Timba blew US$13,9m — audit

A FORENSIC report on ReNaissance Merchant Bank (RMB) by BCA Forensic Audit Services has revealed how the bank’s major shareholder Patterson Timba violated corporate governance structures, advancing loans amounting to US$13,9 million in related party transactions and insider loans.

A total of US$1 018 286,25 of depositors’ funds were used to pay for Timba’s personal expenses. The report said the various payments adding up to this figure were made in violation of section 177 of the companies Act (Chapter 24:03).

 

“Although the expenses were charged to Mr Timba’s cash advance account, this remains an issue due to the fact that Mr Timba as a director on the board of RFHL did not obtain a special ordinary resolution entitling him to have access to such funds as required by section 177 of the Companies Act 24:03,” the summary said.

 

The report said it appeared the reason why RFHL operated without a Finance Director was so that no one could police RFHL’s transactions and therefore allow the executives to behave in the manner they did, which saw them having uncontrolled access to depositors’ funds.Investigations by the auditors established that there was a total collapse of corporate governance structures at RMB, which resulted in Timba’s relatives accessing loans through various investment vehicles from RMB through RFHL’s unfunded call account numbers 1 000- 100566-160 and 1 000-100566-15”.Related party borrowings, which were not approved by the board, were so rampant to such an extent that it is appropriate to conclude that the intention was to loot the bank,” the audit said.The audit report also said US$249 913 of depositors’ funds could have been externalised.

 

The  investigations established that a total of US$2 232 705 was remitted to Uganda for the purpose of capitalising foreign owned subsidiary ReNaissance Capital Limited (RCL) in violation of section 10 of the Exchange Control regulations SI 109 of 1996.The report said RMB  deposits were siphoned away via an elaborate scheme in fraudulent manipulation of section 3.3.1 of the Exchange Control Directive 1/2009 in force relating to cross-border investments in that depositor’s funds disguised as free funds were externalised via conduits.

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