• EDITORIAL POLICY
  • ABOUT US
PML Daily
No Result
View All Result
  • Home
  • NEWS
    • Politics
    • Education
    • Regional
    • Africa
    • World
  • INVESTIGATIONS
    • National Archives
    • Special Reports
  • OpEd
  • BUSINESS
    • Agriculture
    • Tech
    • Finance
  • FEATURES
    • Health
    • Tours & Travel
    • Entertainment
    • Society
  • COLUMNISTS
    • The Suited Penguin
  • SPORT
  • Jobs
  • Magazines
  • Home
  • NEWS
    • Politics
    • Education
    • Regional
    • Africa
    • World
  • INVESTIGATIONS
    • National Archives
    • Special Reports
  • OpEd
  • BUSINESS
    • Agriculture
    • Tech
    • Finance
  • FEATURES
    • Health
    • Tours & Travel
    • Entertainment
    • Society
  • COLUMNISTS
    • The Suited Penguin
  • SPORT
  • Jobs
  • Magazines
No Result
View All Result
PML Daily
No Result
View All Result
Home NEWS

COSASE summons owners of closed banks

XANTHIA LENI | PML Daily CorrespondentbyXANTHIA LENI | PML Daily Correspondent
December 7, 2018
5 0
4
SHARES
76
VIEWS
FacebookWhatsAppTwitter
In twist of events, COSASE has summoned owners, shareholders of the closed banks such as GLobal Trust Bank, Teffe bank, among others (FILE PHOTO)

PARLIAMENT – The Chairperson of the Committee of Commissions, Statutory Authorities and State Enterprises (COSASE), Abdu Katuntu has revealed that the shareholders of all the seven defunct Banks have been summoned by Parliament to explain circumstances that led to the closure of their financial institutions.

Katuntu made the revelation on Friday while interfacing with officials of Bank of Uganda as the Committee comes into its final days of probing the Central Bank on the procedures they used to close down all these Banks.

“We have invited all former directors of the Defunct Banks. The Shareholders of Global Trust Bank sent me an email that they are re flying in from Nigeria and we are going to ask the same questions,” he said.

In a period of 23years, the Central Bank has overseen the closure of seven defunct Banks including; Teffe Trust Bank (1993) that was closed due to insolvency, International Credit Bank Ltd (1998) due to poor liquidity and insolvency, Greenland Bank (1999) insolvency and violation of Financial Institutions Statute.

The other Banks were; Cooperative Bank (1999) continued poor performance and non-compliance

with regulatory capital adequacy requirements, National Bank of Commerce (2012) undercapitalisation, Global Trust Bank (2014) undercapitalization and corporate governance weaknesses, and Crane Bank Ltd (2016) closed because it was undercapitalised.

Related

Leave a comment

Tags: Bank of Ugandadfcu bankGlobal trust Banktop

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe

Advertisement

About

The PML Daily, published via www.pmldaily.com is a publication of Post Media Ltd, a professional Digital/New Media company in Uganda.

Follow us



  • EDITORIAL POLICY
  • ABOUT US

© 2022

No Result
View All Result
  • Home
  • NEWS
    • Politics
    • Education
    • Regional
    • Africa
    • World
  • INVESTIGATIONS
    • National Archives
    • Special Reports
  • OpEd
  • BUSINESS
    • Agriculture
    • Tech
    • Finance
  • FEATURES
    • Health
    • Tours & Travel
    • Entertainment
    • Society
  • COLUMNISTS
    • The Suited Penguin
  • SPORT
  • Jobs
  • Magazines

© 2022

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist