BOU Senior Officials grilled for closing Teefe Trust Bank

By; Francis Lubega

12^th Nov 2018

Bank of Uganda (BoU) has had a tough time to explain the Parliamentary Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) why they closed Teefe Trust Bank without following legal procedures.

COSASE is apparently investigating BoU after receiving a Special audit report accusing BoU for closing nearly to 7 banks illegally.

During an interface this morning, BoU officials headed by governor Emmanuel Mutebire and COSASE committee chaired by Abdul Katuntu found out that the closure of Teefe trust bank was done without conducting legal procedures of filing an inventory report of liability and asset, and loan reports and both creditor and debtor reports.

In reply, the Deputy Governor BoU Louis Kasekende said that by the closure of Teefe Trust Bank in 1993, the law that was used of 1969 never accommodated for the filling of an inventory report.

As a result of no evidence to the closure of Teefe trust bank, the meeting was adjourned to Thursday this week to allow BoU reorganize it’s self and provide to the committee list of assets and liabilities that were taken over by BoU at the time of liquidating TEEFE bank.