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MPs probe on BoU enters week 3

Man in the spotlight: Mr Benedict Sekabira, the Director Financial Markets Development Coordination (FMDC) takes oath on Monday (PML Daily PHOTO)

KAMPALA – MPs on the Parliamentary committee on Commissions, Statutory Authorities and State Enterprises have on Monday resumed the inquiry into irregularities in the closure of seven commercial banks, with several bank officials facing the spotlight.

Senior central bank officials including Governor Tumusiime Mutebile and his Deputy Dr Louis Kasekende have appeared before the MPs to answer questions.

The MP’s inquiry is also focusing on the mismanagement of closed banks by BoU after the Auditor General Mr John Muwanga issued a stinging criticism of the central bank in a special audit that cited massive flaws in the closure of Teefe Bank (1993), International Credit Bank Ltd (1998), Greenland Bank (1999), The Co-operative Bank (1999), National Bank of Commerce (2012), Global Trust Bank (2014) and the sale of Crane Bank Ltd (CBL) to dfcu (2016). All the former directors of the above-closed banks will also be cross-examined by the committee.

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