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Like the Bourbons,how BoU’s Atingi-Ego learned nothing and forgot nothing from the Kasekende collapse

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Like the Bourbons,how BoU’s Atingi-Ego learned nothing and forgot nothing from the Kasekende collapse
Deputy Governor, Dr Michael Atingo-Ego

 

Bank of Uganda Deputy Governor Michael Atingi-Ego shares traits with the proverbial bourbons who learnt nothing and forgot nothing,leading to the collapse of the Bourborn Monarchy.

Dr. Michael Atingi-Ego was appointed Deputy BoU Governor in April 2020 to replace the Louis Kasekende but the London-University trained Economist seemed to have failed to pick lessons from the evils that tormented his predecessor.

One of Kasekende’s undoing that Dr Atingi-Ego has failed to kick out is his dubious dealings with a coterie of law  firms that the  Court declared “conflicted” and warned the Central Bank not to deal with them.

High Court in 2019 ruled that lawyers of MMKAS Advocates, David Mpanga of AF Mpanga-Bowmans and Sebalu & Lule Advocates were barred from representing BoU and any party in cases involving Ruparelia Group because they had all been previously contracted by the city tycoon.

But the former Deputy Governor Louis Kasekende,in an unholy alliance with Mrs Margaret Kasule,the BoU Legal Director,continued to deal with these law firms,in open defiance of court orders,actions that did not go down well with President Museveni.

That ultimately forced President Museveni to overlook him for appointment to Governor,a position he has long coveted.

Kasekende and Kasule were also severally questioned by Parliament’s Committee on Commissions,Statutory Authorities and State Enterprises(Cosase) over their relationship with lawyers from the three law firms that had been effectively blacklisted by the Central Bank.

And Dr Michael-Atingi has not learnt any lessons on how his predecessor meant his waterloo.

On October 28, 2020,Michael Atingi Ego chaired a meeting to discuss the strategy to be employed by the Central Bank in the Crane Bank appeal. The meeting was attended by BoU Secretary-Susan Kanyemibwa,Tumubweine Twinemanzi,the Executive Director Supervision and Margaret Kasule,the Legal Secretary.

Strangely ,out of all the seven closed commercial banks,the Meeting took particular attention on Crane Bank,even noting that Crane Bank documents are not stored in one office.“They are scattered in various bank offices including Legal Department,Bank Secretary’s office,office of the Deputy Governor and the Governor’s Office.”

Not much attention was zoomed in on the other closed commercial banks.

However,what is ominous is that it was recorded in the minutes that matters of Crane Bank Ltd require progression to liquidation as the same recommendation was given by lawyers from Shonubi and Company Advocates.

“However,it was noted that the issue of progression to liquidation has some legal glitches,”the minutes,which have been seen by this Website,indicate.

The decision to Chair a meeting about the liquidation of Crane Bank,even with the full knowledge that such liquidation would be against the law,has brought back the ghosts of how Kasekende manipulated the law in the run-up to the closure of Crane Bank.