BOU’s Crane Bank disaster

Why those who thought they were above the law will soon realise that this is not the case

THE LAST WORD | ANDREW M. MWENDA | On February11, businessman Sudhir Ruparelia won yet another victory in the Supreme Court against Bank of Uganda over the fate of Crane Bank.

The central bank closed Crane Bank in October 2016 claiming it was undercapitalised. The latest ruling is a culmination of a running battle between the central bank and Sudhir for four years. The Supreme Court ruled that Crane Bank should revert to Sudhir and asked BOU to pay the costs. So far it is estimated the costs of the trial from the High Court through the Court of Appeal up to the Supreme Court amounts to Shs 200 billion.

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The Uganda-DRC case

How the ruling against Uganda presents Africa a golden opportunity to expose the hypocrisy of ICJ

THE LAST WORD | ANDREW M. MWENDA | The decision of the International Court of Justice (ICJ) against Uganda for “looting” (among other crimes) the Democratic Republic of Congo (DRC) should be celebrated across Africa, Latin America and those nations of Asia and Oceania that were colonised. It has set an important precedent that, although unlikely to bear fruit, provides considerable grist for the demand-for-reparations mill. It will also help expose the court’s role in protecting the interests of the powerful against those of the weak.

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The Museveni-Mutebile conundrum

Why their opposing views still represent the ideological contention over Uganda’s destiny

THE LAST WORD | ANDREW M. MWENDA | The memorial service of deceased central bank governor, Emmanuel Tumusiime-Mutebile, provided a rare glimpse into the ideological contests that shaped the nature of the economy of present-day Uganda. President Museveni said he had been misled by Mutebile to privatize Uganda Commercial Bank (UCB). Instead, he said, he should have listened to Ezra Suruma, then the bank’s Managing Director, who had argued passionately that the bank remains in the hands of the state of Uganda.

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America’s reckless bullying

How Washington’s disregard of Russia’s security concerns risks war over a misguided obsession with liberal democracy

THE LAST WORD | ANDREW M. MWENDA | The crisis in Ukraine is threatening world peace. Russia has amassed over 100,000 troops at the Ukrainian border. America and her NATO allies claim it intends to invade and occupy that country. So they are sending arms to Ukraine and mobilising forces to deter any such move. Russia claims its intention is to deter America from integrating Ukraine into NATO. Whoever has studied war knows it is characterised by extreme uncertainty. Any miscommunication or misinformation or miscalculation can lead to a conflagration. Given the nuclear arsenals of the USA and Russia, if war broke out no part of the globe can escape its consequences. That is why the crisis over Ukraine should capture the attention of all of us.

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