By Spy Uganda
Kampala: Even after the Parliamentary Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) report on the controversial closure and sale of seven defunct banks exposed how Bank Of Uganda’s top greedy mafias acted regrettably against Uganda’s staggering economy, loyal taxpayers and bank owners accuse the office of the DPP to have snored for long into these matters.
According to our sources, the Office of the Directorate of Public Prosecutions (ODPP) after two years carrying investigations, it has once again asked the Uganda Police’s Criminal Investigations Directorate (UP-CID) to conduct further inquiries on the allegations made against former Bank of Uganda officials, something bank owners say is made intentionally to prolong the matter so as to deny them justice despite heavy losses they are immersed into following the closure of their banks.
“At some point, we believe that the DPP is working hard to save these mafias from paying for their sins, in otherwards which reason can we be told for prolonging these investigations for two years now, but whichever the case and deals behind it all, we are not giving up!” said one of the owners of the closed banks.
The seven banks in question include Teffe Bank, International Credit Bank Limited, Greenland Bank, Co-operative Bank, National Bank of Commerce (NBC), Global Trust Bank and Crane Bank Limited.
Some of the Bank Of Uganda’s officials that were recommended for prosecution include: Dr Louis Kasekende, the former Deputy Governor; Mrs Justine Bagyenda, the former Executive Director, Commercial Bank Supervision; and Benedict Sekabira, the current Director Financial Markets Development.
A report by the Auditor-General earlier revealed that Bank of Uganda did not follow the lawful procedures in the closure of Crane Bank and six other commercial banks. It is alleged that the former BOU top officials conspired with the mysterious Nile River Acquisition Company as the company bought off secured debts of International Credit Bank (ICB), Greenland Bank, Cooperative Bank at Shs8.89 billion representing a 26 percent discount of the total secured loans.
In February 2019, the Parliamentary Committee (COSASE) presented its report on the closure of seven banks in which the Bank of Uganda management was found largely culpable for breaching the law in closing the banks.
According to the parliamentary committee report findings, some of the breaches included closing and selling the banks on the same day as was the case of the National Bank of Commerce.
There were also cases of appointment of auditors after the sale and failure to compile inventory reports which meant that BOU was clueless about the value of the institutions that it had sold.