Parliamentary Committee on Commissions, Statutory Authorities and State Enterprises (Cosase) has started meeting the former owners of the seven defunct commercial banks that were closed and sold by Bank of Uganda between 1993 and 2017.
The affected banks were Teefe Bank in 1993, International Credit Bank Ltd in 1998, Greenland Bank in 1999, The Co-operative Bank in 1999, National Bank of Commerce(NBC) in 2012, Global Trust Bank in 2014 and the sale of Crane Bank Ltd to DFCU in 2017.
On Monday, the former stakeholders of NBC including Prime Minister Amama Mbabazi, businessman Amos Nzeyi, Mathew Rukikaire and Prof George Kanyeihamba among others appeared before the committee to testify how BoU closed their bank.
Abdu Katuntu, the committee chairperson revealed that within one week, they would have met all stakeholders for the seven banks.
He also noted that by February 22, the committee will have finished its report and hand over to parliament.
NBC was closed in 2012 by the Central Bank citing undercapitalization and later, it was sold to Crane Bank Limited.
Since November, 2018, the committee has been probing top BoU officials over their role in the alleged irregular closure and sale of the seven commercial banks as raised by the Auditor General (AG) John Muwanga’s 2017 forensic audit report.
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