{"id":88736,"date":"2024-12-08T18:08:09","date_gmt":"2024-12-08T18:08:09","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/all-news\/financial-integrity-remains-intact-despite-fraudulent-breach-michael-atingi-ego"},"modified":"2024-12-08T19:16:28","modified_gmt":"2024-12-08T19:16:28","slug":"financial-integrity-remains-intact-despite-fraudulent-breach-michael-atingi-ego","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/financial-integrity-remains-intact-despite-fraudulent-breach-michael-atingi-ego","title":{"rendered":"Financial Integrity Remains Intact Despite Fraudulent Breach \u2013 Michael Atingi-Ego"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>The Bank of Uganda is under intense scrutiny following revelations of a nearly 60-billion-shilling fraud that diverted funds intended for international debt servicing.<\/b><\/p>\n

The fraudulent transactions, executed on September 12 and 28, 2024, have raised serious concerns about the institution\u2019s oversight of global financial transactions.<\/p>\n

During the December Monetary Policy briefing, Deputy Governor Michael Atingi-Ego reassured the public about the central bank\u2019s systems and recovery efforts. \u201cLet me assure Ugandans: our internal systems remain secure and uncompromised. This was not a hacking of our systems but a breach of trust within the global correspondent banking network,\u201d Atingi-Ego stated emphatically.<\/p>\n

The Fraudulent Transactions<\/p>\n

The first transaction involved $6.134 million meant for the World Bank, fraudulently sent to Roadway Company Limited in Japan. The second, totaling $8.596 million intended for the African Development Fund, was redirected to MJS International in London.<\/p>\n

Recovery Progress and Setbacks<\/p>\n

The Bank of Uganda, in collaboration with CitiBank and other local and international partners, has recovered $8.205 million from MJS International, which has been credited back to Uganda\u2019s consolidated fund.<\/p>\n

However, recovery efforts in Japan face significant resistance, with the recipient bank, MUFG, proving uncooperative.<\/p>\n

Efforts to recover the remaining $391,000 from the London-based account are ongoing, while funds sent to Japan remain unrecovered, raising concerns about the overall recovery process.<\/p>\n

No Staff Under Scrutiny or Arrest<\/p>\n

The Deputy Governor denied allegations of staff involvement, emphasising the fraud did not stem from internal operations. \u201cNo member of our staff is under scrutiny or has been arrested.<\/p>\n

However, everyone involved in handling these transactions is fully cooperating with investigators to ensure the stolen funds are recovered,\u201d Atingi-Ego clarified.<\/p>\n

Inflation Stability Amid Crisis<\/p>\n

Despite the fraud scandal, Uganda\u2019s inflation rate remains stable due to diminishing global inflationary pressures, lower food prices, and the central bank\u2019s proactive monetary policies. Atingi-Ego assured that core inflation is expected to remain below the 5% target, with the mining and oil sectors supporting the stability of the shilling.<\/p>\n

Debt Sustainability<\/p>\n

Atingi-Ego also addressed Uganda\u2019s debt position, asserting that it remains sustainable and manageable. \u201cUganda can and will meet its repayment obligations in the coming years without jeopardising its financial future,\u201d he affirmed.<\/p>\n

While the Bank of Uganda insists its systems are intact, the fraud highlights vulnerabilities in the global banking framework. Investigations by the Auditor General and international partners continue, but public trust remains fragile.<\/p>\n

The Deputy Governor reiterated the central bank\u2019s commitment to transparency and accountability as recovery efforts proceed.<\/p>\n

For More News And Analysis About Uganda<\/span> Follow Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. The Bank of Uganda is under intense scrutiny following revelations of a nearly 60-billion-shilling fraud that diverted funds intended for international debt servicing. The fraudulent transactions, executed on September 12 and 28, 2024, have raised serious concerns about the institution\u2019s oversight of global financial transactions. During the December Monetary Policy briefing, Deputy […]<\/p>\n","protected":false},"author":84,"featured_media":88735,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[234],"class_list":["post-88736","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-uganda"],"yoast_head":"\nFinancial Integrity Remains Intact Despite Fraudulent Breach \u2013 Michael Atingi-Ego - Uganda<\/title>\n<meta name=\"description\" content=\"The Bank of Uganda is under intense scrutiny following revelations of a nearly 60-billion-shilling fraud that diverte ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/financial-integrity-remains-intact-despite-fraudulent-breach-michael-atingi-ego\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Financial Integrity Remains Intact Despite Fraudulent Breach \u2013 Michael Atingi-Ego\" \/>\n<meta property=\"og:description\" content=\"The Bank of Uganda is under intense scrutiny following revelations of a nearly 60-billion-shilling fraud that diverte ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/financial-integrity-remains-intact-despite-fraudulent-breach-michael-atingi-ego\" \/>\n<meta property=\"og:site_name\" content=\"Uganda\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-08T18:08:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-08T19:16:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2024\/12\/sm_1733672753.535487.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"375\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/financial-integrity-remains-intact-despite-fraudulent-breach-michael-atingi-ego#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/financial-integrity-remains-intact-despite-fraudulent-breach-michael-atingi-ego\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Financial Integrity Remains Intact Despite Fraudulent Breach \u2013 Michael Atingi-Ego\",\"datePublished\":\"2024-12-08T18:08:09+00:00\",\"dateModified\":\"2024-12-08T19:16:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/financial-integrity-remains-intact-despite-fraudulent-breach-michael-atingi-ego\"},\"wordCount\":427,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/financial-integrity-remains-intact-despite-fraudulent-breach-michael-atingi-ego#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2024\/12\/sm_1733672753.535487.jpg\",\"keywords\":[\"uganda\"],\"articleSection\":[\"all news\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/financial-integrity-remains-intact-despite-fraudulent-breach-michael-atingi-ego#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/financial-integrity-remains-intact-despite-fraudulent-breach-michael-atingi-ego\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/financial-integrity-remains-intact-despite-fraudulent-breach-michael-atingi-ego\",\"name\":\"Financial Integrity Remains Intact Despite Fraudulent Breach \u2013 Michael Atingi-Ego - 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