Exclusive!! Housing Finance Bank Top Boss Fired Over Shs 6 Billion Forex Scam

Under bank of Uganda pressure, the housing finance bank top management last week held a crisis meeting during which members voted to dismiss a one Robert J Nyamungani who had been manager in charge of treasury department.

As head of treasury, Nyamungani was investigated and found guilty of many things including sneaking in and trading in currencies which HFB officially doesn’t deal in.

Examples included the Indian rupees and Tanzanian currency. He engaged in three major foreign currency transactions which caused the housing bank to make a loss of Ugx6BN.

The cash was fraudulently laundered through the housing finance bank foreign exchange systems and the same was never hedged and captured on the balance sheet for the trading period in question.

The companies the senior manager connived with to carry out the Ugx6BN fraud are Zigoy, Deritage Index and Zenken Ltd.

After being found culpable, the bank’s top management decided to dismiss Nyamungani with disgrace. Some wanted him to be allowed to voluntarily resign so that he doesn’t get affected as he looks for the next job in another bank but majority HFB members voted for dismissal.

Some few wanted him to be referred to police and the DPP so that he rots in Luzira but this idea was abandoned after members realized that he is a young man with a future to look up to as he raises his children.

It was agreed that forgiving him would motivate other managers to indulge themselves in fraudulent activities which the bank of Uganda has been warning the HFB about all the time.