BoU presents faulty evidence on TEEFE Bank

By Moses Kyeyune.

Bank of Uganda officials are facing a hard moment before the committee on Commissions Statutory Authorities and State Enterprises where they are appearing to make submissions regarding the liquidation of defunct commercial banks.

This is after Mps including Mbarara Municipality MP Micheal Tusiime and Busiro County’s Medard Sseggona discovered discrepancies on the closure on TEEFE Trust Bank in 1993.

In their presented by the Executive Director of Supervisor for Commercial  Banks Dr Tumubweine Twinemanzi, BoU indicated that TEEFE was closed in February 1993, yet additional evidence indicates the Bank was closed on November 4, 1993.

The MPs also discovered that in February,  the Bank of Uganda  Act of 1969 was applicable and it was the minister responsible for closure yet by November,  the powers of supervision were vested to  the Bank of Uganda under the new Financial Institutions Statute of 1993.

The mps want the officials subjected to oath before the committee is fed on contradictions.