Breaking NewsTop Story

EQUITY BANK UGX65 BILLION SCANDAL: DPP ORDERS RELEASE OF KEY SUSPECT, CALLS FOR BROADER INVESTIGATION

A stunning twist has emerged in the ongoing investigation into Equity Bank’s UGX65 billion fraud scandal, as the Director of Public Prosecutions (DPP) has ordered the release of Kenneth Onyango, the bank’s former Executive Director in Charge of Commercial Banking. The DPP’s decision, revealed by The Investigator, was made not due to lack of evidence against Onyango but to facilitate a broader investigation into the intricate web of high-profile individuals implicated in the scandal.

The scandal, which dates back to 2018, involves fraudulent loans and financial misconduct by top-ranking officials, including former Managing Director Samuel Kirubi, his confidant Kezia Dorothy Asiimwe (Head of Finance), and current MD Anthony Kituuka. A leaked dossier, verified by The Investigator, exposes a grim picture of systemic corruption, including a UGX29.3 billion loan obtained by Kirumbi through Luwaluwa Investment Ltd under false pretenses.

The investigation has revealed a complex network of corruption, involving debt collection company JALD, owned by Ronald Luwangula, with close ties to Kirubi and other Equity Bank executives. JALD was allegedly involved in concealing fraudulent activities and received preferential treatment, with its invoices fast-tracked and approved without scrutiny.

The scandal has taken on an international dimension, with Kenyan executives involved in Equity Bank’s Ugandan operations. Kenyan-led investigations have ensured that Kenyan nationals, such as former Head of Credit Jimmy Mwangangi, were quietly sent back home to avoid prosecution, while Ugandan staff remain imprisoned on suspected trumped-up charges.

The DPP’s call for a broader investigation has raised hopes that justice will be served, but the public remains skeptical, wondering if powerful individuals will escape unscathed. The stakes are high, with millions of shillings at stake and the integrity of one of Uganda’s largest financial institutions hanging in the balance. As the investigation unfolds, one thing is clear – the UGX65 billion scandal is far from over, and the truth may be more shocking than anyone ever imagined.

Related posts

CHEPTEGEI REIGNS SUPREME: Ugandan Athlete Wins Men’s 10,000m Title in Record Time

Dean Lubowa Saava

NUP Slams Police for Blocking Youth Campaign Launch

Barbra Zeka

Former Inspector General Of Police, John Cossy Odomel, Has Passed Away

Ssekanyumiza Amansa Bwino

Court Halts Changes to NUP Party Register Amid Legal Dispute

Barbra Zeka

Eid -Ul-Fitir To Be Celebrated On 10th April 2024.

Dean Lubowa Saava

Muhoozi Makes His Mark: Three Senior Officers Promoted in Latest UPDF Reshuffle

Dean Lubowa Saava

Kenyan President William Ruto Fires Entire Cabinet Amidst Ongoing Protests

Cathy Mirembe

Government loses trillions on Uganda coffee development authority {UCDA).

admin

Josh Kroenke with Florentino Perez before Real Madrid v Arsenal

Dean Lubowa Saava

Minister Musasizi Clarifies Use of Shs300Bn: Ambulance Funds Not Solely for Roko Construction Bailout

Cathy Mirembe

2 comments

Sekiranda Julius August 13, 2024 at 9:49 pm

Scovia I have a sad story to share with you regarding equity bank, kindly get back to me and I share with you this story

Reply
Tusiime Scovia January 8, 2025 at 7:29 pm

Kindly use my email

Reply

Leave a Comment