The Bank of Uganda, the national financial regulator, has finally addressed the issue regarding the missing Shs 62 billion (approximately 17 million dollars).
There have been rumors about a group of hackers from Southeast Asia, known as ‘Waste,’ who allegedly hacked the Bank and redirected these funds to various international locations, including Japan.
These claims had been circulating, but the Bank had not provided an official clarification despite extensive media coverage, including reports from international news outlets.
However, on December 2nd, the Bank issued an official statement regarding the situation. In a statement signed by Kenneth Egesa, the Bank’s Director of Communications and Public Relations, the institution acknowledged the crisis.
While the statement did not specify the amount that was reportedly diverted, it confirmed that the incident occurred and that investigations are underway to fully understand the situation. The statement emphasized that the Bank considers these matters to be serious.
In addition to conducting an internal review, the Bank is collaborating with relevant authorities such as the CID, FIA, and the Auditor General. The Bank anticipates that the findings will provide clarity on how these events transpired. Furthermore, it assured the public that an update will be provided once the investigation is complete.
Below is the complete statement:
“The Bank of Uganda (BoU) is aware of recent media reports regarding two incidents involving fraudulent activity that resulted in international payments being diverted from their intended beneficiaries.
The BoU takes these matters with the utmost seriousness. We immediately launched a comprehensive internal investigation to:
- Fully understand the complete extent of these incidents
- Conduct a thorough process review
- Identify and implement steps to prevent similar occurrences in the future
We are actively cooperating with relevant authorities, including the Criminal Investigations Directorate of the Uganda Police Force, the Financial Intelligence Authority, and the Office of the Auditor General, to assist in their investigations.
We anticipate that the investigative findings will comprehensively clarify the details of how these payments were initiated and processed through the BoU.
Once the investigation is complete, we will provide a detailed public update. Our commitment remains unwavering: to maintain the highest standards of institutional integrity and transparency. The BoU remains steadfast in safeguarding its systems and upholding public confidence.”
