Kadaga Instructs Munyagwa To Stop Fresh BoU Probe

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The Speaker of Parliament Rebecca Kadaga has said the Committee on Commissions, Statutory Authorities and State Enterprises (Cosase) led by Kawempe South Member of Parliament Mubarak Munyagwa has no authority to freshly investigate the alleged irregular closure of seven commercial banks by Bank of Uganda and it should refrain from taking any move into the matter. Kadaga’s order follows a number of petitions from concerned citizens asking her to stop Munyagwa from reopening the probe. One of the petitioners, Micheal Busingye said the probe would be a waste of time…

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Auditor General’s Report Exposes Thuggery and Incompetence by BOU In Sale of Seven Defunct Banks

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A new audit report by the Auditor General’s office has exposed more flaws and weaknesses in the process of selling seven defunct banks by the Central bank of Uganda. In his new report to Parliament, the Auditor General, Mr John Muwanga, queried BoU officials on the flaws in the closure of 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 the sale of Crane Bank Ltd (CBL) to dfcu (2016). “I observed that there…

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