By our reporter
DFCU bank is searching for ‘a reputable person’ to replace Managing Director Juma Kisaame whose contract expires in December.
According to a reliable source that preferred anonymity, even though the search is still ongoing, at the moment they have failed to get a suitable replacement, ‘given negative reports currently surrounding the institution’.
“Mr Kisaame is likely to decide to leave at the end of his contract but we have failed to get a suitable person to take over because people are not willing to work with us at the moment because of what the bank is going through,” the source said.
DFCU under Mr Kisaame took over Crane Bank in a deal which made it the second largest bank in the country bank by assets. But the controversy surrounding its acquisition has since painted a picture of an institution with serious corporate governance concerns.
Bank of Uganda, according to a recent auditor general report to Parliament, gave away Crane Bank in a deal that shows conflict of interest, and fears of possible fraud or corruption.
The cost of Crane Bank, it has emerged was evaluated and set by DFCU itself, something which goes against common business practices.
To make matters worse, the bank valued at Shs1.2billion by its owners, but sold at Sh200billion, ended up going at almost free to DFCU.