Bank of Uganda's Emmanuel Tumusiime-Mutebile

The Bank of Uganda (BoU) Prof. Emmanuel Tumusiime-Mutebile has said he signed the agreement in which assets of Global Trust Bank Uganda (GTBU) were sold Dfcu Bank.

Tumusiime-Mutebile made the revelation on Monday as MPs asked whether it was Bagyenda or BoU who sold GTBU to Dfcu Bank. Mutebile’s revelation angered MP Francis Mwijukye that Tumusiime-Mutebile be put on oath since he appeared to be telling lies to Committee on Commissions, Statutory Authorities and State Enterprise (Cosase) which is probing BoU over the sale of seven commercial banks.

The agreement, known as the Purchase of assets and Assumption of liabilities s agreement (P&A) was signed on July 14, 2014, the day in on which the bank was closed and sold.

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Meanwhile, the former BoU executive director for supervision Justine Bagyenda was also on Monday left speechless when two officials she claimed participated in the sale of Global Bank to DFCU Bank, denied they took part in the negotiations.

One of the BoU officials who denied he participated in the negotiations to sell off the bank is Mr. Aomu Mackay, Director, National Payments Systems Department. He said his role was to make a report on the financial status of Global Bank. He said he did not in his report say that the bank be sold nor did he participate in the identification of the buyer (Dfcu Bank).

Asked whether the two officials were telling the Committee the truth, Bagyenda said she didn’t not know the people who attended the negotiation meetings at BoU board room with Dfcu Bank led by Managing Director Juma Kisaame.

Bagyenda asked that committee Chairman Abdu Katuntu give her another chance to look for extra people who participated in the negotiation, the two having denied they participated. Katuntu said since the negotiation meeting had no minutes taken, there is no way she was going to identify other BoU officials who participated.

Bagyenda said she was of advanced age to remember what happened over four years ago. “I retired not because I was young. I retired because I was old,” she said.