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BoU officials face MPs in week 6 of inquiry

Mr Ssekabira (R) has told the Parliamentary Committee that Ms Bagyenda (L) forced through sale of NBC bank then linked to Presidential aspirant Amama Mbabazi (PML Daily PHOTO)

KAMPALA – The Bank of Uganda top officials have returned to parliament on Monday morning as week six of the inquiry that saw dramatic episodes opens.

Week five saw embattled former Executive Director for Supervision Justine Bagyenda sweat plasma as she was exposed for selling the Global Trust Bank to dfcu Bank behind the back of the board and outside procedures.

Ms Bagyenda would later do the same in the sale of Crane Bank to dfcu Bank in January 2017.

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 fall out forced her out of the central bank.

Ms Bagyenda and Mr Benedict Ssekabira, the director of Financial Markets Development Coordination, have particularly faced rough times before the committee after they failed 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.

Mr Ssekabira was still undergoing cross-examination on Monday afternoon.

The Committee is now inquiring into the sale of National Bank of Commerce to Crane Bank in 2014, with Ms Bagyenda’s name resurfacing in the controversy

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