MPS cite duplication in Crane Bank loans bought by DFCU

By Moses Kyeyune.

DFCU bank bought duplicated loans from crane bank, MPs on the House Committee of Commissions, Statutory Authorities and State Enterprises have learnt.

This was after preliminary findings by auditors attached to the committee revealed that 4,458 loans Crane Bank loans sold to DFCU Bank were heavily duplicated.

Crane Bank Limited was closed on 30th October 2016 due to under capitalisation and according to the Governor Bank of Uganda, Prof Emmanuel Tumusiime Mutebile, Crane Bank capital had fallen below the 50 percent legal requirement under the law.

The committee Chairperson Abdu Katuntu has told the committee that it would only be appropriate to give more time to the auditors to dig deeper into the matter.

The committee has adjourned hearings to Wednesday, as they wait for a comprehensive report.

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