One of Uganda\u2019s leading commercial banks ,Stanbic bank risks having its image and reputation dented forever after senior managers allegedly sold to themselves -on the cheap -a prime property that was mortgaged by a client.<\/p>\n\n\n\n
Ms. Beatrice Odongo a director of McDowell on September 23rd<\/sup> filed a written complaint to the Special investigation Division of the police ‘s Criminal investigation Directorate (CID) accusing the bank of illegal sale of their multi billion property located in Luzira.<\/p>\n\n\n\n In their complaint also copied to the governor and other senior managers at Bank Of Uganda -the regulator of the banking sector, Ms. Odongo states in her complaint that their property was grabbed through an insider dealing scheme between the bank and its employees using a front called Myriad Investment Club a company which was incorporated by the said corrupt bank employees early this year.<\/p>\n\n\n\n The allegedly officials behind this bad deal are , Kenneth Kitungulu, Lawrence Kaweesa, Allan muhinda, Daisy Nitwe, Emmanuel Rukeeba , Maureen Kembabazi Katwebaze and Thaib Lubega all senior managers at the bank.<\/p>\n\n\n\n \u201cStanbic Bank Conspired with its employees to grab our properties at a low price of Shs.1bn. Stanbic even gave them opportunity and time to obtain credit from DFCU to finance the purchase. We are reliably informed this practice (inside trading) has been ongoing for a long time within the banking industry,\u201d Odongo said in her complaint.<\/p>\n\n\n\n There have been many cases in courts of law were banks are accused of unfairly and illegally foreclosing distressed mortgages with bank officials conniving with third parties to sell off people\u2019s properties at ridiculously low prices to benefit themselves .<\/p>\n\n\n\n This particular case involving Stanbic bank has caused public anger with many people turning to social media to condemn the alleged unethical behaviour of the bank officials involved.<\/p>\n\n\n\n Don Wanyama one of the social media influencers had this to say , \u201c Banks are modern-day Shylocks! A company borrows money from a bank, mortgages property, ultimately clears the loan only to learn that senior bank employees had quickly registered their own company, rushed to borrow money from another bank and bought off (cheaply) their client’s property held as collateral. Ugly insider dealing. The matter might be before court but its understandable why the bank won’t comment.\u201d<\/p>\n\n\n\n Efforts by this publication to get a comment from the Stanbic top honchos were futile as they declined to comment on the matter which has also been filed in the commercial court for adjudication as the criminal side is also being pursued by the complainants .<\/p>\n","protected":false},"excerpt":{"rendered":" One of Uganda\u2019s leading commercial banks ,Stanbic bank risks having its image and reputation dented forever after senior managers allegedly<\/p>\n","protected":false},"author":1,"featured_media":1959,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[24],"tags":[],"class_list":["post-1958","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2020\/09\/Stanbic.jpg","jetpack-related-posts":[{"id":11079,"url":"https:\/\/prowebinhost.com\/anzu\/stanbic-bank-boss-juuko-to-wed-lawyer-apollo-makubuya\/","url_meta":{"origin":1958,"position":0},"title":"Stanbic Bank Boss Juuko To Wed Lawyer Apollo Makubuya","author":"UgandaUpdate","date":"December 30, 2023","format":false,"excerpt":"City lawyer and Buganda kingdom official Apollo Nelson Makubuya is set to wed long time lover Stanbic Bank\u2019s Chief Executive Officer, Anne Juuko. Makubuya who is a senior partner at the MMAKS Advocates Kampala law firms got engaged to Ann last week. \u201cDear friends, I am pleased to announce that\u2026","rel":"","context":"In "National News"","block_context":{"text":"National News","link":"https:\/\/prowebinhost.com\/anzu\/category\/national-news\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/12\/Juuko-and-Makubuya.jpg","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/12\/Juuko-and-Makubuya.jpg 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/12\/Juuko-and-Makubuya.jpg 1.5x"},"classes":[]},{"id":10924,"url":"https:\/\/prowebinhost.com\/anzu\/standard-bank-group-names-francis-karuhanga-new-chief-executive-stanbic-uganda-holdings\/","url_meta":{"origin":1958,"position":1},"title":"Standard Bank Group Names Francis Karuhanga New Chief Executive Stanbic Uganda Holdings","author":"UgandaUpdate","date":"December 15, 2023","format":false,"excerpt":"By Zulfah Namatovu in Kampala The Standard Bank Group has named Francis Karuhanga as the new Chief Executive for Stanbic Uganda Holdings (SUHL), the listed entity under which Stanbic Bank is operated, alongside four other subsidiaries\u2014Stanbic Properties Limited, SBG Securities, StanbicBusiness Incubator, and FlyHub. Patrick Mweheire, the Standard Bank Group\u2026","rel":"","context":"In "National News"","block_context":{"text":"National News","link":"https:\/\/prowebinhost.com\/anzu\/category\/national-news\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/12\/Francis-Karuhanga-Press-Image.png","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/12\/Francis-Karuhanga-Press-Image.png 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/12\/Francis-Karuhanga-Press-Image.png 1.5x"},"classes":[]},{"id":16426,"url":"https:\/\/prowebinhost.com\/anzu\/billionaires-africa-ranks-the-10-richest-investors-on-the-uganda-securities-exchange-in-2026\/","url_meta":{"origin":1958,"position":2},"title":"Billionaires.Africa ranks the 10 richest investors on the Uganda Securities Exchange in 2026","author":"UgandaUpdate","date":"February 8, 2026","format":false,"excerpt":"A 34% rally has lifted Uganda\u2019s Securities Exchange\u2014still a market where a few liquid stocks and a small circle of investors drive most of the action. Uganda\u2019s Securities Exchange may be small by global standards, but it consistently tells a familiar story: a few liquid counters drive most trading, and\u2026","rel":"","context":"In "National News"","block_context":{"text":"National News","link":"https:\/\/prowebinhost.com\/anzu\/category\/national-news\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2026\/02\/IMG_9436.webp","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2026\/02\/IMG_9436.webp 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2026\/02\/IMG_9436.webp 1.5x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2026\/02\/IMG_9436.webp 2x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2026\/02\/IMG_9436.webp 3x"},"classes":[]},{"id":11360,"url":"https:\/\/prowebinhost.com\/anzu\/stanbic-bank-cuts-interest-rates-in-new-oil-sorted-campaign\/","url_meta":{"origin":1958,"position":3},"title":"Stanbic Bank cuts interest rates in new \u2018oil sorted\u2019 campaign","author":"UgandaUpdate","date":"January 29, 2024","format":false,"excerpt":"Kampala, Uganda \u2013 January 29, 2024 To stimulate economic activity, Stanbic Bank Uganda has announced a new lending campaign dubbed Oli Sorted, aimed at facilitating Ugandans to access affordable credit to finance their personal and commercial needs. 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The program is designed to enhance the prison officers personal economic progress. The programme which was launched on Wednesday by Stanbic Bank in partnership with the Uganda\u2026","rel":"","context":"In "National News"","block_context":{"text":"National News","link":"https:\/\/prowebinhost.com\/anzu\/category\/national-news\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/11\/DSC_6811-scaled.jpg","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/11\/DSC_6811-scaled.jpg 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/11\/DSC_6811-scaled.jpg 1.5x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/11\/DSC_6811-scaled.jpg 2x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2023\/11\/DSC_6811-scaled.jpg 3x"},"classes":[]},{"id":5602,"url":"https:\/\/prowebinhost.com\/anzu\/standard-chartered-stanbic-banks-and-nile-breweries-fined-for-contempt-of-the-tax-appeals-tribunal\/","url_meta":{"origin":1958,"position":5},"title":"STANDARD CHARTERED , STANBIC BANKS AND NILE BREWERIES FINED FOR CONTEMPT OF THE TAX APPEALS TRIBUNAL","author":"UgandaUpdate","date":"May 9, 2022","format":false,"excerpt":"The Tax Appeals Tribunal (TAT) has slapped a fine of UGX 20 Million on Nile Breweries Limited (NBL) and UGX 30 Million on Standard Chartered and Stanbic Bank for contempt of court orders . This follows NBL\u2019s earlier application to the TAT objecting to URA\u2019s additional assessment of Local Excise\u2026","rel":"","context":"In "Business"","block_context":{"text":"Business","link":"https:\/\/prowebinhost.com\/anzu\/category\/national-news\/business-national-news\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2022\/05\/George-Okello-ed-1536x1018-1.jpg","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2022\/05\/George-Okello-ed-1536x1018-1.jpg 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2022\/05\/George-Okello-ed-1536x1018-1.jpg 1.5x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2022\/05\/George-Okello-ed-1536x1018-1.jpg 2x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2022\/05\/George-Okello-ed-1536x1018-1.jpg 3x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2022\/05\/George-Okello-ed-1536x1018-1.jpg 4x"},"classes":[]}],"jetpack_shortlink":"https:\/\/wp.me\/pc0aOV-vA","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/posts\/1958","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/comments?post=1958"}],"version-history":[{"count":3,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/posts\/1958\/revisions"}],"predecessor-version":[{"id":1971,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/posts\/1958\/revisions\/1971"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/media\/1959"}],"wp:attachment":[{"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/media?parent=1958"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/categories?post=1958"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/tags?post=1958"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}