Entebbe municipality Mayor Fabrice Brad Rulinda is cursing like hell after freezing his money amounting to $340,000 from the juicy deal we can’t tell.
It’s now official that the city lord mayor is shedding crocodile tears after freezing his monies in the Stanbic Bank Uganda.
The money was wired from the Green Global Corporation and dumped on his dollar account in 2017.
Rulinda withdrew about $155,000 for pocket change and left the bank account smiling before the banking smelling a rat & freezing his monies.
Rulinda is pinned over getting monies from dangerous sources in the Eastern Congo.
Rulinda is regretting why he opened up his account in this bank to start tossing him around like dog over his big monies.
His lawyers,Samuel Taremwa and Isaac Ssali Mugerwa have fired back & denied their client being an M23 rebel activist after addressing journalists on Tuesday in Entebbe.
High Court judgment has placed Entebbe Mayor Fabrice Brad Rulinda at the center of a ‘gold’ deal & Rulinda failed to take steps to verify the source of the funds .
He sued the bank, arguing that the reversal was done without his consent and breached their banking contract, said Rulinda .
Stanbic Bank, through M/s Kyagaba & Otatiina Advocates (Dentons Advocates), argued that the transactions were unusual and suspicious.
The bank reported the matter to the Financial Intelligence Authority after Rulinda failed to provide documentation explaining the source and purpose of the funds.
In August , 2017, M/S Green Global Corporation transferred $422,957.50 to his dollar account & an addition of $73,262.50.
Justice Mubiru examined the provisions of the Anti-Money Laundering Act and the legal principle of willful blindness, which treats individuals who deliberately ignore the source of funds as knowing the criminal origin of the funds.
Rulinda provided several explanations of the source of funds, including claims of gold dealings , oil, transport, and construction.
Meanwhile also a Rwandese national,Elizabeth Mbabazi has been sentenced over attempting to steal a staggering Shs725 million from Stanbic Bank Uganda at the Acacia Mall branch.
Court heard that Mbabazi was part of a well-coordinated criminal network that forged documents and even created a fake national ID to impersonate as real bank customer.
Mbabazi struck a deal with prosecutors, confessed, and agreed to testify against her co-accused.
She has now been handed a 6-month sentence and will spend weeks behind bars enjoying happy moments of hard knocks.
