October 29, 2020
October 29, 2020

“Re examine the closer of Cooperative Banks by BoU” Speaker Kadaga Instruct COSASE, PAC


By Andrew Visper
Cosase uncovers fraud in disposal of departed Asians property
The Speaker of Parliament, Rebecca Kadaga has instructed the Committee on Commissions, Statutory authorities and State Enterprises to look into a petition lodged by a one Chris Tushabe that the bank probe into the sell of commercial banks did not comprehensively handle the bank’s issues.
In a letter dated July 26, Kadaga said Tushabe’s appeal merited attention.
“I will formally inform Parliament about the need to complete the hearing,” Kadaga wrote in a letter addressed to COSASE chairperson, Mubarak Munyagwa and to Nandala Mafabi, the chairperson of the Public Accounts Committee.
Among other unresolved key issues, the Cooperative bank wants Parliament to compel Bank of Uganda to produce the liquidation report and other vital documents that were seized when the 1997 bank was closed.
During the probe, Hannington Wasswa, the Director Commercial Banks in Bank of Uganda informed the Committee that the Cooperative Bank that was closed by Bank of Uganda had USAID, Cooperative Movement and individuals as its shareholders.
C informed the committee that by 1997, Uganda Cooperative Alliance (UCA) had shares worth Shillings 2.53 Billion in trust, while Banyankole Kweterana Cooperative Union had shares worth Shillings 220 million among other societies.
The other members included Buggaga Maanyi Cooperative Society Ltd, Luwero Triangle Cooperative Society Ltd, Arua Transport Cooperative Society Ltd, Engangainos Cooperative Society Ltd, Lango Cooperative Union Ltd, Bugisu Cooperative Union, Busoga Growers Cooperative Union Ltd, and Uganda Enguli Cooperative Union Ltd.
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