BOU had submitted to parliament's Committee on Commissions, Statutory Authorities and State Enterprises (Cosase) a document, containing a listing of assets and liabilities before the bank's takeover in 1993. BOU indicated that the contents therein constituted an inventory report.
But the auditor general John Muwanga said the documents can only be classified as an examination report. He notes that the document lacks terms of references and schedules of assets and liabilities as at February 17, 1993.
The rejected documents were availed after demands by legislators that the central bank avails the report to facilitate investigations into the irregular closure of banks over the years. Bank of Uganda had initially indicated that an inventory report for Teefe bank never existed.
Central bank's executive director in charge of supervision Tumubwine Twinemanzi defended the documents, saying that although it might not be in the format required by the auditor general, it was considered an inventory report basing on documents they managed to put together from their archives.
A 2017 forensic report by the auditor general had indicated that the office was unable to assess the status of the assets and liabilities of Teefe bank in the absence the inventory report, loan schedules, customer deposit schedules and statement of affairs of the bank.
Twinemanzi explained that the central bank has managed to retrieve from its archives a status report as of the date of its initial intervention in Teefe bank, which gives a listing of all asset numbers, their book value and remarks in terms of dates of acquisition. He requested that the central bank be allowed to interact with the auditor general to get a clear understanding of what information he exactly requires from BOU.
Committee chairperson Abdul Katuntu contested Tumubwine's submission saying that the central bank did not have to go back to the archives to look for documents. He said that if the required documents are not there, it would not be necessary for the bank to take more time searching for it.
Cosase vice chairperson Anita Among said that the list of assets provided by the central bank just has book values and questioned whether BOU took the time to carry out the valuation of the assets.
Ben Sekabira, the director financial markets development coordination, who was at the time of Teefe closure, a banking officer in BOU, requested for more time to gather for more information.
Busiro East MP Medard Lubega Seggona said that notwithstanding the different filing formats used by the central bank and the auditor general, it does not take away the responsibility to answer the substance of the query in which the auditor general points out details lacking in the inventory report.