Speaker Kadaga extends COSASE term to next year

Speaker Kadaga extends COSASE term to next year

Speaker Kadaga has extended the COSASE term period up to 20th February 2019 to enable the committee to complete their investigations into commercial bank and closure of local banks.

We have learned that the committee‘s term was supposed to stop on 31st December 2018

The extension followed committee on commission’s statutory Authority and state enterprises chairman Abdul Katuntu requested speaker Kadaga to add him more days so that it can finalize with Bank of Uganda probe

The committee (COSASE) has found out that bank of Uganda failed to follow up the expenditure of over shs478Billion that was used to close crane Bank.

The committee has directed Auditor general to follow up and bring a report of how the 478 billion shillings was used by the commercial bank when it was closing the crane bank.

The committee has given the ultimatum of 4 days to present the report

Abdul Katuntu informed that the committee of three people who were appointed to investigate the land titles is still on the right track.

He promised that the committee will be done with all investigations into local banks closure by the central bank so that the new cabinet led by Mubarak Munyagwa and Moses Kasibante can continue with the committee.

The committee has also condemned the central bank for failing to maintain crane bank with the money is used to close it because it was enough to inject that money to sustain it.

Bank of Uganda has also failed to present documents testifying whether it tried to run the bank or it just decided to close it right away.