The Capital Markets Authority acts as a regulator for Uganda Securities Exchange. Last month, a dossier, authored by several staff of the organization was sent out to the media accusing the Chief Executive of the organization of instead of listening to their grievances, over looked them and offered no solution.
The staff who included members of the senior management of the organization indicated that among other issues, the CEO, Mr. Kalyegira had been given money to increase salaries of all staff. However, only those of the Heads of Department were increased leaving many of the employees struggling.
“In 2022, you hired a firm which you paid over 25m to do staff salary review. They gave you a report which you refused to share with staff yet they participated in the creation of this document, why?” the staffers asked in the leaked memo.
They also demanded to know why the CEO refused to increase their emoluments despite approvals from the Ministry of Finance Planning and Urban Development and that of organizations board.
” You have returned the balance to the Ministry of Finance, our boss the rate at which you stifle staff activities to have money taken back every year is alarming and just know, this is crippling CMA’s progress,” they wrote.
The dossier also accused the CEO of being “a specialist in boarding planes at whatever cost even if a return ticket costs 20 million Ugx, but you never allow officers to get any allowances, including lowering staff per diem when you had just joined CMA.”
The staff thus request that you reconsider aligning the HR manual to the way government does its work. “You cannot take staff out on a retreat and you pay them 25000/ per diem, which even a driver in the mainstream government cannot be paid, we are responsible people and remember the economic situation is tough!! Please change your heart towards staff, these people work for your success.”
The staff then asked the CEO to stop manipulation of all procurements in the institution, some of which have caused the Authority huge losses. “You did these things in Renaissance brokerage firm, which you failed in your previous work some years ago before you joined CMA.”
Upon receiving the information that the dossier had leaked to the media, a meeting of all staff was called at the organization’s head office. All staff were asked to disown the dossier, despite the CEO, Keith Kalyegira having been on leave.
However, nine of the staff refused to disown the dossier and have since been threatened with dismissal from work. “Even when we are threatened, we also have to work towards the realization of our rights,” one of the employees told this website.
Upon returning from his official leave on August 28th last month, the CEO of the organization called for another meeting where he promised to immediately take action and ensure that normalcy is achieved at the Capital Markets Authority.
“He accepted that he had severely been ill advised and promised that he would work on the issues raised immediately. He however has not done anything to resolve the issues. We instead still live in tension at the office which remains unsecure and with no certainty,” one of the employees who asked not to be named told this website.
Entebbe Post has reached out to the Chief Executive Officer of the Organization Mr. Keith Kalyegira and the Communications officer of the organization but no comment has been offered.
The organization promised to offer a statement to that effect for the past three weeks. However, none has been published since.
Credit: Entebbe Post.