• 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

December 20, 2018
Kagame, Tshisekedi Sign Cessation of Hostilities & Immediate Withdrawal of M23

Kagame, Tshisekedi Sign Cessation of Hostilities & Immediate Withdrawal of M23

July 6, 2022
Jenifer Bamuturaki Confirmed as Uganda Airlines CEO

Jenifer Bamuturaki Confirmed as Uganda Airlines CEO

July 6, 2022
DStv Rotary 5-a-side Football Tournament Returns

DStv Rotary 5-a-side Football Tournament Returns

July 6, 2022
NWSC tells Clients to Store Water ahead of Ggaba Water Works Shutdown

NWSC tells Clients to Store Water ahead of Ggaba Water Works Shutdown

July 6, 2022
New Study Reveals Increase in Consumption of Organic Products

New Study Reveals Increase in Consumption of Organic Products

July 6, 2022
Kagame Joins Tshisekedi in Angola for Talks

Kagame Joins Tshisekedi in Angola for Talks

July 6, 2022
Uganda Starts Distributing Free 1 million Gas Cylinders to Households

Uganda Starts Distributing Free 1 million Gas Cylinders to Households

July 6, 2022
Wangusa@80: Makerere Literature Department Celebrating First PhD Graduate ‘Uncle Tim’

Wangusa@80: Makerere Literature Department Celebrating First PhD Graduate ‘Uncle Tim’

July 6, 2022
Myko Ouma, Abeeka Band Lull Revelers to Near Slumber on Banks of River Nile

Myko Ouma, Abeeka Band Lull Revelers to Near Slumber on Banks of River Nile

July 6, 2022
Go Back and Teach, Museveni tells Striking Teachers

Video: UNATU Dismisses Shs700m Bribe Allegations to Call Off Teachers’ Strike

July 6, 2022
Museveni tells Youth: We Cannot Become Prosperous by Begging

Museveni tells Youth: We Cannot Become Prosperous by Begging

July 6, 2022
Iran Junior Foreign Affairs Minister Dr Mahdi in Uganda

Iran Junior Foreign Affairs Minister Dr Mahdi in Uganda

July 6, 2022
SoftPower News
Wednesday, July 6, 2022
  • 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

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.

  • Facebook
  • Tweet
  • WhatsApp
  • Telegram
  • Email

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.

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.

Post Views: 444
  • Facebook
  • Tweet
  • WhatsApp
  • Telegram
  • Email
Tags: Auditor GeneralBank of UgandaBOU probeCrane bankforensic auditliquidity supportNewsSoft Power NewsUganda
Leave Comment

Recent Stories

Kagame, Tshisekedi Sign Cessation of Hostilities & Immediate Withdrawal of M23

Jenifer Bamuturaki Confirmed as Uganda Airlines CEO

DStv Rotary 5-a-side Football Tournament Returns

NWSC tells Clients to Store Water ahead of Ggaba Water Works Shutdown

New Study Reveals Increase in Consumption of Organic Products

Kagame Joins Tshisekedi in Angola for Talks

SoftPower News

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

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

error: Content is protected

Send this to a friend