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Wednesday,November 21,2018 09:06 AM

Museveni speaks out on Crane Bank saga

By Henry Sekanjako, John Semakula

Added 3rd November 2016 11:45 AM

The President was responding to a question by journalists, on whether there are plans by the government to bail out companies and banks that are financially constrained.

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The President was responding to a question by journalists, on whether there are plans by the government to bail out companies and banks that are financially constrained.

President Yoweri Museveni has said he has no role to play in reviving the financially constrained Crane Bank, saying it is the work of the Bank of Uganda (B.o.U).

“About banks, these ones I don’t want to be involved, because they are controlled by the Bank of Uganda. Just like patients, it is the medical doctors that take care of patients, I’m not a doctor, it is B.O.U to take care of crane bank, I have not talked to Mutebile, you should ask him,” Museveni said.

The President was responding to a question by journalists, on whether there are plans by the government to bail out companies and banks that are financially constrained.

About a week ago, the Bank of Uganda, took over the management of crane bank, and suspended all members of board.

In his take over statement, the Governor Bank of Uganda Emmanuel Mutebile said Crane Bank was under-capitalized, thus posing systemic risk to the banking sector. The bank has however been reportedly recapitalized with Sh200m by the government.

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