UDB Officials questioned

Parliament’s Commissions and Statutory Authority committee is investigating circumstances under which three companies received loans from Uganda Development Bank but failed to pay back.

Committee members heard from the bank’s Chief Executive Officer, Gabriel Otuda that there was no agreement in place to advance loans to Tristar Apparels Company, Basajjabalaba Skins and Hide Company and Phoenix Logistics Ltd.

The legislators had questioned the inconsistencies in the accounts books after it was discovered that no payment of monies to the bank were made.

 Makindye East MP, John Ssimbwa said government took over the affairs of the bank by taking over its sole mandate to manage its business and now suggests that the bank is capitalized to enable it operate independently.