DFCU’s 10Bn Scam: Mukesh Rejects To Be Charged Double

Businessman Shukla Mukesh of Shumuk Enterprises is involved in one of the biggest court fights of his lifetime to stop DFCU from charging him double for the same loan he settled already.

Justice Stephen, Head of the Commercial Division of the High Court, is expected to resolve the case on December 15. Crane Bank sold off Shukla’s sizeable piece of land currently holding Senana Supermarket along Buganda Road for and over the same loan Dfcu wants him to pay double. Frida Nabirongo purchased the land in issue, erecting the building where Senana Supermarket is located.

Many years later, Dfcu went back to Mukesh, resurrecting the same issue that the businessman and Crane Bank had resolved already and therefore completely put to rest. As Mukesh was still trying to figure out what exactly was going on, Dfcu rushed and advertised for auction all his companies and prime pieces of land using the same impugned loan as an excuse and as a basis for the said impugned auction. It’s at that point in time that Mukesh moved to court in order to stop Dfcu from scamming him. It’s not clear whether or not the proceeds of an auction of Mukesh’s land by Crane Bank were recorded by the defunct Bank managers as being the full and final settlement for the loan which the latter-day Dfcu is again trying to recover from Mukesh.

Legal Showdown

But even if the defunct Crane Bank itself did not record the proceeds of the sale as the last and final settlement of Mukesh’s loan, the right and reasonable thing for DFCU to do would have been to ask for indemnity from Bank of Uganda and not to harass and hound Mukesh. That would be the right course of action to take since it’s Bank of Uganda assigned to DFCU the same impugned loan upon buying Crane Bank without any knowledge of Mukesh whatsoever that the money realized from the sale of his land had not been allegedly banked with Crane Bank or whatever the case could be. Mukesh produced a document to the court and said it was a confirmation from Crane Bank that the debt had been settled.

But Dfcu still insists Mukesh must clear the loan since it remains unpaid to date and after it inherited it from Crane Bank. Now all eyes and ears are on Justice Mubiru to see and hear how he is going to decide this case and, in whose favor, and not, come December 15. We shall be there, of course, Inshallah, to record whatever will be going on and post it here on the Bulletin Media website for your consumption and information. God bless you all our dear esteemed readers and potential advertisers as we endeavor to build and push ahead this project together.

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