAMPALA – 30 June 2020 – Bank of Uganda (BoU) wishes to inform the public of its decision to appeal the Court of Appeal’s dismissal of the case filed by Crane Bank Limited (in Receivership) vs. Sudhir Ruparelia and Meera Investments Limited to the Supreme Court. In exercise of its powers under sections 87(3), 88(1)(a)&(b) of the Financial Institutions Act, 2004, BoU placed Crane Bank Ltd (In Receivership) [“Crane Bank”] under Statutory Management on 20th October 2016. This decision was necessary upon discovering that Crane Bank had significant and increasing liquidity problems that could not be resolved without the Central Bank’s intervention given that Crane Bank had failed to obtain credit from anywhere else. An inventory by external auditors found that the assets of Crane Bank were significantly less than its liabilities. In order to protect the financial system and prevent loss to the depositors of Crane Bank, Bank of Uganda had to spend public funds to pay Crane Bank’s depositors. A subsequent forensic investigation as to why Crane Bank became insolvent found a number of wrongful and irregular activities linked to Sudhir Ruparelia and Meera Investments Ltd. These findings form the basis of the claims in the lawsuit by Crane Bank. The suit was necessary for recovery of the taxpayers’ money used to pay depositors’ funds as well as the other liabilities of Crane Bank.
    [Show full text]
  • Has the Privatization of Uganda Commercial Bank Increased Competition and Extended Outreach of Formal Banking in Uganda?” Abstract
    DEPARTMENT OF ECONOMICS Uppsala University Bachelor’s Thesis Authors: Oscar Karlsson & Erik Malmgren Supervisor: Ranjula Bali Swain Spring 2008 “Has the Privatization of Uganda Commercial Bank Increased Competition and Extended Outreach of Formal Banking in Uganda?” Abstract: Financial sector development can reduce poverty and promote economic growth by extending access to financial services in developing countries. Traditionally, banking in Sub-Saharan Africa has been conducted by state-owned banks. Although, evidence has shown that severe government involvement in the banking sector has proved to cause low profitability and inefficiency. During 2001, Uganda Commercial Bank, the dominant provider of banking experienced financial problems; as a result, the government had to privatize the bank. The aim of this thesis is therefore to investigate if the privatization prevented the banking sector from collapse and if it made the sector more competitive and outreaching. The main conclusion is that the privatization strongly prevented the banking sector from collapse. Since privatization, competition has increased sufficiently in urban areas of Uganda while rural areas have not experienced any significant increase in competition. Finally, we conclude that the outreach of banking has increased somewhat since the privatization, but it is still relatively poor. Key Words: Sub-Saharan Africa, Uganda, Financial Development, Financial Structure, Access to Finance, Banking, Bank Competition, Bank Privatization, Outreach of Banking 2 Abbreviations Mentioned
    [Show full text]
  • Stanbic Branches
    UGANDA REVENUE AUTHORITY BANK ACCOUNTS FOR TAX COLLECTIONS BANK/ BRANCH STATION ACCOUNT NUMBER STANBIC BRANCHES STANBIC KABALE Kabale DT 014 0069420401 STANBIC KIHIHI Kihihi Ishasha 014 0072016701 STANBIC KISORO Kisoro DT 014 0067695501 STANBIC KITGUM Kitgum E&C 014 0013897701 STANBIC MOYO Moyo DT 014 0094774501 STANBIC NEBBI Nebbi Main 014 0093252701 STANBIC CUSTOMS Ntungamo Mirama 014 0059793301 STANBIC PAKWACH Pakwach CUE 014 0096061101 STANBIC GULU Gulu 014 00 87598001 STANBIC APAC Apac 014 0089064501 STANBIC LIRA Lira 014 0090947601 STANBIC KIBOGA Kiboga 014 0032789101 STANBIC MUBENDE Mubende 014 0029903401 STANBIC MITYANA Mityana 014 0028053701 STANBIC KYOTERA Kyotera 014 0064697901 STANBIC MUKONO Mukono 014 0023966401 STANBIC ARUA Arua DT 014 0091518701 STANBIC JINJA Jinja LTO 014 0034474801 STANBIC TORORO Tororo DT 014 0039797301 STANBIC NAKAWA 014 0014526801 STANBIC KAMPALA City ‐Corporate 014 00 62799201 Corporate‐Corporate 014 00 62799201 Lugogo‐Corporate 01400 62799201 STANBIC SOROTI Soroti 014 0050353901 STANBIC KASESE Kasese DT, Kasese CUE 014 00788089 01 STANBIC LUWERO Luwero(Kampala North) 014 00253024 01 STANBIC MOROTO Moroto 014 00486049 01 STANBIC WANDEGEYA Kampala North DT 014 00051699 01 STANBIC BUSIA Busia DT 014 00409365 01 STANBIC F/PORTAL F/Portal 014 00770127 01 STANBIC IGANGA Iganga 014 00 363457 01 STANBIC MALABA Malaba 014 00 420444 01 STANBIC MASAKA Masaka 014 00 824562 01 STANBIC MBALE Mbale DT 014 00 444509 01 STANBIC MBARARA Mbarara 014 00 537253 01 1 BANK/ BRANCH STATION ACCOUNT NUMBER STANBIC BUSHENYI
    [Show full text]
  • Do Not Bank on Us! Taking Stock of Transparency and Accountability During Crises in Uganda: the Case of Crane Bank Collapse
    PROCEEDINGS OF THE INTERNATIONAL CRISIS AND RISK COMMUNICATIONS CONFERENCE MARCH 11-13, 2019, ORLANDO FL, USA Do not bank on us! Taking stock of transparency and accountability during crises in Uganda: the case of Crane Bank collapse Angella Napakol Uganda Christian University Mukono, Uganda Ann Mugunga Hong Kong Baptist University Hong Kong Abstract: This study examined transparency and accountability as bridges to the interpretative and sense making capabilities of the public following the collapse of Crane Bank, Uganda. Content and critical discourse analysis methods were used to: investigate the nature of communication, the information shared; review honesty and responsibility in communication, and also analyze how accountability and transparency are constructed during crisis situations in the South. Assessment of 120 newspaper articles showed that both Crane Bank and Bank of Uganda mainly left it to the media to create and give meaning to stakeholders. Initial communication from both institutions was delayed and subsequent communication was made in a casual, vague and dismissive manner. Transparency and accountability either as information disclosure, responsibility or mutual understanding to translate into sense making for the audience were grossly undermined. Most of the shared information was not aligned to the interpretive capabilities of audiences; and there was no effort to create a good image or influence the audience. The research underscores the importance of transparency and accountability as essential for creating trust in leadership and management, in order to better manage crisis and risk situations. Keywords — Accountability, crisis, sense making, sense giving, transparency ———————————————————————————————————— SUGGESTED CITATION: Napakol, A., & Mugunga, A. (2019). Do not bank on us! Taking stock of transparency and accountability during crises in Uganda: the case of Crane Bank collapse.
    [Show full text]
  • BK Group Plc Investor Presentation
    BK Group Plc Investor Presentation Page 1 Agenda 1. Key Investment Highlights 2. Country Overview Information 3. Banking Sector Overview 4. Bank Overview 5. Corporate Governance 6. Business Overview 7. Review of Financial Performance 8. Strategic Outlook 9. Contact Information Page2 2 Key Investment Highlights 1. Best Bank in Rwanda 2013, Politically stable country with sound governance 2015 & 2016 Very attractive demographic profile: population of 12 Million Sound Macro Robust economic growth averaging 8% pa in the last 5 years, expecting a sustainable high GDP growth into 2020 Fundamentals th 2. Best East African Bank 2012 Moderate inflation with rate of 0.8% as at 30 June 2019 & 2015,2016 The 2018 World Bank Doing Business Report ranked Rwanda as the 29th out of 190 economies in terms of ease of doing business and 2nd in Africa Well regulated banking sector: fairly conservative regulator relative to other regulators in the EAC Significant 3. Bank of the Year 2009- Significant headroom for growth given under-banked and excluded population 2012,2014,2015,2016 Banking Sector Potential Number of financially excluded population reduced from 28% in 2012 to only 11% in 2016 Total assets/GDP of 47.6% as at 31st, March 2019. Strong Market positioning & sustainable leadership 4. Best Bank in Rwanda 2009- Total assets FRw 893.2 billion, 27.5% market share as at June 30th, 2019; 2014,2016 Market th Leadership Net Loans FRw 650.2 billion, 29.2% market share as at June 30 , 2019; Customer Deposits FRw 551.7 billion, 26.8% market share as at June 30th, 2019; Shareholders’ Equity FRw 204.0 billion, 36.2% market share as at June 30th, 2019.
    [Show full text]
  • Radio Ownership and Its Impact on Political Speech in Uganda
    African Centre for Media Excellence - June 2011 THE VIEWS EXPRESSED MUST REPRESENT THOSE OF MANAGEMENT Radio Ownership and its Impact on Political Speech in Uganda 1 African Centre for Media Excellence - June 2011 Published by: (C) African Centre for Media Excellence For more information contact: African Centre for Media Excellence (ACME) Plot 124 Nanjala Road, Soya-Bunga P. O. Box 11283 Kampala Tel: +256 392 731 067 Fax: +256 392 254 167 Email: info@acme-ug.org Website: www.acme-ug.org Layout and Printing Graphic Mutations Ltd., Kampala (U) Tel: +256 414 691 238 / 752 436 317 Email: graphicmutations@gmail.com 2 African Centre for Media Excellence - June 2011 Acknowledgement This study was conducted and authored by George W. Lugalambi (Ph.D), Bernard Tabaire, and Peter Nyanzi. The project was supervised by Peter G. Mwesige (Ph.D). We would like to thank Freedom House for supporting the study and the printing of this report. We would also like to thank the Uganda Communications Commission and FM radio station owners who agreed to be interviewed for their co-operation and support. 3 African Centre for Media Excellence - June 2011 Contents Introduction Objectives of the study The approach Access to radio during political campaigns The space for critical political discourse The role of regulation Conclusion: Implications for media freedom and political speech References About ACME 4 African Centre for Media Excellence - June 2011 Introduction The question of who owns the media has in recent years become a growing subject of debate and contention in Uganda. The need to address this question gained greater urgency during the 2011 elections as it emerged that access to radio, in particular, appeared to be influenced by political considerations rather more explicitly than at other times and in previous elections.
    [Show full text]
  • Mapping Uganda's Social Impact Investment Landscape
    MAPPING UGANDA’S SOCIAL IMPACT INVESTMENT LANDSCAPE Joseph Kibombo Balikuddembe | Josephine Kaleebi This research is produced as part of the Platform for Uganda Green Growth (PLUG) research series KONRAD ADENAUER STIFTUNG UGANDA ACTADE Plot. 51A Prince Charles Drive, Kololo Plot 2, Agape Close | Ntinda, P.O. Box 647, Kampala/Uganda Kigoowa on Kiwatule Road T: +256-393-262011/2 P.O.BOX, 16452, Kampala Uganda www.kas.de/Uganda T: +256 414 664 616 www. actade.org Mapping SII in Uganda – Study Report November 2019 i DISCLAIMER Copyright ©KAS2020. Process maps, project plans, investigation results, opinions and supporting documentation to this document contain proprietary confidential information some or all of which may be legally privileged and/or subject to the provisions of privacy legislation. It is intended solely for the addressee. If you are not the intended recipient, you must not read, use, disclose, copy, print or disseminate the information contained within this document. Any views expressed are those of the authors. The electronic version of this document has been scanned for viruses and all reasonable precautions have been taken to ensure that no viruses are present. The authors do not accept responsibility for any loss or damage arising from the use of this document. Please notify the authors immediately by email if this document has been wrongly addressed or delivered. In giving these opinions, the authors do not accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by the prior written consent of the author This document has been prepared solely for the KAS and ACTADE.
    [Show full text]
  • Evaluation of Microfinance Services and Potential to Finance Forest Land Restoration (FLR) Investments
    Evaluation of Microfinance Services and Potential to Finance Forest Land Restoration (FLR) Investments Final Report Prepared by Azimut Inclusive Finance SPRL November 2016 Azimut Inclusive Finance SPRL TVA : BE 0555.784.066 www.azimut-if.com – contact@azimut-if.com Evaluation of Microfinance Services and Potential to Finance Forest Land Restoration (FLR) Investments Table of Content EXECUTIVE SUMMARY 3 1 CONTEXT 4 1.1 BACKGROUND 4 1.2 RATIONALE OF THE STUDY 4 1.3 SPECIFIC OBJECTIVES 4 2 FINANCIAL SECTOR AND REGULATORY ENVIRONMENT 5 2.1 BRIEF OVERVIEW OF THE FINANCIAL SECTOR IN RWANDA 5 2.1.1 FINANCIAL SERVICES PROVIDERS 5 2.2 THE MICROFINANCE SERVICE SECTOR 7 2.2.1 THE CONCEPT OF MICROFINANCE 7 2.2.2 THE MICROFINANCE SERVICE PROVIDERS 7 2.2.3 THE INFORMAL SECTOR 8 2.3 FINANCIAL INCLUSION 10 2.4 RELATED POLICIES AND LAWS 12 2.4.1 POLICY ENVIRONMENT 12 2.4.2 MICROFINANCE POLICY, LEGAL FRAMEWORK AND SUPERVISION 13 3 MICROFINANCE PRODUCTS AND SERVICES AND FLR EFFORTS 15 3.1 EXISTING PRODUCTS AND SERVICES 15 3.1.1 COMMERCIAL BANKS 15 3.1.2 MICROFINANCE INSTITUTIONS (MFIS) 19 3.2 ADAPTABILITY OF THE MICROFINANCE PRODUCT AND SERVICES TO SUPPORT FLR INITIATIVES (IN GATSIBO AND GICUMBI) 25 3.2.1 OPPORTUNITIES TO SUPPORT FLR INITIATIVES THROUGH MICROFINANCE INSTITUTIONS 25 3.2.2 CHALLENGES TO SUPPORT FLR INITIATIVES THROUGH MICROFINANCE INSTITUTIONS 28 3.2.2.1 Challenges related to the microfinance sector 28 3.2.2.2 Other challenges relating to the funding of FLR activities 29 4 RECOMMENDATIONS 30 FINANCIAL TERMS AND DEFINITIONS 35 ANNEXES 36 2 Evaluation of Microfinance Services and Potential to Finance Forest Land Restoration (FLR) Investments Executive Summary Rwanda has made international challenges, notably in terms of credit commitments via the Bonn Challenge to management policies, product restore 2 million hectares of degraded development, weak staff capacities and land.
    [Show full text]
  • Business, Human Rights, and Uganda's
    Business, Human Rights, and Uganda’s Oil Part I: Uganda’s oil sector and potential threats to human rights Gabriella Wass & Chris Musiime 1 Editorial Business, Human Rights, and Uganda’s Oil. Part One: Uganda’s oil sector and potential threats to human rights This paper is Part One of a four part series on business, human rights and oil in Uganda: Part One Uganda’s oil sector and potential threats to human rights Part Two Protect and Remedy: Implementing State duties under the UN Framework on Business and Human Rights Part Three Respect and Remedy: Implementing corporate responsibility under the UN Framework on Business and Human Rights Part Four Civil Society: Holding the State and businesses to account Author: Gabriella Wass Co-author: Chris Musiime Research Assistant: Iain Clarkson Editing: Fiona Southward Layout: Anne Hullebroeck Front Cover image: The future of this boy in this Lake Albert fishing village will certainly be determined by oil. This village falls within the 29 square kilometres of land that has been earmarked for the construction of an oil refinery (ActionAid 2013) Antwerp, July 2013 ActionAid International Uganda is an anti-poverty agency that takes sides with poor people in Uganda to end poverty and injustice together. A human rights based approach defines our way of working because eradication of poverty and injustice can only happen if the rights of the poor and excluded people are protected, promoted and fulfilled. International Peace Information Service (IPIS) is an independent research institute, providing governmental and non-governmental actors with information and analysis to build sustainable peace and development in Sub-Saharan Africa.
    [Show full text]