USD620m Stolen From Oil Fund

Parliament had ordered a probe into what sources suspect could be a massive swindle of government monies earned from oil deals.

The probe was ordered after what looked like a contradiction between presentations made by Bank Of Uganda officials led by Governor Tumusiime Mutebile and another presentation made by the Executive Director of the Directorate of Petroleum Ernest Rubondo.

Both presentations were made before the Parliamentary Committee on Commissions, State Authorities and State Enterprises (COSASE) on Wednesday. The office of the auditor General has been instructed to investigate the alleged swindle.

COSASE was informed that $620million was collected and deposited with Bank of Uganda before the Petroleum Fund was established. But this money is currently not reflected on the accounts of the Fund.

Instead, the accounts currently hold only $72Million and Sh10bn, yet the total amount expected to be on the Fund’s accounts should be in excess of  $700M. Committee members think the balance was secretly swindled and want the AG to investigate.

During his appearance before COSASE, Rubondo said the ministry had deposited Sh27billion, monies earned from taxes, rent and penalties over the years since the establishment of the Fund. This money was deposited on the Shillings account. Yet the reported balance on account today is just Shs10bn meaning Shs17bn could have been swindled also.