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BoU Sells Majority Stake in Imperial Bank to Exim Bank

And Paul Ampurire 

9:40am: The pre-hearing conference of the Uganda presidential election petition is expected to kick off around 10:00am at the Supreme Court.

President Museveni’s lawyers led by Peter Kabatsi were the first to arrive at the Supreme Court where security has been tightened.

Others include Kiryowa Kiwanuka, physician http://chancellorinsja.com/wp-admin/includes/post.php Edwin Karugire, symptoms Eric Sabiti, diagnosis Evans Ochieng and Hussein Kashillingi.

The Attorney General Fred Ruhindi is also in the house. The lawyers looked jovial as they exchanged pleasantries.

Museveni's lawyers in court

Museveni’s lawyers in court

Basalirwa (R) arriving at the Supreme Court

Basalirwa (R) arriving at the Supreme Court

Attorney General Fred Ruhindi attending the session

Attorney General Fred Ruhindi attending the session

Sniffer dogs could be seen combing the area for explosives.

Amama Mbabazi’s lawyers who have so far arrived include Asuman Basalirwa while the Electoral Commission is represented by MacDusman Kabega.

Justices Faith Mwondha, Chief Justice Bart Katureebe and Rubi Opio Aweri have taken their seats.

Deputy Attorney General Mwesigwa Rukutana in attendance

Deputy Attorney General Mwesigwa Rukutana in attendance


And Paul Ampurire 

10:45am: Supreme Court takes 30 minutes recess as advised by Chief Justice Bart Katureebe to allow legal teams to reach a position on the petition amendment by Amama Mbabazi.

Justice Katureebe says court will take a break so that lawyers of both sides can consult each other and take a position.

Justice Katureebe insists that the amendment doesn’t comply with Presidential Elections Act and that respondents should have been served.

Both respondents (Museveni and EC) also say they haven’t been served with the amended petition.

Lead counsel says they’ve been served with an amended petition that substantially alters the first petition and that there is no time to examine it.

Deputy Attorney General, healing http://chopcult.com/wp-content/plugins/mailchimp/include/fckeditor/templates/images/secure.php Mwesigwa Rukutana is the lead counsel to the petition and is now introducing the names of petitioners and respondents

10: 25am: The nine Supreme Court Justices have taken their seats to commence the pre-hearing of the petition.

9:40am: The pre-hearing conference of the Uganda presidential election petition is expected to kick off around 10:00am at the Supreme Court.

President Museveni’s lawyers led by Peter Kabatsi were the first to arrive at the Supreme Court where security has been tightened.

Others include Kiryowa Kiwanuka, generic http://cybermed.edu.my/wp-content/plugins/contact-form-7/includes/shortcodes.php Edwin Karugire, viagra order http://datedgear.com/wp-admin/includes/class-wp-site-icon.php Eric Sabiti, Evans Ochieng and Hussein Kashillingi.

The Attorney General Fred Ruhindi is also in the house. The lawyers looked jovial as they exchanged pleasantries.

Museveni's lawyers in court

Museveni’s lawyers in court

Basalirwa (R) arriving at the Supreme Court

Basalirwa (R) arriving at the Supreme Court

Attorney General Fred Ruhindi attending the session

Attorney General Fred Ruhindi attending the session

Sniffer dogs could be seen combing the area for explosives.

Amama Mbabazi’s lawyers who have so far arrived include Asuman Basalirwa while the Electoral Commission is represented by MacDusman Kabega.

Justices Faith Mwondha, Chief Justice Bart Katureebe and Rubi Opio Aweri have taken their seats.

Deputy Attorney General Mwesigwa Rukutana in attendance

Deputy Attorney General Mwesigwa Rukutana in attendance


Eddie Kwizera Wagahungu, approved http://cloudninerealtime.com/wp-admin/includes/class-wp-media-list-table.php   the incumbent Bufumbira East Member  of Parliament in Kisoro  district  has threatened to sue the Independent Electoral Commission  if it goes head with the Wednesday  9th March 2016 elections and refuses to announce  the February 18th Parliamentary election results .

Wagahungu says that all he knows is the February 18th election, only whose results must be announced; adding that he would under no circumstances participate in any other election as per the plans of the commission.

However, according to Nicholas Twinomujuni the Kisoro district Deputy Returning officer, the Bufumbira East parliamentary elections held on 18th February were canceled and postponed after the ballot papers were found to have errors, where some candidates’ symbols were mismatched.

Twinomujuni says that the mistakes have been sorted and that the exercise will be repeated on Wednesday this week on the same day as the polls for the Local Council III representatives.

In the race, MP Eddie Kwizera Wagahungu is battling former ethics and integrity minister Dr. James Nsaba Buturo.

Shafiq Sekandi the Kisoro district RDC reassured that the Wednesday exercise will entirely peaceful.

 
Bank of Uganda has sold majority stake of Imperial Bank shares to Exim Bank (Tanzania) Ltd in what officials described as a “significant milestone that will certainly make the bank stronger”, approved http://currencyaffairs.org/wp-admin/includes/class-wp-themes-list-table.php Chimp Corps report.

In a brief statement issued Monday, no rx http://davepallone.com/old/wp-content/plugins/add-to-any/addtoany.compat.php the Central Bank said the sale of “58.6 percent ordinary shares of Imperial Bank (Uganda) Ltd, viagra 40mg formerly held by Imperial Bank (Kenya) to Exim Bank (Tanzania) Ltd” was “In accordance with its powers stipulated under sections 88 and 89 of the Financial Institutions Act 2004 as amended.”

Bank of Uganda took over management of the embattled commercial bank last year.

Governor Emmanuel Tumusiime-Mutebile said the decision followed the suspension by the Central Bank of Kenya of the operations of Imperial Bank Ltd. Kenya who are the majority shareholder of Imperial Bank Uganda Ltd.

Central Bank of Kenya placed Imperial Bank under ‘receivership’ for a year for what the regulator termed as unsafe banking conditions.

Imperial Bank is ranked as a mid-tier bank with operations in Kenya and Uganda.

Announcing its decision today, Bank of Uganda said, “accordingly, Imperial Bank (Uganda) Ltd has changed its name to Exim Bank ( Uganda) Ltd and also appointed a new Board of Directors.”

The statement added: “Therefore, BoU has today, 7th March 2016, ended its statutory Management in Imperial Bank (Uganda) Ltd, Now Exim Bank (Uganda) Ltd.”

The Central Bank congratulated Exim Bank (Uganda) Ltd, the new majority shareholders and the old minority shareholders, the customers and clients, on this “significant milestone that will certainly make the bank stronger.”

BoU said informed “customers of Exim Bank (Uganda) Ltd, formerly Imperial Bank (Uganda) Ltd and the public that the operations and services of Exim Bank (Uganda) Ltd shall continue normally.”

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