ISO Takes Over Pension Scam Saga

Government has burst a plot in which Cairo international bank managers are allegedly plotting to flee the country.



The owners however, allegedly want to first vend the bank before leaving the country.

The same government is also allegedly privy to information suggesting that the building that houses this bank is up for sale by liquidators of the defunct Greenland Bank but what is shocking is the fact that the Cairo bank managers have allegedly shown no interest in this plan.

The latest information is contained in a pro-government news magazine ‘The Yellow Times’.

The magazine states that government is currently vetting names of individuals with a view of setting up a special probe team to re do investigations in both Pension scandal and that of the Office of the Prime Minister.

“Government has been vetting names in which a new committee will be formed to review the scandals that rocked OPM and pension. Government has also received credible information that owners of Cairo Bank want to flee the country; something that is unacceptable because government is going to appeal the pension case,” the magazine titled ‘NEW PROBE ON CAIRO BANK AND OPM SCANDALS SET UP’ reads in part.

Contacted for a comment, presidential spokesperson Tamale Mirundi confirmed the developments but declined to give details.

“The president has interest in this matter. It cannot be brushed under the carpet,” he stated before hanging up.

This information comes at a time when our top sources confirmed to us that the Internal Security Organization [ISO] has finalized plans to take over the messed up investigations into the shs165bn pension scam.

We have exclusively confirmed that following the ongoing internal mistakes within the police which resulted into the dismissal of the case, security agencies have swung into action on orders of sector minister Mary Karooro Okurut.

The investigations arise from reports that actually, even some of the cops who investigated the saga, are also now suspects in this mega swindle.

Senior sources told us that in the recent past, government has secretly been alarmed at the two mega scandals which occurred in office of the prime minister and the pension scam in which over shs200bn was stolen by goons.

We have learnt that it is against that background that Karooro met some senior officials in intelligence to review the whole ‘circus’ surrounding the pension scandal and its implications to the state.

The minister is supposed to brief the president on the progress of the investigations within two weeks.

The president is expecting two reports from her docket one regarding the allegedly bribery to cops who investigated the saga and the other about the scandal itself and why it was dismissed.

In fact, sources told us that already Karooro has ordered her intelligence team to obtain the entire judgment by Justice Benjamin Kabiito regarding the case, scrutinize it and make a brief to him.

It is out of this brief that the president will instruct his private lawyers to also carry out independent analysis and assessment of the evidence laid before court.

According to sources, the major reason for this fresh investigation that also targets some individuals who handled the pension scandal is to ensure that culprits are netted and also money recovered.

Secondly, before the budget is presented next month, government wants to come out with practical answers on how this shameful saga has been handled, and that it is expected that by that time, some action on the alleged suspects would have been done including arrests.

It was reported that actually owners of this money are languishing in poverty yet their money was stolen.

Thirdly, the timing of the case according to sources is politically sensitive.

“At this time, how can someone say that a case worth billions of shillings has been dismissed because of trivial issues? If investigations were done properly, how come that we lost the case? To make matters worse, there are accusations and counter accusations within the force that investigated! This therefore means a cleaner investigation must be carried out. It is unfortunate that it might even extend to some of our officers who investigated the scandal,” highly placed sources in security told us.

The sources added that because the country is going into elections, intelligence got information that the anti-Museveni forces have plotted to use the two scandals against the regime and yet in its 2011 campaign manifesto, fighting corruption was part of the issues pledged by the regime to handle.

On top of that, the state is concerned as to whether this money will not be used to sabotage NRM campaigns.

When contacted on phone, Karooro neither denied nor confirmed the story.

“Intelligence doesn’t stop at security related matters alone but also covers economic aspects. Fraud, money laundering and corruption are big threats to the security of the country. Do you know the purpose for which that money was used? What if it was used on terrorism? Our core interest as a sector is on security, corruption and terrorism” she said on phone without giving details.


In his judgment dated 16/1/2015 a copy of which we obtained, judge Benjamin Kabiito dismissed a case in which the DPP dragged Cairo Bank to court on accusations of participating in the shs165bn pension fraud.

The case was controversially dismissed after CIID which investigated the matter filed two conflicting reports regarding the saga.

Whereas CIID chief Grace Akullo filed a different report, another team from her office filed a different report which helped the goons to be let off the hook including Cairo Bank.

The matter has since attracted public tears including members of parliament.

Akullo last week said the case was going to be reinstated and also accused her juniors of facilitating the fraud while some sections of the media stated that the CIID office had been oiled with mega bribes to kill the pension scam case.

When police carried out the investigations, it was discovered that 3432 ghost pensioners were created and inserted into the pensions registry by some goons in ministry of public service.

Upon successfully creating them, the public service goons went to parliament and sought approval of a budget to clear the ‘pensioners’ debts.

The smart men and women then relayed the names of ghosts to finance ministry for processing before names were sent to Bank of Uganda for payments to be made.

The goons ensured that each ghost pensioner is allocated a bank account in Cairo Bank on which pension funds were deposited.

Upon cash reaching those accounts, Peter Ssajjabbi, a purported secretary to East African Comminity Beneficairies Association [EACOBA] allegedly withdrew all the cash on ‘their’ behalf.

It was against that background that after investigations, charges were preffered against nine people including PS Jimmy Lwamafa, Kiwanuka Kunsa Steven [director research], Christopher Obey [principal accountant], David Oloka [senior accounts assistant], Francis Lubega [information systems analyst], Peter Ssajjabbi, Nakigozi Rehema, among others.