The Speaker of Parliament, Rebecca Kadaga has cleared the Committee on Commissions, Statutory Authorities and State Enterprises – COSASE to conduct proceedings on issues that were not concluded during the previous probe on the closure of seven commercial banks by Bank of Uganda.

The seven banks that were closed between 1993 and 2016 were Teefe Trust Bank , International Credit Bank,  Cooperative Bank, Greenland Bank, Global Trust Bank Uganda, National Bank of Commerce and Crane Bank Limited.

Kadaga’s change of heart comes months after she stopped COSASE chairperson Mubarak Munyagwa from reopening the BOU probe after a report had been submitted byt previous COSASE chairperson, Abdu Katuntu on the same issue. Munyagwa’s argument had been that the Katuntu committee ignored salient issues that needed to be probed.

However, in a letter dated 26 July, 2019, Kadaga has written to COSASE chairperson, Munyagwa to consider the appeal of one Tushabe Chris Karobwa who alleges that the Bank of Uganda mismanaged issues of the Cooperative Bank in receivership. He also alleges that the committee under Hon. Katuntu partly handled his case but did not complete it.

Kadaga’s letter is set to be welcomed by Munyagwa and many in the opposition who felt that Katuntu’s report was not satisfactory and a review needed to be done. Munyagwa had also set the probe of BOU as his first assignment.

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