After eight months of legal ping-pong, Bank of Uganda has given in to being audited by the Auditor General over the way in which various defunct banks were taken over and subsequently sold and or dissolved.
According to our sources at both the Office of the Auditor General and Bank of Uganda, a team of over 10 auditors descended on Bank of Uganda today morning and are expected to be holed at the Central Bank for the next days, trying to unearth details regarding the closures of Teefe Bank, Greenland Bank, International Credit Bank, Cooperative Bank, National Bank of Commerce, Global Trust and Crane Bank.
This follows a sharp letter by the Speaker of Parliament, Rt. Hon Rebecca Alitwala Kadaga to the Auditor General in which she dismissed sub judice grounds, previously pleaded by Bank of Uganda Governor and Deputy Governor, with support from the Solicitor General.
Kadaga, in her 10th May 2018 letter said that BoU, like every other public institution created by the law in Uganda is subject to audit and ordered the Auditor General that: “Therefore in response to your request for guidance, you should proceed with the audit as directed and submit your report to my office as is required by law.
