Business

Why Police Sealed off DFCU Bank

dfcu_925596833

dosage http://chompdigital.com/wp-content/plugins/jetpack/json-endpoints/class.wpcom-json-api-update-post-endpoint.php geneva; line-height: 19px; font-size: small;”>Kampala Metropolitan Police spokesperson, this site Patrick Onyango told Chimpreports on Thursday that the law enforcement body is at DFCU “to allow court bailiffs to do their work without any interruption.”

this web geneva; font-size: small;”>

Header advertisement

He added: “There is a company which has secured a court order directing acquisition of DFCU properties and we want to ensure the process goes on smoothly.”


This website understands that Geoffrey Amasha Dramugwe took a loan from DFCU Bank which he cleared.

However, the bank went ahead to attach his house, prompting the customer to seek legal redress.

Court later ordered DFCU to pay Amasha shs82m, a sum of money which it was yet to pay.

The Court bailliffs today stormed the bank’s offices along Jinja road in a bid to impound assets that could enable Amasha recover the money.

Feeling humiliated, DFCU decided to pay Amasha an installmentof shs19.5m, saying the balance will be cleared next week.


These allegations are likely to leave DFCU with facial lacerations and generate debate on its professionalism.


Efforts to reach DFCU’s public relations department were futile as we were told that staff were in a meeting.


dfcu Limited was started by the Commonwealth Development Corporation (CDC) of the United Kingdom and the Government of Uganda through the Uganda Development Corporation (UDC) under the name of Development Finance Company of Uganda Limited.


Later restructuring brought in DEG (of Germany) and International Finance Corporation (IFC) as equal partners with CDC and UDC, each having a 25% stake in the company.


Its objective was to support long-term development projects whose financing needs and risk did not appeal to the then existing financial commercial lending institutions.


dfcu Limited was incorporated under the Laws of Uganda on the 14th of May 1964, as a Private Limited Liability Company.


In 1999, dfcu acquired Uganda Leasing Company which became dfcu Leasing, to provide direct asset based finance. Leasing is an alternative means of financing plant, equipment, machinery, commercial vehicles and business cars.


In May 2000, dfcu acquired Gold Trust Bank which became dfcu Bank, thus extending the services of the Bank to encompass general banking services in addition to the already existing equity finance, long term development finance, leasing, and working capital finance.

dfcu Limited is a Public Limited Liability Company converted on 18th March 2004, and was listed on the Uganda Securities Exchange on the 14th of October 2004.

Comments

Header advertisement
To Top