MPs kick off debate on the COSASE report

By Mary Karugaba

The MPs wondered why for 23 years, Bank of Uganda did not have a single report on the closure of banks.

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COSASE Committee chairperson Abdu Katuntu. Photo/File

PARLIAMENT


KAMPALA - Parliament Tuesday kicked off debate on the report of commissions, state authorities and state enterprises (COSASE) with a call to the committee chairperson to name the individuals that were involved in the mess that led to the sale of the bank.

The MPs wondered why for 23 years, Bank of Uganda did not have a single report on the closure of banks.

Several MPs argued that it was the individuals that caused the losses and therefore should be held accountable. Some referred to the report as lacking because of failure to name the individuals that were involved in the closure.

“The report states that there were transactions that were done within six hours. That is illegal and because of that, the tax payer incurred losses. Those involved should therefore be named,” MP Ibrahim Ssemuju said.

MP William Nzonghu wondered why the committee did not include what he watched during the investigations.

The COSASE report on closure of seven banks was tabled last week by the Committee chairperson Abdu Katuntu.

The MPs in their report faulted the manner in which BOU closed the banks and recommended that BOU should never dissolve any bank without strictly following the procedures.