Loans transferred to DFCU were duplicated reveals COSASE

By Alice Lubwama

The Parliamentary committee on commission’s statutory authorities and state enterprises investigating the closure of 7 commercial banks chaired by Bugweri county MP Abdul Katuntu has directed the officials of the central bank led by the Governor, Emmanuel Tumusiime Mutebile to avail accountability of a sum of478bn shillings that was injected in the defunct Crane Bank Limited for liquidity support.

The Chairperson of the committee Abdul Katuntu says that even though they have documents indicating that this money was requisitioned to recapitalize the crane bank but they are yet to get accountability.

The former Statutory Manager of Crane, Edward Katimbo Mugwanga who received the liquidation fund from bank of Uganda last week told the committee that he never handed over a report to bank of Uganda since the bank was closed before the process was concluded.

Katimbo also told the committee that before he could finish his work, he received a message from a colleague on whatsapp showing him how files were being transported on a truck from Crane Bank to DFCU.

How ever Katuntu also says that the committee has discovered that about 4458 loans which were transferred from crane bank to DFCU bank were duplicated.