Latest News

Governor BOU Mutebile "i will never dream to re-open closed banks"

November 16, 2018 8:30 am

By Moses Kyeyune.

The Governor Bank of Uganda Prof Emmanuel Mutebile says he “will never dream to re-open the banks” he has closed.

The Governor has been responding to a question by Aruu County MP Odonga Otto as to what plans the Central Bank has regarding the re-operarionalisation of TEEFE trust Bank.

In his reply, Mutebile has said that once closed,  there should be no hope for re-opening.

Seven banks have been closed under controversial circumstances.

Among them is the recently closed Crane Bank of business Mogul Sudhir Ruparelia and the National Bank of Commerce belonging to Kigezi big shots,  among them former premier Amama Mbabazi and Amos Nzeyi.

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Postmortem report of burnt students out

November 16, 2018 8:14 am

By Ritah Kemigisa.

A Post-mortem report of the nine students who were burnt from the fire that gutted St Bernard Manya SS in Rakai district has revealed that they succumbed to dry heat, smoke and suffocation

Releasing the report at the city Mortuary in Mulago, the police pathologist Moses Byaruhanga said the samples which they received on Monday were able to match with the bodies and the parents after examination with combined help of Mulago pathologists.

Byaruhanga after handed over the caskets of the nine bodies to the state minister for primary Education Rosemary Sseninde who officially handed them over to the parents who were present at the Mortuary.

Sseninde said the bodies would be transported to the school in Rakai except two bodies whose parents demanded that they take them.

Sseninde meanwhile said the shs 5million government had promised to give to the affected families was delivered and urged those who have not received it to speak out.

It was an emotional moment for the parents who were at the city mortuary while others called for counselling services.

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BoU presents faulty evidence on TEEFE Bank

November 15, 2018 5:00 pm

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.

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Ex Auditor General kicked out of BoU probe meet

November 15, 2018 2:32 pm

By Moses Kyeyune.

The former Auditor General James Kahooza has this afternoon been kicked out of the the ongoing inquiry into the closure of seven commercial banks.

This follows concerns of conflict of interest raised by Bukedea Woman MP Anitah Among,  who argued that at the time of the closure of TEEFE trust Bank,  Kahooza  was the auditor general,  a position he held until 2001.

Among also said that Kahooza,  currently a board member of the BoU directors should have no space in the room,  since he failed to advise the Central Bank regarding matters of commercial banks and that his time for the roast still lies ahead.

The committee agreed to the mp’s submissions and Kahooza was immediately shown an exit.


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Gov’t pinned over delays in World Bank Project

November 15, 2018 12:23 pm

By Ritah Kemigisa.

Members of Parliament have expressed disappointment over the delay in implementation of the World Bank funded Uganda Support to Municipal Infrastructure Development (USMID) Program in Jinja town.

MPs were annoyed by recent media reports alleging that the contractor abandoned work in Jinja Municipality due to non-payment yet the project is fully funded by the World Bank.

The Bunyole West MP James Waluswaka told parliament that allegations indicate that that during the selection of contractors, PPDA guidelines were not followed adding that the contractor was using substandard materials.

However the Minister of State for Lands, Housing and Urban Development Chris Baryomunsi confirmed the allegations but said government had taken all the necessary steps to address the situation.

He says studies were commissioned on the said materials using two private laboratories and the test results confirmed that the materials were genuine and up to standard.

Baryomunsi adds that Government has since instructed Jinja Municipality to pay the contractor for works to resume.

The World Bank funded USMID Project is implemented through Ministry of Lands, Housing and Urban development in 14 municipalities of Uganda with a major component in infrastructure development.

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BoU withdrawals documents from COSASE

November 15, 2018 12:19 pm

By Moses Kyeyune.

Bank of Uganda has withdrawn earlier documents submitted to the Parliamentary Committee on Commissions, Statutory Authorities and State Enterprises.

The decision has been announced by the committee chairperson Abdu Katuntu at the opening of the meeting this morning.

The committee has realized that fresh submissions have been made with slight differences.

The Bank of Uganda Governor Prof Emmanuel Mutebile says that the new submission changes have no fundamental departure.

He says that the new submissions have been made to match queries raised in the auditor general’s report that faulted the Central Bank for irregular action during the liquidation of the banks.

The committee meeting flopped last week after BoU officials failed to present inventories regarding the closure of the 7 defunct banks.

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