By Our Reporter
The days of Dfcu Bank LTD (U) to continue operating as a normal financial institution are numbered, after the British Government, which was the biggest shareholder, pulled out its investment from the Bank and sold the shares to other investors.
This means that current majority Shareholder has the liberty to either change the brand name ‘ Dfcu’ and rebrand the Bank, or they may choose to let it be.
Spy Uganda revealed recently how bosses at the Bank were in panic mode after the majority Shareholder known as CDC Group Plc, had decided to sell off their shareholding.
We have since established that CDC Group sold to Investment Fund for Developing Countries (IFU), which a conglomerate owned by the Danish government.
Under the said Conglomerate, the Danish government operates several organisations, which have all been allocated the Dfcu Bank shares that IFU purchased from Britain owned CDC Group PLC, which is based in London, United Kingdom.
The Management of Dfcu Bank has since issued an announcement in local dailies notifying the general public, their clients and shareholders about the changes in the status quo.
The announcement indicates that the new shareholders under IFU include;
Arise BV
SCB Mauritius A/C
Kimberlite Frontier Africa Master Fund
SSB Russell Investment Company PLC
National Social Security Fund-Pinebridge
Vanderbilt University
SSB-Conrad N Hilton Foundation
Bank of Uganda Staff Benefit Scheme
Jubilee Investments Limited
However, it should be noted that all this comes at a time when Dfcu Bank is battling several financial scandals, the biggest of which being the bad deal the Bank managers sealed when they tried to grab properties belonging to Meera Investments Limited.
Currently they are faced with a mulitibillion suit after the High Court rules that Dfcu Bank illegally seized the 48 properties and must compensate Dr Sudhir Ruparelia’s Meera Investments limited for the time they (Dfcu) have been occupying the properties that Crane Bank had leased from Meeras Investments before it was closed by Bank of Uganda and sold to Dfcu Bank.
