{UAH} What caused the great collapse of the Uganda Commercial Bank (UCB) which had about 270 branches country-wide?

Before UCB went burst, the Bank of Uganda Governor, the late Charles Nyonyintono Kikonyogo, published the following list of defaulting NRA/M government officials, who in the late 1980s took out big unsecured loans from Uganda commercial Bank's USAID - US Agency for International Development funded rural farmers' scheme, and defaulted without paying the borrowed public funds (taxpayers'money), but no legal action was taken to recover the taken public funds:

Name of official Unpaid/unsecured loans

1. Hon. Sam Kuteesa Shs26.93 Millions
2. " " " " (under Uganda Motors) Shs848.00 Millions
3. The late General Fred Rwigyema Shs. 20.28 million
4. Frank Mwine (former Managing Director) 361.79 million
5. W.N. Nabudere 174.6 Millions
6. E. Nkwanga 172.61
7. B.R. Kizza 3 7.9
8. F. Byamugisha 1 1.63
9. General Paul Kagame 24.49
10. Major General Elly Tumwine 52.36
11. Lt. Col. Sande Mukuru 16.60
12. The late Maj. Moses Aruho 21.50
13. Lt. Col. Kasirye Gwanga 27.90
14. Lt. Col. Jack Tushabe 29.43
15. Major Benon Biraro 17.27
16. Lt- Col. Ahmed Kashilingi 19.60
17. Lt. Col. Mulindwa 41.70
18. Col. Issa Habib Galugbe 25.18
19. Major Francis Achoka 10.03
20. Hon. Minister Dr. Reich Adriko Shs.130 million
21. Hon. Minister Matthew Rukikaire 39.98
22. Mrs. Sheba Rukikaire (ministers wife) 42.80
23. Hon. Minister Sam Njuba 26.99
24. Mrs. Getrude Njuba (minister's wife) 33.96
25. Hon. Minister Betty Okwir 69.46
26. Solicitor General, Pierre Kabatsi 17.20
27. Secretary to the Treasury,
28. Tumusiime Mutebere (interest free loan) 11.65
29. Hon. Minister Stephen Kavuma 26.80
30. Hon. Joyce Mpanga 58.50
31. Hon. Major Amin Onzi 36.20
32. Hon. Obiga Kania 16.60
33. Hon. J. Zimula Mugwanya 53.32
34. Hon. Dr. William Kaberuka 30.84
35. Hon. Okodi Levi 17.20
36. Hon. Israel Kayonde 233.68
37. Hon. David Kibirango 10.10
38. Hon. Omara Atubo 19.70
39. Hon. William Wanendeya 38.94
40. The late Minister Kafumbe-Mukasa 31.86
41. The late Yafesi Sabiti 79.30
42. Hon. Tom Apila 10.13
43. Hon. Yona Kanyomozi 3.00

They took out those unsecured loans from UCB at the time when the NRA/M Govt had just devalued the Ugandan currency by cutting off 2 zeros from peoples' money. if you had 100, 000 shillings in cash or bank account, you would get 10,000. Sam Kuteesa fraudulently received from UCB Shs26.93 and Shs848.00 under Uganda Motors, with any collateral security, when the Ugandan currency had just been devalued. In May 1987, Bank of Uganda devalued the shilling by 66%. Two zeros of people's money knocked off the shilling during the currency changes. You can now see how inflation has rise and how the shilling has lost value. You can find out the exchange rate of the shilling to the dollar just after devaluing the shilling in May 1987 and then you will know that they grabbed alot of taxpayers' money without security and other citizens were required to present land titles as their security, which land titles they also grabbed using the NPART.

Some of the listed debtors are still alive, did they pay?, what happened?, were their loans written off? If it is impossible to effect repayment now, this list must be preserved for posterity to demand restitution after the exit of the NRM government.It does not matter even if the named "borrower" is dead. His/her heirs are still liable to refund these monies which the rest of us must pay back to the US government.

if this is an economic race, where do you start? There is no level playing ground, and these guys and ladies started running long before the send off? Many of them are now preaching to the youth to work hard, not avoid manual labour etc.

Makes you wonder whether "liberator" is another name for "grabber". BTW, at the time Weekly Topic spoke of a new disease: Grabiosis".


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Rehema
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