COSASE probes Bank of Uganda confidential documents

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The Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) has set up a three-member Committee to look into a request by Central Bank Governor, Emmanuel Mutebile to treat some documents on the closed Banks as confidential.


Bank of Uganda top officials before the COSASE committee

The announcement was made by COSASE Chairperson, Abdu Katuntu while meeting with officials from Bank of Uganda who had appeared before the Committee to provide responses to findings in the August 2018 special audit report by Auditor General that highlighted a number of controversies surrounding the closure of seven commercial banks.

The banks’ closure under investigation include Teefe Bank (1993), International Credit Bank Ltd (1998), Greenland Bank (1999), Co-operative Bank (1999), National Bank of Commerce (2012), Global Trust Bank (2014), and Crane Bank Ltd (2016).

The last meeting between the bank of uganda officials and the COSASE members ended in fussion after the Committee discovered that the Bank of Uganda’s officials hadn’t provided relevant documents to respond to the Audit queries. On 5th November, Mutebile accompanied the documents with a letter asking the Committee to treat some of the documents as confidential, warning that making them public would affect the Banking sector.

However, Katuntu warned the Central Bank against leaking some of the said confidential documents, “Your institution leaks documents. Don’t leak documents because you have a point to score against each other. Don’t leak some of those documents and you need to plug your leakages,” said Katuntu.