×

Warning

JUser: :_load: Unable to load user with ID: 16757
JUser: :_load: Unable to load user with ID: 205
Banks closure: MPs summon Mutebile, Kasekende Banks closure: MPs summon Mutebile, Kasekende Banks closure: MPs summon Mutebile, Kasekende

Banks closure: MPs summon Mutebile, Kasekende Featured

Parliament’s Committee on Commissions, Statutory Authorities and State Enterprises (Cosase) has summoned Bank of Uganda Governor Emmanuel Tumusiime -Mutebile and his deputy Louis Kasekende to respond to wide-ranging wrongdoings unearthed by the Auditor General at the central bank.
Mr Mutebile and Mr Kasekende will appear before the committee on October 31 as the committee begins a broad inquiry into irregular dealings at BoU that were uncovered by a forensic report by the Auditor General that investigated the closure of seven banks.

Cosase Chairman Abdu Katuntu Wednesday indicated that the committee will begin with the entire Board of Bank of Uganda with directors of defunct banks also lined up for cross-examination.

“We will use the Auditor General’s report in relation to the defunct banks and how they were managed by Bank of Uganda. We will have officials from the board of Bank of Uganda to respond to issues that were raised by the Auditor General,” Mr Katuntu said.

The issues raised by the Auditor General’s special forensic report relate to unaccounted for money, missing land titles and customer loans that were inherited from closed banks which were sold at an undervalued rate.
Auditors discovered that assets worth Shs23 billion that were formerly owned by GTB were not transferred to DFCU in the purchase and assumption agreements when the bank was closed in July 2014.

The assets included cash balances (Shs6.6 billion), amounts due from other banking institutions (Shs 2.3b) ,other assets (Shs5.1 billion), amounts due from group companies (Shs9 million), property and equipment (Shs5.6 billion), intangible assets (Shs758 million) and deferred tax (Shs2.4 billion).

All the former Board members of the defunct banks will also be cross-examined by the committee.
The closed banks are 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 (CBL).

Soruce: Daily Monitor

About Author

Related items

  • Two men found dead near Museveni's Kisozi farm

    GOMBA. Residents of Kawuula villages, Kisozi parish in Gomba District were on Tuesday left in panic after two bodies were found near President Museveni's Kisozi farm.

    Mr Yazid Male, the LCII Chairman Kisozi parish, said the deceased; Steven Kasibante, a farmer at Kawuula B cell and his colleague only identified as Kaliisa, a resident of Kawuula A cell, were hacked to death by unknown assailants on their way home from Kawuula Trading Center on Tuesday night.

    "They were killed because the security situation in our area is appalling. Can you imagine that we don't have any single policeman despite the fact that we are near the President's farm in Kisozi!" Mr Male said on Tuesday morning.

    Mr Muhammad Sserwadda, the LC1 chairman of Kawuula B cell, said he learnt of the double murder at about 4.30am after being informed by one of his neighbours.

    "The killers chopped the bodies of the deceased into pieces as if they were chopping goat’s meat. I informed the police but unfortunately, their sniffer dog failed to trace the killers because the scene of the crime was already tampered by crowd," Mr Sserwadda added.

    Mr Robert Kuzara, the Gomba District Police Commander, described the murder as barbaric. He said police were hunting for the suspects to apprehend them for prosecution in courts of law.

    "We are handling the situation and I appeal to the residents to be calm as our offices continue to investigate the case," he said.

    However, residents blamed their leaders and security organs over failure to give them maximum protection. They also blamed this unending insecurity to the influx into their area by unknown people.

    Source: The daily Monitor

  • UNBS starts probing reports of fake eggs on the Ugandan market
     
     The Uganda National Bureau of Standards (UNBS) is investigating allegations of fake eggs on the Ugandan market.

    UNBS spokesperson Godwin Muhwezi says the bureau has received a report that fake eggs are on the market and investigations have commenced.

    Muhwezi says the bureau will issue a public statement after investigations into allegations that certain dubious individuals based in Kawempe have been manufacturing fake eggs for sale.

    A consumer of eggs on the market will have to rely on basic checks like shaking the egg to ensure they are buying a real egg. This is difficult when the consumer is purchasing a tray of thirty eggs.

    UNBS reports that Uganda produces more eggs than Kenya and Rwanda. Reports of fake eggs on the Ugandan market could adversely affect this burgeoning sector of the informal economy.

     

    Source: Nile Post

  • Locals shun RDC’s security meeting over untamed theft

    BUKEDEA: Aggrieved locals in Bukedea town council on Sunday boycotted a security meeting called by the area RDC over rampant theft cases that have left many people counting losses.

    The security meeting called by RDC Ramazathan Walugembe was geared towards identifying gaps that thieves who have broken into over 10 shops and several homes in the last two months, use.

    Mr Walugembe said he was disappointed by the boycott.

    “The essence of this meeting was to liaise with the people and have police work towards arresting suspects. Now that they have avoided this important meeting, how can we have the matter of insecurity solved?” he asked.

    Mr Walugembe said there is no way theft can be eradicated in Bukedea if the locals don’t cooperate with security agencies.
    The area LC1 Emokori ward, Mr Moses Okurut, said only 28 people attended the meeting out of possibly 1,000 in his ward.

    “Over time, the locals have pointed fingers at the police for not acting accordingly on suspects involved in these robberies. To me, that was the cause of the boycott,” he explained.

    He said two weeks ago, thugs broke into shops in the trading centre and took off with unspecified amounts of money. 
    However, Mr Michael Etiang, one of the locals, said such meetings are of no value.

    “All that is left is mob justice. When a thief is got in action, the solution is to eliminate him/her, and when we do this repeatedly, the numbers will reduce and we will secure our town,” he said.

    Mr Etiang said in most cases, thieves are arrested but released from police custody before appearing in courts of law.

    Source: Daily Monitor

     
Login to post comments