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BOU disclosed the financial status of global trust bank to DFCU bank with consent

By Alice Lubwama

The parliamentary committee on commissions statutory authorities and state enterprises has discovered that bank of Uganda revealed the financial status of Global trust bank with out its consent to DFCU bank before it was closed some thing centrally to the law.

Last week the committee directed the former executive director in charge of supervision Justine Bagyenda to produce all the documents concerning the sell of global trust bank after learning that the bank was sold on the same day it was closed.

The committee also discovered that bank of Uganda had in-fact closed and sold off global trust bank on the same day.

But on looking at the documents, the committee discovered that bank of Uganda entered a purchase agreement with DFCU on July 10th 2014 before Global trust bank was finally closed on 25th July 2014 which made the committee believe that they never managed the bank for a minimum of six months as required by the law.

The committee question ed Justine Bagyenda on the intention and purpose of the disclosure to which Bagyenda first said was a collective decision of the bank but the governor bank of Uganda Emmanuel Mutebile denied.

Mutebile said he was not aware of this decision to disclose the information of global trust bank to a competitor and this was confirmed by secretary board Susan Kanyemibwa.

The committee is looking at the legal closure of seven commercial banks.

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