Bagyenda in more trouble over illegal sale of GT Bank

By Moses Kyeyune.

Former Executive Director in the Bank of Uganda Justine Bagyenda has been put on spot for spilling secrets of a sinking Client in breach of the Bank of Uganda Act.

Bagyenda, who is appearing before parliament’s Committee on Commissions, Statutory Authorities and State Enterprises to answer queries surrounding the illegal sale of Global Trust Bank.

The committee learnt that the Central Bank represented by Bagyenda entered into a purchase agreement with DFCU on July 10, 2014 before the Bank of Uganda could even liquidate the victim 15 days later.

The committee chairperson has questioned the intention and purpose of the disclosure.

It should be remembered that Global Trust Bank was also sold on the same day it was liquidated by the central bank, in a time frame of only one hour as opposed to the six months legal requirement.