Cosase: BoU officials to appear before Committee to defend selves one last time

The Parliamentary Committee on Commissions, Statutory Authorities and State Enterprises (Cosase) will today hold the last meeting with top officials from Bank of Uganda as they wind up the probe into the closure of seven commercial banks.

Deputy Governor Luis Kasekende and former executive director in charge of supervision of commercial banks, Justine Bagyenda are expected to explain to the committee how they acquired a number of properties in Kampala and other parts of the country.

The two will meet the selected sub-committee presided over Cosase vice chairperson Anita Among. This sub-committee was formed last year the chairman Abdu Katuntu to specifically investigate Kasekende and Bagyenda’s properties.

This was due to the document which was presented before the committee by Aruu county MP Odonga Otto showing a number of mega properties owned by these two officials.

However, they both refuted the document on claims that it was forged with the intention of blackmailing them.

Also set to appear is the executive director- Supervision at BoU, Dr Tumubweine Twinemanzi, who was yesterday granted time to put his presentation in order.

This after he failed to present the required supporting documents to answer the complaints which were raised by the shareholders of the seven defunct banks.

Katuntu also urged Twinemanzi to return with; financial statements of the three banks; Greenland, International Credit Bank (ICB) and Cooperative Bank as of year ending 2016. They will also verify whether Nile River Acquisition Company which purchased the loan portfolios of the three banks is still existing. He promised them no chance of adjournment

 “Colleagues. Please be aware that there is no opportunity for us to adjourn this meeting tomorrow. We must finish this business tomorrow and not beyond,” said Katuntu,

This probe into the closure of the seven defunct commercial banks by BoU is expected to close proceedings on Tuesday. It will have one week to make a report which will be presented on February 22, to the Speaker of Parliament. After this, the old committee under Katuntu will hand over office to the new committee headed by Kawempe South MP Mubarak Munyagwa.