Stanbic Bank has taken action to freeze the accounts of Merge (U) Ltd, a company jointly owned by the late businessman Henry Katanga and his wife, Molly Katanga. The account, holding over $8 million in cash deposits, has been inaccessible since the bank’s decision, as reported by officials speaking anonymously to media.
Merge (U) Ltd, a successful company, has secured significant procurement contracts with the Ministry of Defense over the past decade, yielding substantial profits. These contracts, including the supply of grain worth billions of shillings to the UPDF, have contributed to the company’s financial success.
The bank’s decision to freeze the account came after Molly Katanga allegedly attempted to transfer millions of dollars to foreign bank accounts following her husband’s death. Reports indicate that Molly sought to move $8 million abroad while her husband was hospitalized before his passing.
Upon Molly Katanga’s attempt to access the funds, Stanbic Bank sought legal advice and subsequently froze the account to prevent any further transactions. The account remains inaccessible pending further legal proceedings.
Molly Katanga, currently facing charges of murdering her husband, Henry Katanga, was remanded to Luzira Prison earlier this year. The accusation states that Molly shot Henry Katanga dead with a pistol at their residence in Kampala. Despite claims of innocence and allegations of domestic violence, Molly remains in custody.
Following Henry Katanga’s death, his friend and businessman, Barnabas Taremwa, petitioned Kampala High Court for an inquest into the circumstances surrounding the incident. Taremwa raised questions about the withdrawal of funds from Stanbic Bank shortly after Henry’s death, suggesting that further investigation is needed to determine the purpose of these transactions.
Reports indicate that Martha Nkwanzi Katanga, Henry’s daughter, withdrew 300 million Ugandan shillings from Stanbic Bank hours after her father’s passing. Family members suggest that these funds were intended to cover medical expenses, legal fees, and burial costs associated with the tragedy. However, the withdrawal has raised suspicions and prompted calls for a thorough investigation into the financial affairs of the Katanga family.