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BOU Traces Katto Assets

By Vision Reporter

Added 18th February 2003 03:00 AM

BANK of Uganda (BOU) receivers are closing-in on the foreign assets of the former CEO of the defunct International Credit Bank (ICB), Thomas Katto.

BANK of Uganda (BOU) receivers are closing-in on the foreign assets of the former CEO of the defunct International Credit Bank (ICB), Thomas Katto.

Jude Etyang reports that BOU lawyer Masembe Kanyerezi, told court yesterday that receivers and international investigators had made progress in the pursuit of Katto’s assets in foreign countries.

Kanyerezi said the receivers will have established and seized the assets in three months.
Kanyerezi made the revelation before lady Justice Arach Amoko while asking for an adjournment of a new case in which ICB is seeking recovery of sh387m from the bankruptcy-seeking Katto.

Kanyerezi said he wanted to first hear from the receivers before going ahead with the suit.

The commercial court in 2001 passed judgement in an earlier suit filed by ICB against Thomas Katto and his son Patrick, who was also an executive at the bank, ordering them to pay over sh2b which was lost through illegal insider lending. Both Kattos have failed to pay the money and have applied to be declared bankrupt.
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BOU Traces Katto Assets

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