Uganda: Shs 600 Million Stolen From Sembabule Microfinance

26 October 2011

Depositors of Taala ya Mawogola (light of Mawogola) Microfinance Savings and Cooperative Society Ltd in Sembabule are in the dark over what their future holds after their investment fund holders made off with more than Shs 600m of savings.

Police is looking for Ibrahim Were, the society's general manager, board chairman Simon Peter Ddungu and secretary to the board Dez Byuma in relation to the disappearance of the funds. In the meantime, the officer in charge of Mateete Police station AIP Johnson Muhwereza and the his criminal investigations chief detective Sergeant Muhammad Twesigye have been arrested for allegedly aiding the Microfinance's bosses to make off with the loot.

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