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Borrowers and owners from the defunct International Credit Bank (ICB), Greenland Bank and Cooperative Bank whose properties were taken over and sold by Bank of Uganda, in a process that the Parliament of Uganda found to be flawed, could be close to getting justice as the Directorate of Public Prosecutions (DPP) has ordered police to round up, question and search the homes of a city lawyer and two former officials and one current official of Bank of Uganda. Mr. Odiit Andrew, the Senior Assistant DPP/Head, Land Crimes Department at the Directorate of Public Prosecutions in a July 7th 2020 (Ref:…
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The Criminal Investigation Department of police (CID) has written to Bank of Uganda to produce the current Director Financial Markets Development, Benedict Sekabira in court to answer charges of concealing title deeds under section 278 of the penal code. This comes after two years since the Parliament’s Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) chaired by Bugweri County MP Abdu Katuntu, recommended that Central Bank officials involved in the wrongful and illegal sale and closure of defunct banks be held personally liable. The banks included International Credit Bank, Greenland Bank, Cooperative Bank, Global Trust Bank, National Bank of…
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Slightly over two years after an investigation by the Parliamentary Public Accounts Committee on Commissions, State Authorities and State Enterprises (PAC – COSASE) ended, with stern recommendations to punish Bank of Uganda officials implicated in the wrongful and illegal closure and sale of 7 defunct banks, shareholders of the closed banks could be about to see justice served. The Criminal Investigations Department (CID) of Police has confirmed that it has started investigations into the matter with a view to bringing the accused officials to court to face justice. The investigations follow a petition by a one Nelson Habaasa and…
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