BoU Probe Program Out -COSASE
The Committee on Commissions, Statutory Authorities and State Enterprises-COSASE has released a new program to conclude investigation into the closure and sale of seven commercial banks. The probe had stalled following the expiry of the term of office of the Committee Chairperson, Abdu Katuntu and his Vice, Anita Among on January 13th, 2019.
The Speaker of Parliament, Rebecca Kadaga suggested that Katuntu's leadership continues with the investigation despite the expiry of their term. However, the Leader of Opposition-LOP, Betty Aol Ochan rejected the proposal, saying the newly appointed COSASE chairperson Mubarak Munyagwa takes over.
The impasse was resolved in a meeting between the speaker and LOP on January 15, 2019 that Katuntu concludes the Central Bank probe before handing over to Munyagwa. Kadaga communicated the decision during plenary last week.
Now, a January 24th, 2019 letter to Katuntu, the Clerk to Parliament, Jane Kibirige, says COSASE is expected to complete the investigations and submit a report into the closure of commercial banks before February 22nd, 2019. The letter is copied to Munyagwa as the incoming COSASE Chairperson. URN has accessed a new schedule of meetings for the Central Bank probe.
The investigations will resume on February 4th 2019 with shareholders of the defunct National Bank of Commerce, Teefe Bank and Green Land Bank interfacing with the committee. The committee will interface with shareholders of International Credit Bank Ltd (ICB), Uganda Co-operative Bank and Crane Bank Ltd on February 5th, 2019 followed by the management of DFCU Bank and MMAKS Advocates, the external lawyers of BoU the next day.
The committee will meet the Central Bank Board and Finance Ministry on Thursday 7th, 2019. The committee plans an exit meeting with BoU officials on Friday 8th before embarking on the report writing between 11th and 14th February.
The investigations focus on the closure and sale of Teefe Trust Bank, International Credit Bank Ltd, Greenland Bank, Uganda Co-operative Bank, National Bank of Commerce, Global Trust Bank and Crane Bank Ltd by the central bank between 1993 and 2016.