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BoU to pay creditors of Greenland Bank as it winds up liquidation

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Bank of Uganda (BoU) has called upon all creditors of Greenland Bank Ltd to submit their documents for verification as the central bank winds up liquidation of the bank.

Greenland Bank was incorporated on August 3, 1990 and operated until April 1, 1999, when the central bank placed it under liquidation.

In a statement issued on Monday, 27 November 2023, BoU said, “Bank of Uganda is in the process of winding up the liquidation of Greenland Bank Ltd and hereby invite all previously verified creditors to submit details such as bank account numbers, copy of national ID and valid telephone numbers and copies of registration certificates of companies within 30 days.”

“The legal representatives of any deceased creditors should submit documents,” BoU added.

The Information should be submitted to the headquarters in Kampala or its branches in Mbarara, Gulu, Lira, Mbale, Kabale, Arua, Fort Portal and Jinja.

BoU closed Greenland Bank in 1999 and put it under liquidation, accusing its proprietor, the late Sulaiman Kiggundu, of violating banking regulations.

But according to the 2019 report by Parliament’s committee on Commissions, Statutory Authorities and State Enterprises (COSASE), BoU did not follow the right procedures in closure of the bank and six others, which are; Cooperative Bank, Global Trust Bank (GTB), International Credit Bank Ltd (closed September 1998), and Cooperative Bank, closed in May 1999.

The Auditor General found out some of the closed banks had assets worth Shs117b in cash, loans, property, equity investment, amounts due from related parties and balances from other banks at the time of closure but that these were not accounted for by the central bank.

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