The ground can no longer hold for BoU officials.

President Yoweri Museveni has said he supports the on-going probe of Bank of Uganda (BoU) by the Parliamentary Committee on Commissions Statutory Authorities and State Enterprises (Cosase) even though he has reservations on the procedure, saying it should have been in Camera. In-camera describes court cases, parts of it, or process where the public and press are not allowed to observe the procedure or process.

Cosase is probing BoU over the controversial sale of seven commercial banks including; Teefe Trust Bank, Greenland Bank, International Credit Bank (ICB), Cooperative Bank, National Bank of Commerce, Global Trust Bank Uganda and Crane Bank Limited (CBL).

Addressing the press on Monday after the launch of Anti-Corruption Unit, Museveni said he once called BoU officials over the issue of closure of banks though he declined to disclose the details.

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The Auditor General John Muwanga authored a report on the sale of the seven banks indicating that BoU did not follow the guidelines for the closure and liquidation of some banks. Cosase, using the report has established missing reports and documents concerning the sale of assets of banks.

For instance, the Auditor General in his report said loans of some banks like Greenland Bank, ICB and Cooperative Bank were combined at sold at a discount of up to 93 percent.

Last week it emerged that Finance Minister Matia Kasaija wanted Museveni to intervene and close the probe but Museveni insisted that the BoU officials must face the probe.

So far the MPs have probed BoU officials over the closure of six banks except CBL. The inquiry has established irregularities in the sale of banks. The MPs will write a report on the same.