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The Commercial Court’s Hon Justice Stephen Mubiru has dismissed an application by the Bank of Uganda to drop a case brought against it by 31 shareholders of the defunct Greenland Bank for wrongful and fraudulent closure and sale of the bank. “The application is incompetent in as far as it concerns matters of facts majorly that require evidence and investigation by this Court which cannot be dealt with as preliminary points of law. The suit is neither barred by limitation, res judicata nor is it frivolous and vexatious,” Justice Mubiru ruled. Bank of Uganda took over Greenland Bank on 1st…
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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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In what is perhaps Bank of Uganda’s first response to parliament’s Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) report that implicated the central Bank and several of its…
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