The Smelly Case of Rwanda Development Bank (BRD)


Look at BRD’s Timeline. What do you see? Why does it smell so bad? Respond here or via in-box!

* 2005 – Théogène Turatsinze takes over as Managing Director;

* 2007 – African Development Corporation (ADC) owned by German investors expresses interest of buying majority shares;

* 2008 – Turatsinze departs in unclear circumstances – and relocates to Mozambique;

* 2008 – ADC invests in BRD;

* 2008 – Row erupts between BRD board headed by Henry Gaperi, Management, and Minister of Finance, James Musoni – on share prices ADC is offering;

* 2009 – ADC abandons BRD in mysterious circumstances;

* 2010 – Henry Gaperi, BRD Chairman resigns – and is for weeks mysteriously prevented by police from leaving Rwanda for his new job with International Monetary Fund (IMF) in Tanzania;

* 2012 – BRD named the third best managed development bank in Africa out of 73 national development and 12 regional banks;

* 2012 – Jack Kayonga (who took over as CEO of BRD in 2009) is crowned Africa’s Young Business Leader for “outstanding performance;”

* 2012 – Turatsinze murdered in Mozambique;

* 2013 – Jack Kayonga leaves BRD managing directorship to become Chairman of Crystal Ventures;

* 2014 – 10 March, National Leadership Retreat passes resolution (39) “to expedite restructuring of the functioning and management of BRD so that it fulfils its mission.”

* 2014 – 31 March, Atlas Mara announces plans to acquire African Bank ABC and its parent African Development Corporation;

* 2014 – 6 April, Atlas Mara, announces plan to buy BRD;

* 2014 – 13 April, Rwanda government signs a non-binding MOU with Atlas Mara for buying BRD

David Himbala