Kadaga Extends COSASE’s Tenure to February 2019

The Speaker of Parliament, Rebecca Kadaga has granted the current Committee of Commissions, Statutory Authorities and State Enterprises (COSASE) more time to finish the probe into the closure of defunct banks.

The current committee leadership of Abdul Katuntu and Anita Among is serving for two and half years and its tenure was meant to expire on January 16 next year, but according to the Speaker, these will stretch up to February 20, 2019 to allow them conclude their current investigation.

In August this year, FDC President, Patrick Amuriat dropped both Katuntu and Among in the Shadow Cabinet and replaced them with Mubarak Munyagwa and Moses Kasibante respectively. However, the new appointees couldn’t take office as the tenure of the current team was still ongoing.

The Speaker explained on Thursday that changing the committee’s leadership at this time would risk jeopardizing the effective conclusion of the probe into the Central Bank.

“In relation to the standing committees, I have again written to the Leader of Opposition to support government work by postponing the tenure of COSASE who are currently examining the special Auditor General’s report on the defunct commercial banks in Uganda,” Kadaga said during her communication to the House.

“I have written to her to allow that we change the committees on the 20th day of February to allow them time close the matter because the inquiry has reached a critical stage of investigation and changing the leadership will jeopardize effective conclusion of the inquiry,” Kadaga added.

Katuntu’s committee has up to February to submit their report on the manner in which Bank of Uganda closed seven now defunct banks.

The banks in question include; Crane Bank Limited, Greenland Bank, National Bank of Commerce, Global Trust Bank, Teefe Bank, International Credit Bank and Cooperative Bank.