BoU not audited for the last 12 years

By Watchdog reporter

Ever since Bank of Uganda moved to sue property mogul Sudhir Ruparelia to Commercial Court for allegedly siphoning shs400 billion from the now defunct Crane Bank, things have not been good on its side.

The move has attracted a wide criticism accusing the Central Bank of mismanagement Crane Bank among other collapsed banks, collusion and corruption among others.

Now it is emerging that the central bank actually has not been having external auditors and it has not been audited for the last 12 years.

This is troublesome that most of the cases being brought against the Tumusiime Mutebile led banking regulator, are serious and show serious lack of oversight by the managers of the Central bank.

Not being audited also puts the Central bank under radar and too many questions of what has transpired at the First Banker that has gone unchecked.

Some of this rot is likely to come out in court or in parliament as many people are taking interest in what is taking place at the Bank of Uganda.

On Thursday, a section of MPs led by Budadiri West legislator Nathan Nandala Mafabi moved to probe the Central Bank over its role in the supervision of financial institutions especially Crane Bank.

They tasked parliament to constitute a select committee to carry out a comprehensive investigation into the role of Bank of Uganda in the mismanagement of former Crane Bank limited as well as investigate the officers of the Central Bank who were charged with responsibility of carrying out routine supervision of Crane Bank among others.

BoU Communications director Christine Alupo however insists the auditor general audits the central bank.

” The Auditor General audits BoU through external auditors and audited accounts are laid before Parliament annually by the Finance Minister.”