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IGG Speaks Out On Bagyenda Accounts Investigations

Investigations into wealth of former central bank top official almost complete

 

KAMPALA–The verification exercise undertaken by the Office of the Inspectorate of Government to evaluate properties of former Bank of Uganda executive director in charge of supervision Justine Bagyenda is almost complete, the Ombudsman has said.

Justice Irene Mulyagonja said her office had received a report from Financial Intelligence Authority on the property and wealth of Bagyenda and that the Inspectorate is “almost done” with the recommendations that include verification.

The IGG said and that the report will soon be sent to the petitioner and Parliament–that is carrying out a wider inquiry into BoU.

“We will not release any report to the public as the law doesn’t allow us to do that but we will  give the verification to Parliament. You know Parliament is investigating BoU and that report will be part of the bigger report,” Justice Mulyagonja said.

Mulyagonja is under pressure to deliver the report after it emerged that she was reluctant to compile the report due to her friendship with Bagyenda.

Days after Bank of Uganda prematurely relieved Bagyenda of her duties, the IGG faulted the central bank and ordered that the officials retired months before their tenure expired be reinstated.

The IGG also threatened BoU governor Tumusiime Mutibile and other officials with investigations, but the central bank did not give in as Parliament moved in to investigate Bagyenda.

According to reports within the IGG’s office, it is alleged that a top female investigator has been networking with Bagyenda to kill investigations.

FIA last month gave the IGG their findings concerning Bagyenda’s properties and wealth and they expect IGG to draft a report basing on their findings, and Crime24 reporter Jens Mukiibi says the findings would then be used by Police to charge Bagyenda for money laundering and possible tax evasion if the investigators found plausible reasons to.

“On Friday we finished our report as we had promised so the report is in the hands of the Police and IGG,” said FIA executive director Sydney Asubo.

Bagyenda fights back

Baggyenda, until recently, sat on the board of FIA headed by former BoU Governor Leo Kibirango as Chairman. Her contract is said to have ended but recently it was reported she was waiting to be reappointed to the board for the second term.

Recent leaked bank documents of which this website has seen, show that Bagyenda had up to Shs20 billion on various bank accounts, which led to calls for an investigation into her wealth.

For instance, Bagyenda’s dollar account indicates that on May 19, 2014, she deposited US$20,000 (about Shs76 million at the current exchange rate) on her account.

She deposited a similar amount (US$20,000) on December 19, 2014.

Apart from the cash deposits, sometimes Bagyenda received funds from her other accounts. For example on January 20, 2014, she received US$20,000 from her Standard Chartered account. On August 5, 2015, she received US$30,000 from an undisclosed source.

The leaked documents show that much as Bagyenda’s bank balances reflected zero shillings on most accounts, she was depositing her cash elsewhere. However, most of Bagyenda’s unexplained source of money would immediately go to her fixed deposit accounts in DTB after landing on her savings accounts.

As of December 2017, She had fixed US$214,149 (Shs814 million) on a dollar account and Shs436 million on a shillings account in Diamond Trust Bank.

Documents also show she has another Shs2.4 billion on a GT Bank account.

Probably as a way of avoiding scrutiny of her savings account, Bagyenda paid part of the money to a prominent Kampala law firm. And by September 2017, the law firm had received Shs850 million from Bagyenda in lump sums ranging from Shs350 million and Shs100 million at a single transaction.

Bagyenda’s Barclays Bank account also shows that she was sending colossal sums to a certain gentleman.

Her Barclays account shows a consistent figure of about Shs10.5 million that was deposited on either the 22nd or 23rd of every month from BOU. She was also receiving Shs700, 000 from the Micro Finance Support Centre where she chaired the board according to her accounts.

The banks were she kept the money admitted and apologised to Bagyenda for the leaked documents that exposed her bank details. They include Diamond Trust Bank and Barclays Bank that promised to punish the whistle blowers.

Bagyenda is also believed to have had properties worth billions in upscale suburbs like Naguru, Ntinda, Mbuya and Bugolobi.

Hit by the leaks and subsequent media scrutiny of her wealth, Bagyenda clawed back by opening war on the media houses that reported about her bank details.

At least seven editors and proprietors of various media houses were summoned by CID to record statements over the publications.

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