Cosase adjourns inquiries about the closure of 7 banks

Cosase adjourns inquiries about the closure of 7 banks

The Uganda Governor Emmanuel Tumusiime-Mutebile requested for two working days to have all the required documents availed to Parliamentary Commission on Statutory Authorities and State Enterprises (Cosase) in the inquiries about the closure and sale of seven commercial banks by the Bank of Uganda.

The chairperson of the committee Abdul Katuntu on Thursday decided to adjourn inquiry to Friday, November 09 at 10.00am, after Bank of

The governor promised to avail all the documents by Monday afternoon, but the members requested for three days to read and internalize them.

“Members, let’s all meet here again on Friday, November 09, at exactly 10 am to continue with the business,” Katuntu said while adjourning the inquiry.

Governor Mutebile and his team were facing Cosase to answer various queries on the closure of commercial banks.

The queries among others include; closure of seven banks, dealings with external lawyers, unaccounted for funds, missing land titles and customer loans that were inherited from closed banks and sold at an undervalued rate.

The closed banks include; Teefe Bank (1993), International Credit Bank Ltd (1998), Greenland Bank (1999), The Co-operative Bank (1999), National Bank of Commerce (2012), Global Trust Bank (2014) and Crane Bank Ltd (2016).