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BoU officials to appear before COSASE tomorrow

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Bank of Uganda top officials are scheduled to appear before the Parliamentary Committee on Commissions, Statutory Authorities and State Enterprise (Cosase) tomorrow, to answer  a raft of queries including paying about Shs5 billion for litigation and management in respect to the Crane Bank, now in receivership.

According to a source, the BoU officials will also be required to give explanations about monies in a foreign bank in Germany, and also about the purchase of pens at over Shs100m.

By press time it was not possible to reach the BoU Communications Director Christne Alupo for comment.

However, the central bank has for some time now come under scrutiny over a number of transactions including outsourcing law firms MMAKS Advocates and AF Mpanga-Bowmans to represent BoU in the case involving Crane Bank and city tycoon Sudhir Ruparelia. The BoU also hired the services of accounting and audit firms Klynveld Peat Marwick Goerdeler (KPMG) and PriceWaterHouse Coopers (PwC) to manage the Crane Bank.

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