• Contact Us
  • About Us
  • Advertise
  • Donate
  • Login
Watchdog Uganda
Advertisement
  • Home
  • News
    • National
    • Politics
    • World News
    • Sports
      • Football
      • Motorsport
  • Business
    • Agriculture
    • Finance
    • RealEstate
    • Technology
  • Op-Ed
  • Entertainment
    • Lifestyle
    • Showbiz
  • People
    • Entrepreneurs
    • Stars
    • Politicians
  • Special Report
    • Education
  • Travel
  • Video
  • Luganda
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Sports
      • Football
      • Motorsport
  • Business
    • Agriculture
    • Finance
    • RealEstate
    • Technology
  • Op-Ed
  • Entertainment
    • Lifestyle
    • Showbiz
  • People
    • Entrepreneurs
    • Stars
    • Politicians
  • Special Report
    • Education
  • Travel
  • Video
  • Luganda
No Result
View All Result
Watchdog Uganda
No Result
View All Result

BoU ordered to produce full report on collapsed commercial banks

Watchdog Uganda by Watchdog Uganda
3 years ago
in News
1 0
ShareTweetSendShare

By our reporter

The Parliamentary Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) has ordered Bank of Uganda to produce a full report regarding commercial banks which have collapsed over the years under unclear circumstances.

Two months ago, the committee sanctioned a special audit about the operations of BoU to unearth the source of the current conflict within the bank.

The committee called for an audit to understand how the Central Bank had handled the liquidation of several banks which collapsed.

Some of Banks which were taken over by the Central bank include Crane Bank, National Bank of Commerce, Global Trust Bank, Greenland bank among others.

According to the committee chairperson Abdul Katuntu, Central Bank has never provided any report on the banks it took over.

Katuntu says , the current conflict between Governor Emmanuel Mutebile and some of his staff is also a matter which doesn’t need to be under looked.

“The issue is not why the banks closed only but how the whole process was conducted because much as they closed the banks and took them over, they have never submitted final reports on the winding up of all those banks,” said Katuntu.

“The process is still ongoing and our concern is, how can a winding up process of a bank take years? For example there’s no final report with the winding process of Greenland, there’s no final report on the winding process of Cooperative Bank and other banks. We think there’s something which is not correct, that’s why we did an order for the audit,” he added.

Justine Bagyenda the supervision director should have compiled these reports before and after closing the banks.

Meanwhile, Anti- Corruption activists have welcomed the committee’s move but stressed the need to implement the recommendations that will be made.

Cissy Kagaba, the Executive Director for Anti Corruption Coalition Uganda says the Inspector General of Government should come out and demystify whether the banks were taken over legally or through other means.


Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com

For marriage, family, love, job/promotion. Goodluck in your business/lottery, court cases, diseases and other Spells kindly call Kiwanga Doctors on +254 769404965 or CLICK HERE

ShareTweetSendShare
Previous Post

Jennifer Musisi lauds KCCA FC after qualifying for CAF Champions League group stages

Next Post

Video: Shouldn’t the teacher battering this nursery toddler be brought to book?

Next Post

Video: Shouldn't the teacher battering this nursery toddler be brought to book?

Subscribe to Our Newsletter

Our news in your inbox. Subscribe to receive Watchdog Uganda news in your email at no cost.

Check your inbox or spam folder to confirm your subscription.

Facebook Twitter

Contact Information

Plot 23, Yusuf Lule Road
PO Box 7661 Kampala, Uganda
Office Line: +256 777 286 815
Email: editorial@watchdoguganda.com
To Advertise:Click here

© 2020 Watchdog Uganda

No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Sports
      • Football
      • Motorsport
  • Business
    • Agriculture
    • Finance
    • RealEstate
    • Technology
  • Op-Ed
  • Entertainment
    • Lifestyle
    • Showbiz
  • People
    • Entrepreneurs
    • Stars
    • Politicians
  • Special Report
    • Education
  • Travel
  • Video
  • Luganda

© 2020 Watchdog Uganda

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In