Former BoU Deputy Governor, Dr. Louis Kasekende.

A motion for adoption of the report of the committee on commissions, statutory authorities and state enterprises (COSASE) on the special audit report on the closure of Commercial banks in Uganda is on Order Paper in parliament and is expected to take 60 minutes.

The report arises out of the probe of BoU over the closure of seven banks such as Teefe Trust Bank, Greenland Bank, International Credit Bank, Cooperative Bank, National Bank of Commerce, Global Trust Bank Uganda and Crane Bank Limited.

The report, according to sources, has made recommendations that should improve the performance of BoU but also calls for compensation of former owners of banks, some of whom want their institutions reopened.

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Eagle Online has reliably learnt that not like it has been in most cases were there is a minority report that differs from the major report when MPs do such probes but for BoU saga, no MP or MPs came up with a minority report, meaning they have all agreed to the recommendations.

The MPs started probing BoU on October 2018 basing on the Auditor General John Muwanga’s report on seven defunct banks which he said were closed in disregard of laid-down guidelines as stipulated in the Financial Institutions’ Statute and Bank of Uganda Act.

A source has told Eagle Online that MPs who spent days in Jinja drafting the report have outlined harsh recommendations against BoU officials such as its Governor Emmanuel Tumusiime-Mutebile, his deputy Dr. Louis Kasekende and Ben Sekabira, Director Financial Markets Development Coordination and Margaret Kasule, the legal counsel.

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