June 4, 2020
June 4, 2020

Ugandans Contest second “BoU” Probe By COSASE, petition Speaker Kadaga.


Sam Brain Kakulu showing the petition

By Andrew Visper
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” Pressug Investigations earlier this week revealed.

Concerned Ugandn citizen has petitioned the speaker of parliament, Hon Rebecca Kadaga asking her to stop the Committee on Commissions, Statuary Authorities and State Enterprises (COSASE) from re-investigation on Bank of Uganda.

This follows reports that COSASE was considering re-investigating the central bank especially regarding Shs 478 billion that the central bank official failed to account for during the first probe carried out under Abdu Katuntu as chairperson.

The group headed by Sam Kakulu Brian, a student pursuing a Bachelors degree in Law at Uganda Christian University alleged that the new COSASE chairperson, Mubarak Munyagwa was trying to give some senior officials in Bank of Uganda a second chance to table accountability for Shs 478 billion which the bank failed to account for in the first probe.
“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” Said Kakulu

He asked the speaker to replace Munyagwa as COSASE, should he allow his committee to be manipulated by the central bank.

This year, COSASE chaired by Katuntu released a damning report on the operations of Bank of Uganda with regard to the closure of seven banks.

COSASE pinned former Director Commercial Banking, Benedict Sekabira and former Executive Director Justine Bagyenda as people who had conflict of interest in some of the transactions to close the banks.

The committee also recommended that the Inspector General of Police, Martin Okoth Ochola immediately seizes all land titles in possession of city lawyer Kakembo Katende and a loan collection company for the five defunct banks.

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