The controversial collapse of Crane Bank, Uganda’s then 4th largest bank in terms of assets has been in the news since the last quarter of 2016. On October 20, 2016, the Bank of Uganda (BoU) announced that it had taken over the management of Crane Bank Ltd after the bank
Read MoreBusinessFocus Reporter
Regional Supermarket chain, Nakumatt Holdings’ troubles continue to deepen every passing day, Business Focus reports. A source privy to the situation reveals that Nakumatt Uganda workers have gone four months without pay. “The situation is terribly bad. Many employees have fired themselves after realizing that the situation may take long
Read MoreCrane Bank Saga: Gov’t Says It Won’t Takeover Speak Resort Hotel
The Government of Uganda has distanced itself from media reports that it will take over Speke Resort Hotel Munyonyo and other properties of tycoon Sudhir Ruparelia in order to recover losses that were caused to Crane Bank. The remarks were made by Ephraim Kamuntu , the Minister of Tourism, Wildlife
Read MoreOn July13, 2017, the Bank of Uganda (BoU) said it had sanctioned the filing of a suit against Sudhir Ruparelia and Meera Investments Ltd to recoup funds that were fraudulently extracted from, as well as losses that were caused to Crane Bank. BoU filed a civil suit at the Commercial
Read MoreEXCLUSIVE: Nakumatt Secret Government Bailout Plan Leaks
Regional Supermarket chain, Nakumatt Holdings’ financial woes have reached unprecedented levels, with the regional retailer failing to attract the highly needed funding.. Business Focus has reliably learnt that the Kenyan based Supermarket is seeking a bailout from the Government of Uganda to survive the current financial storm. A source privy
Read MoreMembers of Parliament on the Committee on Science and Technology have explained why the National Biotechnology and Biosafety Bill 2012 should be passed into law as soon as possible. This is contained in a report on the National Biotechnology and Biosafety Bill 2012 commonly referred to as GMO (Genetically Modified
Read MoreUganda and India top the list of the fastest growing economies to 2025, at 7.7 percent annually, a latest research released by the Center for International Development at Harvard University (CID) has said. According to the report released on June 28, 2017, Uganda joins three other East African countries in
Read MoreOn June28, 2017, ailing regional retailer Nakumatt closed three of its top branches in Uganda. In a statement released by Knight Frank Uganda on Saturday, the retailer, which is wallowing in dire financial woes, said its stores in Acacia Mall; Kololo, Village Mall, Bugolobi and Victoria Mall, Entebbe were on
Read MoreKwese Sports recently signed a four-year deal with Union of European Football Associations (Uefa) and Fifa, giving it broadcast rights for the Uefa national team football matches, 2018 World Cup and Euro 2020 across the continent with an exception of South Africa, raising competition for sports viewership in Uganda and
Read MoreThe Bank of Uganda (BoU) has seconded an interim team of officials to operationalise the Deposit Protection Fund (DPF) that will see bank customers earn Shs3m in case the bank is closed. DPF is a newly established institution following the enactment of the Financial Institutions (Amendment) Act (FIA) 2016. The
Read More