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Central Banks in the East African Community have eulogised the fallen Bank of Uganda Governor, Prof. Emmanuel Tumusiime-Mutebile, who died in the wee hours of Sunday last week at Aghakhan Hospital, Nairobi. Uganda’s longest-serving Governor and Chairman of the Board of Directors had served in the capacity for twenty years, since 2001. In his condolence message, the Governor of the Central Bank of Kenya (CBK) Dr. Patrick Njoroge, said Prof. Tumusiime-Mutebile led the Bank of Uganda with distinction during a critical time. He said during his tenure as Governor, and before that as Secretary to the Treasury, he helped Uganda…
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Just weeks after Bank of Uganda withdrew its UGX397 billion Supreme Court case against Dr. Sudhir Ruparelia and his Meera Investments Limited, today the Supreme Court handed the central bank, yet another defeat by dismissing its attempts to enter Crane Bank into liquidation. In a judgement made today, the Supreme Court ruled that Crane Bank (Under Receivership) was no longer a financial institution and therefore was outside the jurisdiction of the central bank. “The 1st respondent was closed as a financial institution and placed under receivership. Upon closure, it ceased being a financial institution under the Act (Financial Institutions Act…
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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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