August 7, 2020
August 7, 2020

COSASE chairperson Mubarak Munyagwa, deputy auditor general, BOU boss in fresh comedy show.



By Andrew Visper

“If You Haven’t Noticed Munyagwa And His New Cosase Committee Have Re-opened The BoU Mismanagement Case”

Source; At first sight COSASE Committee, one would think they are trying to clean the Central Bank but if you know what their motive is then you can predict the future of their business.

The Investigations reviewed that, the new committee first insisted on an accounting office of which the law doesn’t provide for, this committee is looking to introduce a new document and that is the fake accountability BOU has now cooked of the 487 billion that wasn’t accounted for.
“The whole purpose of these fake proceeding is to introduce this fake accountability so that the past report can be watered down” Said Source

Adds, Cosase committee under the leadership of Hon. Abdu Katuntu investigate BOU and sale of Banks, during this investigation which was based on the Auditor General’s report.
“After a publicized investigation that consumed over 400 million shillings the committee made strong recommendations to Parliament” Source

During those investigations, (BOU FAILED) to account for 478 billion shillings released to re-capitalize Crane Bank.
“The BOU and Auditor General never received this accountability, to go around this they have bribed the new committee to open an investigation so that they can introduce this matter and this time bring cooked figures” Source

Is it in order for Munyagwa and his new committee to re-open investigations on a matter that the taxpayer has already invested in with less or no action taken?

“I would say that this is a waste of taxpayer’s money, for every time a committee of Parliament sits, allowances are drawn, time is spent which time is paid for by the tax payers money, meanwhile, It’s important for the committee to act in the benefit of Ugandans”

This committee can push for Parliament take action on recommendations by the previous committee and then to other areas that need investigation and be visited to save us the time drama and money.

It’s only professional that a committee doesn’t repeat itself on its own findings before debate on the original report.

“I have a feeling that Hon. Munyagwa and his team want to eat some money or have already eaten from BOU to exonerate the Central Bank on any wrong doing by allowing it introduce new documents to attract public attention, they will first pull off a show and finally make a report in favour of BOU and receiving and accepting fake accountability”

The Committee Reactions:

Munyagwa was asking about accountability and powers to make decisions and the accounting officer. “You could see he was in a script BOU responded that they have a Board of Directors that makes decisions” Source

Isn’t this the same Board that Hon. Katuntu Cosase Committe said is conflicted by the fact that it’s composition is that of BOU.
“The Chairman Board of Directors is Tumusiime Mutebire who also happens to be the governor BOU, the Vice Chairman is Louis Kasekende who is also the Deputy Governor BOU” Source

This cant be in a professional management, the Board is conflicted with the Manangement of the Bank.
“Board of Uganda management can not be there Board, how can they then make decisions and report to themselves”

However,  “Recommendation was made by the previous committee to separate the board from Management, Munyagwa should only push for recommendations to be implemented by change of law, appointment of a new board”

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