Speaker Kadaga orders COSASE
The Speaker of parliament, Rebecca Alitwala Kadaga has instructed the Parliamentary Committee on Commissions, Statutory Authorities and State Enterprises (COSASE)

The Speaker of parliament Kadaga calls for fresh investigations into the closure of seven (7) defunct commercial banks by Bank of Uganda

The Speaker of parliament, Rebecca Alitwala Kadaga has instructed the Parliamentary Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) to institute fresh investigations into Bank of Uganda(BoU) following unlawful closure of seven (7) defunct commercial Banks in Uganda.

The vice-chairperson COSASE, Ibrahim Kasozi said that they have already received terms of reference in this investigation process from Speaker Kadaga and next week they will begin the investigations.

“The letter is here! So we are going to start,” Kasozi said.
Hon Kasozi says the fresh investigations are as a result of numerous complaints filed by Speaker Kadaga from the victims and they will invite the affected persons when the committee kicks off its activities.

“We are to handle those cases which were referred to the committee by Hon Katuntu’s Committee. We are going to inform those who have their petitions before the committee when we are going to start this matter,” said Kasozi.

Kasozi says they want to find out why Bank of Uganda refused to hand over properties of these closed banks clients yet they are debt-free.

“The petitioners they claim they had their mortgages in the banks which were closed. And they claim that for them they paid up all that was due to them, but the bank of Uganda refused to release their things. So, that’s where we want to interact with Bank of Uganda to know why they have refused to surrender those properties to those people who have cleared their debts,” said Kasozi.

However, Kasozi says the committee is only going to investigate the unfinished work referred by Abdul Katuntu’s Committee that as regards to Bank of Uganda.

“Specifically Bank of Uganda we are handling those residue work that was referred by the Katuntu’s Committee which they didn’t finish, only that,” Kasozi asserted.

Kasozi says the committee will hold a meeting next week to draft guidelines that will be followed as they engage Bank of Uganda officials relevant in this matter.

“We are going to sit with my team to see how we are going to handle simultaneously because now we are handling custodians board, it’s not easy it takes a lot of time, but we shall sit and see whether in a week we can take two, custodian’s board two (2) days and Bank of Uganda two (2) days,” Kasozi said.

The seven closed banks include Greenland Bank (GB) in 1999, Teefe Bank (TB) 1993, International Credit Bank (ICB) 1998, Cooperative Bank (CB) 1999, National Bank of Commerce (NBC) 2012, Global Trust Bank (GTB) 2014, and Crane Bank (CB) 2016.

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