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    Deal: Over 50,000 Housing Units to be supplied as NWSC and NHCC Sign Water Partnership MOU

    From Streams to Screens: Here Unveiling the IT and Digital Transformation of Uganda`s National Water and Sewerage Corporation Corp

    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Heroine! Presidency Minister Milly Babalanda Saves Kyabazinga from Physical Assault at the Canada Busoga Symposium

    Heroine! Presidency Minister Milly Babalanda Saves Kyabazinga from Physical Assault at the Canada Busoga Symposium

    All Royal: HRH Kamuswaga Concludes His Official Trip to California with Lots of Investors` Attraction to Kooki Kingdom

    All Royal: HRH Kamuswaga Concludes His Official Trip to California with Lots of Investors` Attraction to Kooki Kingdom

    Of Daily Monitor’s 30th Well-Earned Birth Bazaar And the Tough Scribes That Have kept M7`s Sleep in Constant Check

    Of Daily Monitor’s 30th Well-Earned Birth Bazaar And the Tough Scribes That Have kept M7`s Sleep in Constant Check

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Tech
    • All
    • Apps
    • Gadget
    • Mobile
    • Startup
    Digital Technologies Could Help Uganda’s Economy Recover Faster

    Digital Technologies Could Help Uganda’s Economy Recover Faster

    Liquid Telecom to host first cloud event of its kind in Uganda

    Liquid Telecom to host first cloud event of its kind in Uganda

    TECNO Mobile Uganda Skills Graduates Through Its Graduate Trainee Program

    TECNO mobile Uganda skills graduates through its graduate trainee program

    UNBS closes Sunshare factory over failure to comply with Standards

    UNBS closes Sunshare factory over failure to comply with Standards

    Outgoing PRAU President Cynthia Mpanga (right) hands over the key to new PRAU President Sarah Kagingo as PRAU Patron Min. Frank Tumwebaze looks on

    Hon. Frank Tumwebaze graces PRAU Governing Council Handover Ceremony

    UG Pineapple at B&W

    It was Blankets and Pineapple Waragi as SA’s Distruction Boys entertain Kampala

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    Together for a National Cause: Tourism Minister Martin Bahinduka and Miss Uganda Beauty Queens Unite for a Charitable Safari Adventure

    Together for a National Cause: Tourism Minister Martin Bahinduka and Miss Uganda Beauty Queens Unite for a Charitable Safari Adventure

    Unveiling the Truth: My Nyege-Nyege experience revealed how the festival provides a liberating atmosphere and attracts a diverse crowd

    Unveiling the Truth: My Nyege-Nyege experience revealed how the festival provides a liberating atmosphere and attracts a diverse crowd

    Paul Joseph Put Together: As the Football Loving Nation Beholds his Already Tainted, Convicted Criminal Record, Ugandan Fans Wait to See their New Coach

    Paul Joseph Put Together: As the Football Loving Nation Beholds his Already Tainted, Convicted Criminal Record, Ugandan Fans Wait to See their New Coach

    A Useless Sports Forum: Very High-Profile and Very Useless Sports Meeting Without Fruitful Expectations Save for Opening Wounds – Both Old and Fresh

    A Useless Sports Forum: Very High-Profile and Very Useless Sports Meeting Without Fruitful Expectations Save for Opening Wounds – Both Old and Fresh

    Big Seal Loading: Held as Interim, Morley Byekwaso and Team Take to the Pitch for Appraisals as they hopefully Affix Coaching Job Signatures with Cranes

    Big Seal Loading: Held as Interim, Morley Byekwaso and Team Take to the Pitch for Appraisals as they hopefully Affix Coaching Job Signatures with Cranes

    To Hell with You: Indigenous Qualified Ugandans Shun Fufa Application Call for Cranes Head Couch Saying it was Lined-up for Only Non-Nationals

    To Hell with You: Indigenous Qualified Ugandans Shun Fufa Application Call for Cranes Head Couch Saying it was Lined-up for Only Non-Nationals

  • Lifestyle
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    NWSC Graduates Second Troop of Staff members with Master’s Course in Sanitation at the Institute of Water Education in the Netherlands

    NWSC Graduates Second Troop of Staff members with Master’s Course in Sanitation at the Institute of Water Education in the Netherlands

    A Silent Boy-Child Killer Exposed: Unveiling Brenda, A Gorgeous City Dove at Whose S3X Network a Formidable Corporate Figure Donny Nearly Collapsed Dead

    A Silent Boy-Child Killer Exposed: Unveiling Brenda, A Gorgeous City Dove at Whose S3X Network a Formidable Corporate Figure Donny Nearly Collapsed Dead

    Trouble as Ministry of Internal Affairs is drawn into a High-Stakes Child Custody Battle Involving a Prominent City Car Dealer being Accused of Immigration Influence

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    Tribute to Elly Wamala: Remembering the Ever-Green Icon, the Father of Uganda’s Music Recording Industry and His Unforgettable Legacy

    Tribute to Elly Wamala: Remembering the Ever-Green Icon, the Father of Uganda’s Music Recording Industry and His Unforgettable Legacy

    Musambwa Goes Dormant: Government Soldiers Secure Buganda’s Mysterious Shrine Amidst Renovations of Mandela National Stadium”

    Musambwa Goes Dormant: Government Soldiers Secure Buganda’s Mysterious Shrine Amidst Renovations of Mandela National Stadium”

    Finding Peace and Healing: Sleeping with your biggest enemy sounds illogical! It is hard to safely put up with the real source of the trauma but…

    Finding Peace and Healing: Sleeping with your biggest enemy sounds illogical! It is hard to safely put up with the real source of the trauma but…

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
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    UNBS closes Sunshare factory over failure to comply with Standards

    UNBS closes Sunshare factory over failure to comply with Standards

    UG Pineapple at B&W

    It was Blankets and Pineapple Waragi as SA’s Distruction Boys entertain Kampala

    To Connect the Unconnected with Innovations towards Inclusive Growth

    To Connect the Unconnected with Innovations towards Inclusive Growth

    Cindy Sanyu

    Cindy Sanyu to headline Eastern Megafest

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Parliament grills BoU Governor and team for not having documents regarding bank sales

November 14, 2018
inBusiness, Crime
Parliament grills BoU Governor and team for not having documents regarding bank sales

Parliament grills BoU Governor and team for not having documents regarding bank sales

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KAMPALA, Uganda: The Parliamentary Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) have heard that Bank of Uganda (BoU) liquidated and sold off seven commercial banks without carrying an inventory of the assets and liabilities held by the banks.

The revelations came to the fore on Monday as BoU officials led by the Governor Prof. Emmanuel Tumusiime-Mutebile appeared before the committee to defend their actions.

Mutebile told the committee that at the time of closure of Teefe, the laws in place were the 1969 Banking Act and the nature of the documents required at that time did not include an inventory. “So we do not have an inventory. We have provided information relating to the financial institution of Teefe; the assets and liabilities,” he said. The Auditor General, John Muwanga, in a shocking dossier to the August house, said BoU didn’t have all the required documentation related to all closed banks-specifically the inventory report, loan schedules, customer deposit schedules, statement of affairs and any reports supporting assets and liabilities relating to customer information.

Muwanga released the special audit report of BoU on defunct banks on August 27, 2018. The Committee Chairman Abdu Katuntu asked the BoU team to provide all documents needed regarding all the closed banks.

BoU explained to the AG at the time of releasing the report, that they would search in the archives. When they first appeared before the committee, the officials asked for two days to submit the documents, but despite being given four days, they still failed to release the documents only to confess on Monday that they had no reason why they closed Teefe.

Dr. Tumubweine Twinemanzi, Executive Director Supervision, BoU, said they would continue to search in the archives to get the information.

The members’ stance on having all documents forced Katuntu for the second time to kick out the Governor and his team. The officials are being quizzed regarding what many have described as “illegal’ closure of an irregular sale of seven commercial banks.

The banks included; Teefe Trust Bank (1993), Green Land Bank (1999), Gold Trust Bank (2014), Crane Bank (2017), National Bank of Commerce (2012), International Credit Bank Limited (1998), and The Cooperative Bank (1999)

Katuntu ordered the Executive Director for Supervision Dr. Tumubweine Twinomanzi to present the required documents by 1 PM on Wednesday and ordered that the BoU team appears again on Thursday at 10 AM without fail.

Katuntu also has asked the BoU staff to appear together with their agents who were involved in the transactions to answer specific queries.

Meanwhile, the Inspector General of Government (IGG) has uncovered more cash belonging to Edith Kasekende, wife of Bank of Uganda (BoU) Deputy Governor Dr. Louis Kasekende. The money is being held on her account in Standard Chartered Bank.

On November 2, 2018, Edith Kasekende had a closing balance of about Shs1.3billion on her account in Standard Chartered Bank. The opening balance on that day was about Shs375.5 billion. Investigators are interested in finding out the sources of that money.

Edith’s husband, who happens to be the Deputy Governor BoU and host of other top officials at BoU are under investigation for their wealth. Edith runs an Easy Go account at Stanchart Bank number 0100111660500, which is used to transact hundreds of millions of shillings.

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