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BoU officials back to parliament as week 5 of inquiry begins

Bank of Uganda official, most notably, former BoU Director of Supervision, Justine Bagyenda, who without official permission excused herself from the inquiry and left the country amid protests by the MPs, and Man on spot the director of Financial Markets Development Coordination, Ssekabira are set to appear before COSASE today (FILE PHOTO)

KAMPALA – The Bank of Uganda top officials return to parliament on Monday morning as week five of the inquiry that saw dramatic episodes last week.

This week, the embattled former Executive Director for Supervision Justine Bagyenda, who without official permission excused herself from the inquiry and left the country amid protests by the MPs is expected to be grilled after given Monday deadline to appear.

The Parliament’s Committee on Commissions, Statutory Authorities and State Enterprises (Cosase) is conducting an inquiry into the conduct of Bank of Uganda and it’s officials in the closure of seven banks, with some ending up in massive controversy.

Ms. Bagyenda, a key figure in the central bank’s drastic measures now under review is considered a prime witness, having been behind the drastic closure and handover of Crane Bank to dfcu Bank in 2017, before the resulting fall out forced her out of the central bank.

Ms. Bagyenda and Mr. Benedict Ssekabira, the director of Financial Markets Development Coordination, are particularly needed before the committee to present evidence of reports on how the value of assets of three closed commercial banks assessed so far, was reduced from Shs117b to Shs98b after the Central Bank took over the liquidation.

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