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    Global Fund scam, former DFCU Bank officials implicated

    April 3, 2014 / No Comments

    Two former bosses of DFCU bank were yesterday charged before the anti –corruption court chief magistrate. The two, Robert Kantuntu former managing director and Godfrey Lule the banks former head of treasury both denied the charges and where released on Ugx. 3 million cash bail each. Godfrey is alleged to have frauduately directed DFCU staff to exchange Global Fund money into local currency at inflated foreign exchange rates on several occasions. For instance, in April 2004, prosecution alleges that he converted US $1 million at Ugx. 1920 each which was higher than the normal rate of Ugx. 1,908 per dollar…

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    M. B. Mugisa

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