By Our Reporter
NATIONAL
A businessman and a Cairo Bank official have been convicted and sentenced to imprisonment for forging collateral that they used to secure a Shs200M Loan from Cairo Bank.
According to a statement issued by the Office of Directorate of Public Prosecutions today Friday, 21st February, 2025, businessman Kisolo Robert and Cairo Bank officer, Nasuuna Specioza obtained a Shs200M loan using forged documents.
Court sentenced Kisolo to 4 years & both to pay Shs100M each.
The fraud dates back to 2016 when Kisolo and Nasuuna forged key documents to secure a bank loan. Among them, a fake power of attorney, a forged property valuation report and a fraudulent survey report which they used to misrepresent a property in Seeta, Mukono as loan collateral.
These misrepresented a property in Seeta, Mukono as loan collateral.
The forged power of attorney, allegedly signed by three individuals, falsely authorized Kisolo to act on behalf of the property owners. With Nasuuna’s help at Cairo International Bank, they secured Shs200M fraudulently.
The prosecution, led by Chief State Attorney Keko Joan and Senior State Attorney Ivan Kyazze, built a strong case with expert analysis of forged documents, key witness testimonies and investigation reports from Uganda Police.
Kisolo was convicted on 5 counts, including forgery & fraud whereas Nasuuna was found guilty on all except forging the power of attorney.
This case sets a strong precedent against financial fraud in Uganda’s banking sector. The ODPP’s success shows the importance of vigilance in financial institutions to prevent similar schemes.
