Monday, 19 November 2012


Authorities in Kasese district on Monday morning closed the offices of Capital Financial Services a company that has reportedly been dealing in finances illegally for nearly one month.

The Senior District Commercial Officer Mr. Simon Kasereka who had issued warnings to the company last week acted following continous advertisements running on the local radio stations about the services being offered.
Mr. Kasereka said that among the reasons the financial institution was closed is because they have failed to produce a certificate of registration from the Registrar of Cooperative Societies which allows one to deal with money.
“ We have closed their offices because the directors and managers have been adamant to heed to our advice to produce the certificate of registration fron  the Registrar of Cooperative Societies. It is not good for our people to be conned of their money when the district knows that the company was operating illegally”. Mr. Kasereka said.

Mr. Kasereka reveals that atleast 19m shillings had been collected from the people as savings and the money has been given back to the clients with immediate effect.

He said the only legal documents the officers of the Cresent Road-based bank show is a certificate of incorporation which in any case does not legalise handling of financial related services.

“What these people (capital financial services) are doing is to collect quick money from our people and then take off with it. They are likely to corn our people because they do not have the required
documents to deal in finances”. Mr. Kasereka said.

neither the director of the company Mr. Ambrose Mugisha nor the branch manager only known as Richard were available for a comment because all their known telephone numbers have been off since the weekend.

However, in a telephone interview last week, Mr. Mugisha who claimed to be at the head offices in Entebbe promised to bring the required documents to the district authorities by Friday November 16. But the commercial officer says the company owners have instead switched off their phones.

They only served the commercial officer and other district officials with a company profile as an attachment to an invitation to attend a sensitisation workshop at Margarita hotel on Friday which was never held.

“Yes, we have not yet informed the district leadership officially because they only have our profile. I have told the commercial officer that all legal documents will be availed on Friday.” Mr. Mugisha said

on phone from Kampala then.

Capital Financial Services according to their profile have head officers on Bazarabusa Drive in Entebbe, with branches in Jinja, Mbale, Masaka, Mukono, Kampala and Lira districts.

They are dealing in Business loans, Group loans, individual loans, school fees loans, salary advance loans and agriculture loans among others.

No comments:

Post a Comment