By; Our Reporter
13th Dec 2018
Former directors and shareholders of the defunct Global Trust Bank are seeking 315.7 billion shillings in compensation for the illegal closure of the Bank.
They are demanding full compensation equal to the direct cash equity investments of US Dollars 35.3 million with interest at the rate of 10 per cent per annum compound from July 25th, 2014.
They also want payment of US Dollars 50 million in loss of goodwill inflicted on the directors and shareholders on account of the wrongful closure of their Bank.
The officials led by Bayo Folayan the former Managing Director and Olusegun Oyeyemi a former Shareholder appeared before parliament’s committee on Commissions, Statutory Authorities and State Enterprises (COSASE) investigating circumstances under which the Central Bank closed and sold seven commercial banks between 1993 and 2016 as highlighted in the 2017 forensic audit report by the Auditor General.
Olusegun Oyeyemi, a former Shareholder in GTB insisted that they complied with all the capital requirements as demanded by the Bank of Uganda (BoU) but were surprised to have their bank sold 15 days before its closure.
The GTB officials requested the committee to come up with a resolution requesting BoU to release 4 land titles for the properties bought by them from borrowers of GTB that include; 18 acres on Plot 43 and 45, Block 421, Ziru Entebbe, 0.118 acres on plot 13 B, Folio 17, Bugolobi, 4.36 acres on Plot 37, Block 171, Lugala, Gayaza and 0.413 acres on Plot 116, Kogero, Block 443, Entebbe.
Next:
Previous:
