Mutebile, BOU officials fail to impress COSASE

A team of Bank of Uganda officials led by the Governor himself Emmanuel Tumusiime Mutebile has been sent away this morning for appearing without supporting documents before the parliamentary committee COSASE.

Mutebile and his deputy Louis Kasekende were before the Committee on Commissions, Statutory Authorities and State Enterprises led by Bugweri County legislator Abdu Katuntu. Katuntu is deputised by Bukedea Woman MP Anita Among. The bank officials had been summoned to answer queries on BOU's conduct in the acquisition of several banks.

One of the most contentious acquisitions was Crane Bank. Bank of Uganda, as regulator, ordered for the closure and eventual sale to DFCU of Crane Bank in 2016. The bank was majorly owned by businessman Sudhir Ruparelia who has since gone to court to challenge BOU's decision.

The current Cosase team's tenure will elapse in two months. Katuntu and Among will be replaced by Kawempe South legislator Mubarak Munyagwa and Lubaga North MP Moses Kasibante.

More details to follow