Central bank officials not yet cleared for selling banks illegally

By; Lubega Francis

The Auditor General has rejected an ‘inventory report’ compiled by Bank of Uganda (BOU) on the closed Teefe Trust Bank.

The Bank of Uganda had submitted to Parliament’s Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) a document, containing a listing of assets and liabilities before the Bank’s takeover in 1993 which they called an inventory Report.

But the Auditor General John Muwanga said the documents can only be classified as an examination report since they lack Terms of References and schedules of assets and liabilities as at February 17, 1993.

However The Central Bank’s Executive Director in charge of Supervision Tumubwine Twinemanzi defended the documents saying that although it might not be in the format required by the Auditor General, it was considered an inventory report basing on documents they managed to put together.

The COSASE Committee Chairperson Abdul Katuntu insisted to the BOU officials led by the governor Prof. Emmanuel Tumusiime Mutebire to provide necessary documents they based on, to takeover Teefe trust bank and the assets after implicating the late Joash Mayanja Nkangi as the person who sanctioned the closure of Teefe trust bank at the time he was the finance minister in 1990s

The Central Bank officials are expected to return before the committee on Monday.