• Latest
Parliament Orders Audit into BOU’s Shs 478bn Liquidity Support to Crane Bank

Parliament Orders Audit into BOU’s Shs 478bn Liquidity Support to Crane Bank

7 years ago
Makerere and Astria Learning Sign MoU to Enhance Digital Learning

Makerere and Astria Learning Sign MoU to Enhance Digital Learning

4 hours ago
Researchers Urged to Turn Natural Resources into Marketable Products

Researchers Urged to Turn Natural Resources into Marketable Products

6 hours ago
Entebbe Airport: Passenger Traffic Hits 226K as Cargo Volumes Rise

Entebbe Airport: Passenger Traffic Hits 226K as Cargo Volumes Rise

7 hours ago
Ggoobi Woos UAE Investors with Assured 14% ROI, 30% Return on Equity

Ggoobi Woos UAE Investors with Assured 14% ROI, 30% Return on Equity

7 hours ago
Airtel Money to Empower Agents with ‘Easy Float’ Loan

Airtel Money to Empower Agents with ‘Easy Float’ Loan

7 hours ago
Besigye Honoured with Akufo-Addo Africa Democracy Award

Besigye Honoured with Akufo-Addo Africa Democracy Award

9 hours ago
SoftPower News
Thursday, October 30, 2025
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
    • Fashion
  • Regional
    • Kenya
    • Rwanda
    • Tanzania
    • Burundi
    • South Sudan
    • DR Congo
  • Defence & Security
  • Sport
  • Entertainment
  • More
    • Agriculture
    • Africa
    • Columnists
    • Education
    • Health
      • COVID-19
    • International News
    • News in Pictures
    • OpEd
    • Pearl Of Africa
    • People
    • Politics
    • Special Reports
    • Women
No Result
View All Result
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
    • Fashion
  • Regional
    • Kenya
    • Rwanda
    • Tanzania
    • Burundi
    • South Sudan
    • DR Congo
  • Defence & Security
  • Sport
  • Entertainment
  • More
    • Agriculture
    • Africa
    • Columnists
    • Education
    • Health
      • COVID-19
    • International News
    • News in Pictures
    • OpEd
    • Pearl Of Africa
    • People
    • Politics
    • Special Reports
    • Women
No Result
View All Result
SoftPower News
No Result
View All Result
Home News

Parliament Orders Audit into BOU’s Shs 478bn Liquidity Support to Crane Bank

by Nixon Segawa
December 20, 2018
Parliament Orders Audit into BOU’s Shs 478bn Liquidity Support to Crane Bank

Officials from BOU appearing before the Parliamentary committee led by MP Abdul Katuntu, recently.

9
VIEWS

Parliament’s Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) has directed the Auditor General to carry out a thorough audit into the Shs 478bn of liquidity support to the defunct Crane Bank Limited by Bank of Uganda.

The decision was taken by the committee chairperson and Bugweri County MP, Abdul Katuntu after officials of Bak of Uganda (B.O.U) led by the Governor, Emmanuel Tumusiime Mutebile failed to avail accountability of the said funds which were injected in Crane Bank Limited at the time it under Statutory Management of BOU.

Related Stories

Ggoobi Woos UAE Investors with Assured 14% ROI, 30% Return on Equity

Besigye Honoured with Akufo-Addo Africa Democracy Award

Stable Shilling, Strategic Location Make Uganda a Prime UAE Investment Hub – Ayota

Last week, the committee requested for proper accountability from the then Crane Bank Statutory Manager, Edward Katimbo Mugwanya after telling the legislators that he was never given time to handover.

Katimbo told legislators that he learnt of the bank takeover by DFCU from a colleague who sent him a WhatsApp message as he was on his farm over the weekend.

On Thursday, Katuntu informed members that on perusal of the documents that were sent to the committee, it was discovered that the documents were  not satisfactory since they only provided schedules and not accountability as required.

“We requested for accountability of Shs 478bn that was injected in Crane Bank because we wanted to find out whether the money was utilized properly and where the money came from but we only received the schedules and figures,” Katuntu said.

Katuntu highlighted that the intervention of Bank of Uganda into Crane Bank management has remained so costly for the country since it is not yet clear whether the money served the purpose for which it was requisitioned.

“I therefore direct the Auditor General to carry out a thorough audit under the National Audit Act on the Shs 478bn liquidity that was injected in Crane Bank,” Katuntu ordered.

Katuntu asked the Auditor General’s office to establish whether it was necessary to inject in the money in Crane Bank Limited and report back to Parliament not later than 14 days from today.

Tags: Auditor GeneralBank of UgandaBOU probeCrane bankforensic auditliquidity supportNewsSoft Power NewsUganda

Recent Stories

Makerere and Astria Learning Sign MoU to Enhance Digital Learning

Researchers Urged to Turn Natural Resources into Marketable Products

Entebbe Airport: Passenger Traffic Hits 226K as Cargo Volumes Rise

Ggoobi Woos UAE Investors with Assured 14% ROI, 30% Return on Equity

Airtel Money to Empower Agents with ‘Easy Float’ Loan

Besigye Honoured with Akufo-Addo Africa Democracy Award

SoftPower News Logo

SoftPower News is a subsidiary of SoftPower Communications LLC, a Ugandan digital media group. Keep posted of the latest from Uganda and East Africa.
Plot 4B Malcolm X, Kololo
P.O Box 1497, Kampala - Uganda
Tel: +256-392-001-701
Email: info@softpower.ug

This news site is licenced by Uganda Communications Commission (UCC)

ADVERTISEMENT
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
  • Regional
  • Defence & Security
  • Sport
  • Entertainment
  • More

© SoftPower News

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

error: Content is protected
No Result
View All Result
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
    • Fashion
  • Regional
    • Kenya
    • Rwanda
    • Tanzania
    • Burundi
    • South Sudan
    • DR Congo
  • Defence & Security
  • Sport
  • Entertainment
  • More
    • Agriculture
    • Africa
    • Columnists
    • Education
    • Health
      • COVID-19
    • International News
    • News in Pictures
    • OpEd
    • Pearl Of Africa
    • People
    • Politics
    • Special Reports
    • Women

© SoftPower News

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?