SHOCKER: No Records for 4Bn BoU Gave MMAKS Advocates


Members of Parliament were stunned on Tuesday when MMAKS Advocates failed to produce a single document from a transaction of staggering Shs 4bn they received from Bank of Uganda during the sale of Crane Bank.
MMAKS Advocates boss, Timothy Masembe Kanyerezi interfaced with Members of Parliament from the committee on Commission, Statutory Authority and State Enterprises, who are investigating the sale of defunct commercial banks.
Scheduled to appear in the morning at 10am in the morning, Masembe instead reported to Parliament in the afternoon, and more so, without the required documents detailing the Shs 4bn made in installments.

During the sale of Crane Bank in December 2016, Masembe through his MMAKS Advocates provided the critical service of transaction advisor and debt collector in which he was paid the above amount. The Shs 4bn included 5 percent commission from the sale of Crane Bank and legal fees.

How Bank of Uganda and MMAKS advocates zeroed on the above amount remains a mystery since there is no document backed report from both sides.
MPs including the vocal Aruu county representative, Samuel Odonga Otto invited that at least minutes of the BOU engagement with MMAKS should be presented to the committee.
Masembe confidently told MPs that he never took minutes and it was not his responsibility but that of BOU.
Odonga Otto wondered how the transaction was carried out.
“How can taxpayers’ money amounting to 4.2bn be given to procure service without any minutes?” asked Odonga Otto.
The committee chairperson, Abdu Katuntu supported Odonga Otto’s position saying all credible transactions merit minute extraction.
Crane Bank sale started on December 9 2016 when MMAKS advocates, on the instructions of BOU, invited 13 potential buyers interested in buying Crane Bank.

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