Amid the back and forth arguments between the Bank of Uganda and the now-defunct Crane Bank on the one hand, and city businessman Sudhir Ruparelia on the other hand, legislators has picked interest in the operations of the Central Bank.
According to sources, Nathan Nandala Mafabi, the MP for Budadiri West is set to lead a group of MPs to table a motion in which the supervisory and operational competences of the BoU will come under scrutiny, including the way the issue of the now-defunct Crane Bank is being handled.
By press time it was not possible to establish the exact time MP Nandala Mafabi would move the house over the matter, but the source told the EagleOnline that one of the issues for debate will be the reported squabbling among the Central Bank top officials over the BoU-Crane Bank-Sudhir saga. Also, efforts to contact MP Nandala Mafabi were futile as he did not pick his phone.
It is said that top officials at the BoU are divided over the procedures undertaken by the Central Bank that have led to the current stand-off, with some arguing that the BoU, through its Bank Supervision Directorate headed by Ms. Justine Bagyenda, failed to satisfactorily execute its mandate.
Since then, the BoU has dragged Sudhir to the Commercial Court, demanding the businessman pay about Shs400 billion he allegedly took from Crane Bank, an issue that spiralled out of proportion, drawing in several sectoral players that will now be joined by the Parliamentarians, who have oversight powers over government functioning.
It should be recalled that in the Eighth Parliament MP Nandala Mafabi was the Chairman of Public Accounts Committee (PAC), and during the time helped unearth several financial scams in the government fiscal systems.