Lukwago urges Greenland Bank testimony be considered before COSASE files BOU report
As the parliamentary Committee on Commissions, Statutory Authority and State Enterprises (COSASE) winds up, one of the key witnesses and counsel representing Greenland Bank Erias Lukwago has wondered why he was not summoned in defence of the bank he represented.
COSASE has been probing the closure of 7 defunct banks for 4 months with closing submissions presented on Tuesday, February 13, 2019.
Lukwago, however, as lawyer for Greenland Bank owner Suleiman Kiggundu did not appear before COSASE.
The tough talking lawyer said he had confidential information to share that pins people his client claimed were behind the downfall of Greenland Bank.
He presented an 11 page dossier entailing information he wished to share with COSASE chairperson Abdu Katuntu. Lukwago said the document was authored by the late Dr Suleiman Kiggundu then MD Greenland Bank. He also presented a report from Deloitte and Touch into the financial affairs of the bank at the time of closure.
The document mentions certain prominent individuals Dr Kiggundu believes were behind the fall of the bank. Kiggundu said he was ready to appear before a parliamentary commission if these individuals are also summoned to explain their alleged role.
Bank of Uganda closed Greenland bank April 1, 1999 due to a liquidity crisis but following the audit commissioned by BOU, Deloitte and Touch advised that USD 10.45 million be refunded to Greenland bank which could have solved the issue but up to now the money can not be traced.
As the end of Abdu Katuntu’s tenure as COSASE chair approaches on February 22, Lukwago urges the committee to delay filing a report until they have listened to Greenland bank representatives version.
