Officials from Bank of Uganda yesterday failed to explain how they spent Shs 478 billion in the take-over of Crane Bank in January 2017.
The officials led by the governor Emmanuel Tumusiime Mutebile were tasked by Anita Among, the vice chairperson of the committee on Statutory Authorities and State Enterprises (Cosase) on Monday, the Central bank officials failed to account how the spent the money.
She said the officials were sent back to bring valid documents related to the closure and sale of Crane Bank to dfcu Bank.
“They tendered in documents that could not convince the committee members on how Shs478.8 billion was spent. Some of the documents were duplicated by BoU officials,” Among said.
She said the loan book of Crane Bank had created some confusion.
At the time of takeover by BoU, Crane Bank loans amounting to Shs768 billion constituted 65 percent of the total assets.
Shs529 billion worth of net loans were transferred to Dfcu Bank except the insider loans.
The probe continues today with BoU officials expected to shed more light on some of the transactions.