Officials from Bank of Uganda yesterday failed to explain to MPs on Commissions, Statutory Authorities and State Enterprises (OSASE) how they came to a conclusion that Crane Bank was low on capital and therefore needed to be taken over.
Bank of Uganda came up with a figure of Shs297 billion to signify that the bank was under capitalised hence its takeover in 2017.
But the chairperson of the committee on Abdu Katuntu and other members asked the officials how they came up with that figure.
Emmanuel Mutebile, the governor of the bank retorted: “I don’t have a figure for its undercapitalisation but I know what we demanded to put in place."
But Mutebile was contradicted by Benedict Ssekabira, the director Financial Markets Coordination, who said Crane Bank needed an additional Shs 157 billion to stay in business.
Ssekabira said capital is not a fixed thing and therefore figures change day and night.
More confusion was created when Justine Bagyenda, the former executive director in charge of bank supervision said Crane Bank required an additional capital of at least Shs32b by September 15, 2016 and progressive capital of Shs56 billion, a total of Shs 88 billion for its capital base to be restored.
Doubts over how much money was injected in Crane Bank remain with various figures floating around.
The COSASE probe into the sale of Crane Bank continues today.
