Greenland bank cries foul, accuses BoU of fraudulent dealings

By Moses Kyeyune.

Directors of Greenland Investment have accused the Bank of Uganda of fraudulent dealings in the closure, liquidation and sale of their bank in 1999.

Ahmed Nsubuga, one of the surviving shareholders of the Bank has asked the committee on Commissions, Statutory Authorities and State Enterprises to compel the Bank of Uganda clearly account to Greenland Bank Investors, the status of their institution since it was  closed.

Nsubuga contends that therefore was no justification for take over since the bank was adequately capitalised to a tune of 147 billion out of the required minimum of 10 billion shillings.

He has also asked the committee to query the whereabouts of other assets that were lost alongside the closure, including investments in Rwanda, Kenya and Zanzibar among others.

According to a statement presented to the committee, Greenland Bank has indicated that there has not been room for redress in the last 20 years, and that shareholders have placed all their hope in the probe.

Nsubuga has revealed  that despite written commitments from the central bank to have all shareholder appraised on the liquidation, nothing has taken place, a suspicious move by the Bank of Uganda to escape accountability since most of the owners of Greenland Bank are perishing.

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