Katuntu defends COSASE report on closed banks

Kampala, Uganda | THE INDEPENDENT | The former Chairperson of the Committee on Commissions, Statutory Authorities and State Enterprises-COSASE, Abdu Katuntu has defended the Central Bank Probe report.

The report was compiled by COSASE following investigations into the closure and subsequent sale of Teefe Trust Bank, International Credit Bank Ltd, Greenland Bank, Uganda Co-operative Bank, National Bank of Commerce, Global Trust Bank and Crane Bank Ltd.

The banks were closed by the Central Bank between 1993 and 2016. However, the members have members have come under criticism from legislators and the public on grounds that despite unmasking several irregularities, their report falls short of naming the implicated central bank officials and instead offers blanket recommendations.

However, Abdu Katuntu, the former COSASE chairperson, says they were hampered by limited time, absence of minutes from Bank of Uganda and an attempt by President, Yoweri Museveni to block the investigations.

Speaking shortly after debate on the report, Katuntu said they had no basis for naming the implicated officials since the central bank failed to avail them minutes that led to the closure of the affected banks.

He also said the committee had no intentions of shielding any officer, saying they were only able to identify Justine Bagyenda, the former Executive Director Supervision Bank of Uganda, Director Financial Markets Development Coordination, Benedict Sekabira.

Katuntu also clarified that his report isn’t a judgment but rather findings from the facts presented to the probe. He told parliament that his committee did its best under difficult circumstances, saying that they had to review thousands of documents in four days. Katuntu said his committee did a fine job and has set a precedent.

He also revealed that even President Yoweri Museveni wrote trying to block the probe but parliament turned down his request.

Parliament will continue debating the bank probe report later today. The Speaker Rebecca Kadaga has summoned the Prime Minister Dr. Ruhakana Rugunda to appear before parliament so that their resolutions are taken care of.

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