Mutebile denies receiving list of companies in need of financial bailout

Emmanuel Tumusiime-Mutebile, the Governor of the Bank of Uganda (BoU), says he has not received any list of distressed companies seeking financial bailout.

Addressing the media in Kampala, Mutebile says claims that the central bank will dish money to so-called distressed companies and individuals is untrue because he has not seen nor got any distress list.

There is public furore after it emerged that 65 companies and individuals, claiming to be in financial distress, want the taxpayers to pay them 1.3 trillion Shillings in total. They claim that they are sinking under the weight of heavy loans.

There have also been speculation that the bailout money is expected to come from the BoU and National Social Security Fund.

But Mutebile says he has got not only has no bailout list but also the country has no money to bailout anyone.

Speaking in an earlier interview with Uganda Radio Network, Herman Kasekende, the Chief Executive Officer of Standard Chartered Bank Uganda, also denied having received any bailout list. Neither could he also confirm whether some of their clients are choking on loans.

-URN