Parliament Attacks Ssendaula Over UCB Sale

Feb 21, 2003

FINANCE minister Gerald Ssendaula on Thursday came under attack in Parliament over the sale of Uganda Commercial Bank Limited (UCBL).

By John Kakande
FINANCE minister Gerald Ssendaula on Thursday came under attack in Parliament over the sale of Uganda Commercial Bank Limited (UCBL).

Capt. Charles Byaruhanga (Kibale) said UCBL was “donated to political vultures”, adding that Ssendaula “was trying to protect some dubious things.”

On Wednesday, Ssendaula defended the bank’s sale as having been transparent. He dismissed claims by the House ad- hoc committee on the UCBL sale that the price paid by Stanbic for the 80% stake in the bank was US$3.2m (sh5.9b) less than its value. He said the Government got sh58b from the sale.

But Byaruhanga said, “I don’t know whether he (Ssendaula) is one of them (vultures). But when the Ssendaulas of this world have left, we shall recover that bank.”

He said to date, Parliament had not been told where the US$19.55m Stanbic paid for UCBL went. He said the money was neither with the Government nor the Privatisation Unit since UCBL was not sold under the privatisation exercise.

Byaruhanga said at the time the bank was sold, it had just made a profit of sh23b but the profit was never reflected in the sale price.

He added that Stanbic was allowed to recover and keep sh24b owed to UCBL by debtors. “This too was not reflected in the sale price,” Byaruhanga said.

Makindye East MP Michael Mabikke referred to ssendaula as a ‘mafia’. He was forced to withdraw the remark and apologise.
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