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Report: COSASE reveals 4500 duplicated loan accounts

Yesterday the parliamentary committee on commissions, statutory Authorities and state enterprises (COSASE) during their usual meetings revealed that 4500 loan accounts of Crane Bank that DFCU acquired were duplicates.

Abdul Katuntu the COSASE chairperson said that this explains inaccuracy in the deals made between the parties that sold Crane Bank.

Katuntu added that all the particulars provided in the books were wrong and one of the things they have discovered is that a loan account has many people on it and this explains duplicated accounts.

In a meeting with the Bank of Uganda officials Katuntu said that;

“There could have been a challenge among the persons in the Bank of Uganda and DFCU who handled this. It’s possible it could have originated from Crane Bank. We cannot precisely say where the fault was,” he observed.

He also said that the committee will have to confirm whether it was a conspiracy between the parties after they have gone through all the documents critically.

Similarly, he said that the central Bank could have highlighted this mess earlier since It was the statutory manager Crane Bank.

Meanwhile, BOU’s former director of supervisions Ms Justine Bagyenda will have to follow COSASE’s rules accordingly said Katuntu.

Ms Bagyenda has to reconcile her programme of travel with the committee’s programme,” Katuntu observed.

And probably on Thursday Bagyenda will find out if COSASE will have to free her passport to allow her go for her Christmas.

We shall keep you posted here at Flash Uganda media