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    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

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

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

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    Digital Technologies Could Help Uganda’s Economy Recover Faster

    Digital Technologies Could Help Uganda’s Economy Recover Faster

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    UNBS closes Sunshare factory over failure to comply with Standards

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    Castoff: How Sevo Used Music to Boost His Bush-war but has for 42yrs Ignored the Loud Cries for the Copyright Law

    Rev and Groove: Mbarara City Festival Rally Set to Fire Up the Community at Booma Golf Course Grounds this February

    Rev and Groove: Mbarara City Festival Rally Set to Fire Up the Community at Booma Golf Course Grounds this February

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    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

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    Novice Promoter Biggy Events Must Leave to Jose Chameleon Brand Billing at ‘Gwanga Mujje’ or He Dents his Legacy

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    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

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    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

    Stephen Kissa the Pace-setter

    Stephen Kissa: Unveiling the Country’s Pace-maker who set Ace Cheptegei`s World Athletics` Gold and Bronze Medals

    NRMO Canada Symposium: Minister Ruth Nankabirwa to Represent President Museveni at the 1st Ever Do

    NRMO Canada Symposium: Minister Ruth Nankabirwa to Represent President Museveni at the 1st Ever Do

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Tech
    • All
    • Apps
    • Gadget
    • Mobile
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    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
    Castoff: How Sevo Used Music to Boost His Bush-war but has for 42yrs Ignored the Loud Cries for the Copyright Law

    Castoff: How Sevo Used Music to Boost His Bush-war but has for 42yrs Ignored the Loud Cries for the Copyright Law

    Rev and Groove: Mbarara City Festival Rally Set to Fire Up the Community at Booma Golf Course Grounds this February

    Rev and Groove: Mbarara City Festival Rally Set to Fire Up the Community at Booma Golf Course Grounds this February

    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Thursday With Joan Bonny: When the Stranger Becomes your Hero than the People you are Familiar with, Know Better

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    Catch22 Blues: Powerful Royal Handler, Longtime Friends, Fail to Save their Pal Hope Mukasa from Luzira Jaws

    Novice Promoter Biggy Events Must Leave to Jose Chameleon Brand Billing at ‘Gwanga Mujje’ or He Dents his Legacy

    Novice Promoter Biggy Events Must Leave to Jose Chameleon Brand Billing at ‘Gwanga Mujje’ or He Dents his Legacy

  • Lifestyle
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    • Food
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    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Thursday With Joan Bonny: Make them all but best resolutions are ones you do for yourself, to make you feel better about you

    Thursday With Joan Bonny: Make them all but best resolutions are ones you do for yourself, to make you feel better about you

    Bebe Cool List 2022: Afrobeat-Reggae Guru Outs His Best of the Year, Takes Leave to Lecture Saha on Good Manners

    Bebe Cool List 2022: Afrobeat-Reggae Guru Outs His Best of the Year, Takes Leave to Lecture Saha on Good Manners

    Obwakamuswaga Release Official Report on Kijjanebarora Killer Floods, Calls for Help from Government and Elsewhere

    Obwakamuswaga Release Official Report on Kijjanebarora Killer Floods, Calls for Help from Government and Elsewhere

    Thursday With Joan Bonny: When the Stranger Becomes your Hero than the People you are Familiar with, Know Better

    The Lost Friends: You still feel rejected even after trying? It wasn’t to be. You were brave. You tried. But you have to let go now

    Thursday With Joan Bonny: When the Stranger Becomes your Hero than the People you are Familiar with, Know Better

    Know Just How We Impact On Others: I think back to days when a genuine ‘have a good day’ from the store clerk lifted me

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Opinions
    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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