Bank of Uganda governor Emmanuel Tumusiime Mutebile
Bank of Uganda governor Emmanuel Tumusiime Mutebile meets COSASE over Closed Cooperative Bank. File Photo

Bank of Uganda governor Mutebile forced to take an oath by COSASE before his submissions on Karobwa’s claims that BoU mismanaged his properties after closing Corporative Bank

The Committee on Commissions, Statutory Authorities and State Enterprises (COSASE), yesterday forced Bank of Uganda Governor, Emmanuel Tumusiime Mutebile to take an oath, before making his submission.

Mutebile appeared to respond to claims raised by a city Businessman, Chris Tushabe Karobwa over the loss of property after Corporative Bank (CB) was closed by the Central Bank in 1999.

Corporative Bank is among the seven commercial banks that Bank of Uganda (BoU) closed and sold between 1993 and 2016.

Governor Mutebile and other BoU Officials appeared before COSASE to respond to claims raised by Chris Tushabe Karobwa, that BoU mismanaged his properties, after closing Corporative Bank which caused him a huge financial loss.

“Bank of Uganda openly admitted in quotes at the end of the liquidation exercise that I have been cheated of my money over 3 billion shillings, and my overdraft of 600m were stolen and my properties worth 1.42bn were mismanaged,” Tushabe informed the Committee.

However, when BoU Governor Mutebile was asked to take an oath before his submission, he hesitated, but he was forced to take the oath because according to the rules of the Committee everyone is required to take an oath before making any submission.

“We are a committee handling so many entities, I wrote to the governor personally. So, as an individual, I find it important, and we made a ruling on this that nobody will testify before us here even if it’s a single sentence unless that person makes an oath. The allegations are grave in nature because they also include murder,” Munyagwa said.

Shortly after taking an oath, Mutebile failed to properly answer some of the queries, he then submitted a file to the Committee which he claimed contained all answers to the legal questions contained in this case.

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He then asked the Committee to give him more time to prepare his defence on the claims raised by Karobwa before the Committee.

“I am not going to speak today because I was not prepared to answer the issues that have been raised. What the witness has said is different from what is contained in this file, because comments in this file are answering the questions in the letter sent to me by the Clerk to Parliament,” said Mutebile.

This prompted the Committee chair Hon Munyagwa to adjourn the meeting until 12th of September 2019.

According to Munyagwa, they are allowing BoU Officials time to come up with a comprehensive report on the queries.

“Hon Members I am on the view that we allow them time to go through what Mr Karobwa has submitted and come up with a comprehensive response,” Munyagwa stated.

Mr Karobwa, in his submission, informed the Committee in the presence of the Governor BoU and other officials that BoU should at least pay him 20bn shillings with interests from the time his bank was closed on May 19, 1999, until date.