Members of Parliament want Bank of Uganda (BoU) top bosses fired and punished for the mess in handling the closure and sale of seven defunct banks.
Prof. Emmanuel Tumusiime-Mutebile, BoU Governor, his deputy, Dr. Louis Kasekende, former Executive Director Supervision, Justine Bagyenda and Benedict Ssekabira among others are the names that popped up most during Tuesday’s debate of theParliamentary Committee of Commissions, Statutory Authorities and State Enterprises (COSASE) report on the controversial closure and sale of seven defunct banks by Bank of Uganda.
The investigations followed the special audit report by the Auditor General that raised a number of queries in the manner the banks were closed and sold.
The seven banks in question include Teffe Bank, International Credit Bank Limited, Greenland Bank, Co-operative Bank, National Bank of Commerce (NBC), Global Trust Bank and Crane Bank Limited.
The report was presented before Parliament on Thursday last week and implicated some of the BoU officials over the illegal closure and sale of banks in question.
“BoU having failed to value the assets and liabilities of GTB, NBC and CBL and considering the lapse of time and impossibility in revaluation of assets should address the probable financial loss occasioned. BoU officials who failed to properly execute their duties in accordance with the law should be held responsible for their commissions and/or omissions,” says the report.
Below are the reactions from MPs during today’s debate;
William Nzoghu (Busongora County North)
What I watched [during the probe] isn’t entirely what is in this report. It would have been fair for us to make correction on what was recorded and members can adequately compare what is in the report. I also feel personality should have been mentioned because titles are constant, but individuals change, they focused on the title it may lose track along the way
David Abala (Ngora County)
You (Kadaga) stood firm when some members said they shouldn’t be investigated. The committee has done a good job in identifying the diseases but when it comes to prescription, parliament was actually used. The people who are responsible must be named so that the whole world gets to know because they have brought more problems in the economy of this country. They never kept records yet these are people who are well educated. Some of these people should be on their way to luzira because they destroyed this economy.
Mbwatekamwa Gaffa (Kasambya County)
We need to have legislative changes on how to handle closed banks. MMAKS (Advocates) were misleading and acting with double standards; they should be banned from representing Bank of Uganda and other government institutions.
They should fire Tumusiime, Kasekende, the Board of BOU must be fired and CID takes over the investigations.
The shareholders should be refunded their money. Sudhir much as he participated in fraud some time back, he is an investor; he deserves to be paid his money back.
Sarah Opendi (State Minister of Health)
What is reflected in the report doesn’t match with the findings of what transpired before the cameras.
… if you don’t have an investor of the bank, what are you selling?
Maybe there was some dealing between BOU and these buyers. I find the findings recommendations that BOU should strictly follow the FIA really after coming up with such a findings, people should behave responsibly; we can’t sit here and simply adopt such a report without bringing personalities in the report. This is Uganda where corruption has become order of the day, people should have resigned [already].
Should we now sit and start picking out who these people are?
I find this report lacking. I think further investigations be done so that they can investigate and report to this house.
Fred Mwesigye (Nyabushozi County)
When do we go when all rules are abused by Bank of Uganda? The postmortem is done, what is next. These people have been hiding within the law because of their independence. Challenge to overhaul this law of BOU so that all these recommendations are put in place. This is the only way we can save BoU; if we allow time to go on, there will be no remedy to save the situation.
Denis Obua (Ajuri County)
Thank you for unmasking the doctrine of checks and balances. They have always hidden themselves under the law. Everyone who followed proceedings knows BOU appears to be naked. The ministry should present an amendment so we separate board from management. There is conflict of interest.
Innocent Pentagon Kamusiime (Butemba County)
This report should have been precise so that we charge who for what. This report still needs surgery to make it suitable for us. Otherwise we are going to lose money.
John Baptist Nambeshe (Manjiya County)
The report may have gaps, but the truth is that the good will of front bench should be appreciated.
There is one Sudhir, I didn’t know the man; the only one who fought back and his fight helped to expose incompetence, criminality at BoU; I must thank Sudhir for exposing this rot.
James Kakooza (Kabula county)
I must thank you (Kadaga) for insisting to have this probe. If you hadn’t insisted, we couldn’t know this. How do you sell a bank without knowing its assets and liabilities?
Kenneth Esiangu (Soroti County)
Why aren’t names coming out? Let us see properties of these people confiscated because they are doing it with impunity. Something has to happen to this report.
In the beginning they had started well and everybody was appreciating and when it came to recommendations, they are sugar coating. Everything is generalized; we would have wanted to see specification of individuals. You can’t tell me you make recommendations whereby I take recommendations to be null and void, the rest is okay.
Muhammad Nsereko (Kampala Central)
The law was flouted by those who were responsible and constitution holds them responsible for losses incurred as public servants. The liquidation processes was marred with irregularities.
Mathias Mpuuga (Masaka Municipality)
Let’s discuss this report with the calmness it deserves. In being emotional, we can gross over in issues raised. It actually indicts individuals for gross fraud flouting anti-money laundering rules. I don’t want us to be emotional, you can catch a thief wrongly or high handedly, but it doesn’t take away culpability. It is a bit disappointing. We need better particulars of these issues. We may fail if we don’t move carefully to catch these people who are culpable.