Advertisement

Pressure mounts on COSASE to drop thoughts of second BOU probe

By Lydia Nabakooza | Thursday, June 6, 2019
Pressure mounts on COSASE to drop thoughts of second BOU probe

Michael Busingye, who refers to himself as a concerned citizen, has added his voice to those opposed to a move to institute another probe into the closure of seven commercial banks by Bank of Uganda.

For most part of last year, the  Parliamentary Committee on Commissions, Statuary Authorities and State Enterprises (COSASE) chaired by Abdu Katuntu investigated the central bank's role into the closure of banks and came up with a number of recommendations.

Keep Reading

However after Mubarak Munyagwa took over the chair, there was talk that COSASE is planning to launch another probe specifically focussing on the accountability for Shs 478 billion which Bank of Uganda failed to account for in the first probe that exposed a rot in the bank.

Busingye, in his petition, says that the committee does not have powers to look into the same matter.

Topics You Might Like

busingye rebecca kadaga COSASE

“To put this into perspective, Cosase had an over three months interaction regarding the Bank of Uganda matter where at it came up with observations, recommendations and is awaiting treasury memorandum for corrective actions to be taken," he notes.

He adds: "this is to request you to prevail on said committee not to expand state resources (money and time) on re-examination which is outside its mandate."

Another petition on the same matter was presented to the office of the speaker last Friday by Sam Kakuru a student at Uganda Christian University.

 

What’s your take on this story?

Join 80,000+ others on WhatsApp

Get Ahead of the News.
Stay in the know with real-time breaking news alerts, exclusive reports, and updates that matter to you.

Tap ‘Yes, Keep Me Updated’ and never miss what’s happening in Uganda and beyond—first and fast from NilePost.