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Its a wastage of time and resources! MPs vow to block fresh BoU problem by underfire Cosase

New COSASE boss Munyagwa faces public scrutiny over new fresh probe on Bank of Uganda. (PHOTO/PML DAILY)

KAMPALA – Members of Parliament have protested a plot by new Parliamentary Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) chairman Mubarak Munayagwa to open fresh fresh inquiry into the central bank saying its a duplication and wastage of country’s resources and time.

This follows a move that has also attracted public criticism for COSASE under the leadership of Kawempe South legislator Mubarak Munyagwa who started a fresh inquest into affairs at Bank of Uganda, with sections of commentators alleging that the new COSASE chairman is hatching a window to cover up issues contained in the old committee report on the central bank

BOU officials led by the deputy Governor, Dr Louis Kasekende, were to told to respond to outstanding Auditor General’s queries but some of the MPs think the Committee is tilting towards re-opening the probe that was concluded during the tenure of Bugweri County MP Abdu Katuntu.

The same committee but under Mr Katuntu, in a report noted litany of irregularities and illegal dealings committed by Central Bank officials in the dissolution of the seven commercial banks.

The report among others exposed mismanagement at the central bank and proposed key reforms while providing wholesale recommendations against BoU officials accused of turning the bank into an enriching avenue.

Former Chairperson of COSASE, Abdu Katuntu engages the Bank of Uganda officials at one of the session of the Probe (FILE PHOTO)

In the report, Mr Katuntu’s committee recommended that the shareholders of the closed banks be compensated for the losses because BoU officials did not follow the due process.

Key among the findings of the Katuntu committee was the failure by BoU officials to account for Shs478b that the central bank injected in the stabilisation of Crane Bank before eventually selling it off to dfcu Bank in 2017.

During the three months, probe, BoU officials failed to table accountability for Shs478b they claimed to have in October 2016 injected in Crane Bank, formerly owned by businessman Sudhir Ruparelia, under the cover of “liquidity support”.

From that background, a number of MPs have resisted a move by Mr. Munyagwa’s move saying it is likely to give a chance to BOU officials, who are already culpable by the recommendations of the Katuntu report to fake accountability and “erase their guilt”.

The MPs want Cosase to focus their efforts in making sure that the recommendations of the committee are taken up by the responsible authorities in government.

Hamson Obua, the Ajuri County MP condemned the duplication and wastage of the country’s resources and time by Mr. Munyagwa

Mr. Munyagwa and his vice chairperson Kasozi were not available for a comment yesterday. Calls to Mr Munyagwa’s known telephone number went unanswered on several attempts. Mr Kasozi’s telephone number was switched off.

Last month, the Inspector General of Government, Ms Justice Irene Mulyagonja, said she had not been instructed to investigate any person implicated by the Cosase report.

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