Teefe was closed on the basis of a minister's letter, press release

The Parliamentary Committee on Commissions, State Authorities and State Enterprises (COSASE) has finalised its probe into the alleged closure of the defunct Teefe bank.

However, the committee members were amused to learn that there was no legal instrument from the governor bank of Uganda in the closure of the said bank in 1993.

According to the evidence provided before the committee, the closure was based on the letter from the then minister for Finance, Joash Mayanja Nkangi and a press release the then governor bank of Uganda, Kikonyogo Nyonyintono. Both are deceased.

The Friday meeting between officials from Bank of Uganda and legislators started by a presentation of 22 land tittles and one lease acquired by Bank of Uganda from Teefe bank.

Emmanuel Mutebile, the governor of the central bank said he did not know that the institution he heads was still holding the said land tittles which prompted the committee members to question the legal status of these assets.

The MPs tasked the officials to explain why there was movement of assets even after the bank was closed.

The committee resumes on Monday next week with further investigations into the other remaining six defunct commercial banks.