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Inquiry into commercial banks’ sale hits snag
Governor Mutebile and his team were on Thursday facing Cosase to answer various queries on closure of commercial banks. PHOTO ALEX ESAGALA
What you need to know:
- Governor Mutebile and his team were facing Cosase to answer various queries on closure of commercial banks.
- The queries among others include; closure of seven banks, dealings with external lawyers, unaccounted for funds, missing land titles and customer loans that were inherited from closed banks and sold at an undervalued rate.
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.
The adjournment was a result of Bank of Uganda staff's lack of all the documents required by Cosase members.
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 to have all the required documents availed to members of the committee.
The governor promised to avail all the documents by Monday afternoon, but the members requested for three days to read and internalise them.
“Members, let’s all meet here again on Friday November 09, at exactly 10am to continue with the business,” Mr Katuntu said while adjourning the inquiry.
Governor Mutebile and his team were facing Cosase to answer various queries on closure of commercial banks.
The queries among others include; closure of seven banks, dealings with external lawyers, unaccounted for funds, missing land titles and customer loans that were inherited from closed banks and sold at an undervalued rate.
The closed banks include; Teefe Bank (1993), International Credit Bank Ltd (1998), Greenland Bank (1999), The Co-operative Bank (1999), National Bank of Commerce (2012), Global Trust Bank (2014) and Crane Bank Ltd (2016).
