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Twenty-four (24) years, after Bank of Uganda, seized and sold the assets of the Co-operative Bank, the mystery of the ownership of the bank that was sold remains unresolved. This has led to another unresolved question of which Cooperative Bank was sold since it appears there were two Cooperative Banks- one, a cooperative society and the other a private limited liability company. This is even as shareholders of seven banks, including Co-operative Bank which were found by a Parliamentary inquiry, to have been closed illegally and irregularly by the Bank of Uganda wait for the perpetrators to be brought…
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The Public Accounts Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) has rejected a request by Uganda Airlines to bar the media from covering its proceedings. The national air carrier, through its Manager, Corporate Quality, Michael Kaliisa, also requested the committee, without revealing details, to reschedule their ongoing meetings to the second week of September 2022 as they had preplanned engagements which were of great bearing on the operations of the airline. The committee chairperson, Joel Ssenyonyi, held that it was unjust and unreasonable for management of the airline to wait until the meeting to present the letter asking…
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March 11, 2022 The Hon Minister of Finance, Planning and Economic Development Dear Colleague, RE: THE DEPARTED ASIANS EXPROPRIATE ASSETS As a result of the debate that has taken place in the recent past, both within Government and among others, regarding the manner in which the captioned assets have been managed by the Custodian Board, and considering the numerous cases filed against Government in relation to the same matter, I have been Directed by H.E to render this Opinion to the Government. As you are aware, in August 2016, the Auditor General in Exercise of his Statutory Mandate, conducted two…
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The Parliamentary Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) has faulted the Kampala Capital City Authority (KCCA) causing a financial loss to the government by remitting 10 percent contribution to the National Social Security Fund (NSSF) for its pensionable staff. In a report to Parliament following investigations that resulted from a Whistleblower petition to the Speaker of Parliament, the COSASE led by outgoing Kawempe South MP Mubarak Munyagwa, has recommended that KCCA recovers the money erroneously remitted to the NSSF from the outstanding terminal benefits of former. The Committee was in agreement with the Whistleblower’s prayer that KCCA…
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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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Businessman Mohammed Allibhai has put the Parliamentary Committee on Commissions, Statutory Authorities and State Enterprises (Cosase) on notice over defamatory remarks depicting him as a criminal.Mr. Allibhai, a Ugandan businessman, through his lawyers of Ambrose Tebyasa & Company Advocates, wants Cosase to discontinue the investigations arguing that they openly contravene the law.Mr Allibhai, in a June 19 letter asserts that stories published in local media on June 16 over allegations of failing to appear before the committee was aimed at tarnishing his name, instigated by opponents.The letter adds that the lawyers, have on behalf of their client, taken note of…
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The majority of the senior staff members interviewed by the committee said there were factions or cliques in the Bank polarized around the positions of the Governor and the Deputy Governor. A committee appointed by President Yoweri Museveni to study several complaints made to the Inspectorate of Government and Parliament about Bank of Uganda, has recommended “urgent and comprehensive review” of what it believes is an archaic “legal regime governing the Bank of Uganda.” “The Bank of Uganda Act Cap 51 was last amended in 1993, two years before the promulgation of the 1995 Constitution of Uganda. In the case…
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