Nine Ugandan Finance Officials Arrested in $16 Million Bank Heist

Ugandan authorities have arrested nine high-ranking officials, including Accountant General Lawrence Semakula, in connection with the theft of approximately $16 million from the Bank of Uganda. The funds, intended for debt repayments to the World Bank and African Development Bank, were diverted to accounts in Japan and the United Kingdom. Investigations revealed that hackers manipulated the central bank's electronic systems to execute the fraud, with the Ministry of Finance confirming that the theft involved a series of fraudulent transfers. Although the Bank of Uganda has recovered about $8.2 million, efforts to reclaim the remaining funds continue. The arrests follow a detailed audit report from PricewaterhouseCoopers, which exposed significant weaknesses in the bank's security systems. This incident has raised concerns about vulnerabilities in Uganda's central banking operations and governmental oversight.