Katuntu to quit Cosase chair on February 22
Winding up. The outgoing chairperson of the Committee on Commissions Statutory Authorities and State Enterprises Abdu Katuntu. Photo by Alex Esagala
What you need to know:
- Mr Twinemanzi together with Governor Emmanuel Tumusiime-Mutebile, deputy governor Louis Kasekende, Benedict Sekabira (director financial markets development) and Justine Bagyenda, among other current and former BoU officials appeared before the committee to respond to the queries.
Kampala. The Committee on Commissions Statutory Authorities and State Enterprises (Cosase) chairperson Abdu Katuntu says he will not chair the committee beyond February 22.
The committee, which is investigating the circumstances under which the Bank of Uganda (BoU) closed seven commercial banks over the years, is yet to conclude public hearings, retreat to material gathering and write a report.
Mr Katuntu, however, promises an exhaustive outcome.
The committee has been investigating the matter since November and promised it will present its report.
“We do have a crisis of time,” Mr Katuntu told his colleagues when the committee interfaced with the BoU officials yesterday at Parliament.
“Much as we do have that crisis, we need to do a thorough job. Just rushing because we are trying to beat the deadline will not help the process.
“We would rather reach somewhere. And if we have not completed it, those who will come after us will complete it.”
Mr Abraham Byandala (Katikamu North – NRM) had moments earlier pointed out that the committee should conclude the public hearings.
“We have to exit these meetings,” Mr Byandala said when the BoU’s executive director–supervision, Mr Tumubweine Twinemanzi, referred the committee to a letter, which he had not appended to a file.
The letter, which Mr Twinemanzi was referring to, was reportedly from Global Trust Bank (GTB’s) shareholders to BoU, saying they were tired of recapitalising the bank.
“…the shareholders indicated they were frustrated by numerous calls to recapitalise the bank. In other words, they were getting to a point where there was shareholders fatigue,” Mr Twinemanzi, an economist, said.
He said GTB posted a profit only once. “From inception in 2008 to 2014, the institution had consistently posted losses except for one year. That one year is not considered when you are evaluating the performance.”
Mr Twinemanzi together with Governor Emmanuel Tumusiime-Mutebile, deputy governor Louis Kasekende, Benedict Sekabira (director financial markets development) and Justine Bagyenda, among other current and former BoU officials appeared before the committee to respond to the queries.
