DFCU Bank is desperate to know the identity of social media influencers who they deem unfriendly and has tasked social media powerhouse Twitter to help in their quest to know the people behind these Twitter accounts.
In the last few months, DFCU Bank has been battling to quell what they have termed as fake news widely circulating on social media. Much of this news relate to their dealing with Bank of Uganda and their 2017 takeover of Crane Bank.
The takeover of Crane Bank business by DFCU has widely been a discussion on social media and the mainstream media with many people faulting DFCU and the central bank for dubiously swallowing the famous Crane Bank.
The Tower Post, a local online publication, Wednesday evening, reported that DFCU enlisted international lawyers to compel Twitter to reveal the identity of account holders who disclosed the dubious dealings within the 2017 deal that resulted in their acquisition of Crane Bank assets and liabilities.
The Tower Post received and published a copy of a subpoena to Twitter Inc. compelling the California based company to release details of 19 Twitter influencers (referred to as John Does) who allegedly posted confidential information about the dealings that led to the ‘fraudulent’ acquisition of Crane Bank and a number of other commercial banks.
The online publication reports that in the subpoena, DFCU’s lawyer Jeffrey S. Goodfried of Freeman and Smiley LLP asks Twitter to release details including full names and emails associated with the implicated Twitter accounts, GPS locations, types of browsers used, operating systems, type of device, links to third party apps among many others that may help the bank reach the people behind the accounts.
Fortunately for the named influencers and sadly for the DFCU Bank, Twitter has not yielded to pressure from the local commercial bank to give up the identity of the social media publishers, instead, the social giant has asked the account holders to advise if they intend to appear in this matter or file a motion to quash.
“Twitter has not disclosed any information regarding your account at this time. But please be advised that Twitter may be obligated to produce basic subscriber information related to your account in the future,” The Tower Post quotes an email from Twitter reads in part.
“Accordingly, please advise within 20 days from the date of this notice (October 24th), from the email address associated with your Twitter account, if you intend to appear in this matter or file a motion to quash. Please also provide us with copies of any papers you file with the Court.
“If you plan to have your attorney contact us, please first respond to this email from the email address associated with your Twitter account, letting us know that your attorney will be contacting us and providing us with your attorney’s name and contact information.”
DFCU Bank in a manner many people describe as fraudulent interested themselves in 2017 into buying Crane Bank which had just been declared by Bank of Uganda as undercapitalized and posed a systematic risk to the banking sector.
While Bank of Uganda closed down Crane Bank on 20th October 2016, the central bank sold Crane Bank's assets and liabilities to DFCU Bank in January 2017 for a paltry Shs200bn.
The Crane Bank collapse has been a landmark case in Uganda's banking sector attracting several litigation battles involving the central bank, DFCU Bank, Crane Bank and Dr. Sudhir Ruparelia, the former Crane Bank owners of Crane Bank.
Investigations by Parliament's Committee on Commissions, Statutory Authorities and State Enterprises (COSASE), working on a tip off from the Auditor General, after a thorough probe, found that Bank of Uganda made regulatory mistakes in disbanding and selling Crane Bank.