UGANDA: Setback in commercial banks’ sale inquiry

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BoU Governor Mutebile and team faced Cosase on Thursday in relation to closure of commercial banks. (Courtesy Photo)
By :

Geoffrey Baluku

The Parliamentary Committee on Statutory Authorities and State Enterprises (Cosase) chairperson Abdul Katuntu on Thursday adjourned an inquiry into the closure and sale of seven commercial banks by the Bank of Uganda.

Mr Katuntu adjourned the inquiry to Friday November 09 at 10.00am, after Bank of Uganda governor Emmanuel Tumusiime-Mutebile requested for two working days for his team to avail all the required documents as requested by the committee members.

“Members, let’s all meet here again on Friday November 09, at exactly 10am to continue with the business,” said Mr Katuntu while adjourning the inquiry.

However, BoU led by the governor Mutebile promised to avail all the documents by Monday afternoon, to which the committee members requested for three days so that they could have ample time to read and internalise them.

The queries to which the BoU team were facing Cosase relate to among others; closure of seven banks, customer loans that were inherited from closed banks and sold at an undervalued rate, unaccounted for funds, dealings with external lawyers and missing land titles.

The closed banks include; Teefe Bank (1993), International Credit Bank Ltd (1998), The Co-operative Bank (1999), Greenland Bank (1999), National Bank of Commerce (2012), Global Trust Bank (2014) and Crane Bank Ltd (2016).

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