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Mutebile in U-turn, admits receiving key documents

BOU governor Emmanuel Tumusiime-Mutebile (L) during the Cosase meeting

BOU governor Emmanuel Tumusiime-Mutebile (L) during the Cosase meeting

Bank of Uganda governor Emmanuel Tumusiime-Mutebile has made a U-turn informing the parliamentary committee on Commissions, Statutory Authorities and State Enterprises (Cosase) that he actually received all the reports regarding the closure of past banks, writes ALON MWESIGWA.

In a letter dated November 23, 2018 addressed to the committee chairman, Bugweri MP Abdu Katuntu, Mutebile said the BOU board holds meetings quarterly and “one of the items on the agenda considered during board meetings is a report on the state of financial sector presented by the office of the executive director, supervision. Some of these reports contain high-level presentation on the state of affairs of closed banks”.

“We have compiled all the reports on the state of the financial sector for the period July 1996 to March 2018 in their original format, as presented by the office of the executive director, supervision.”

Earlier, Mutebile had told the committee that he had not received the reports on the closed banks, much to the bewilderment of the staff officials he was appearing with at parliament. It became a subject of discussion with MPs pressing former supervision boss Justine Bagyenda on whether she submitted letters.

In his letter, Mutebile warns: “Because of the sensitivity of the contents in these reports and minutes, we are submitting one of each for reference. We appeal to you that these reports and minutes should be treated with utmost confidentiality.”

The inquiry into the closure of some banks has seen the central bank become the centre of interest with some staff members not happy with the way top officials have presented their case to parliament. For instance, according to one staff member, they believe that Mutebile should have been more open about the receipt of the reports.

A lot of contention on the reports of the closure has been on the valuation of properties before they were sold. The auditor general found that some of the assets of the defunct banks were sold at an astonishing 93 per cent discount.

A letter seen by The Observer dated April 2003 from Bagyenda to the governor asks for the release of titles of closed banks under liquidation and it was received in the governor’s office on April 23, 2003.

“Debtors who have completed payment of their debts and have requested for their land titles and other securities…[this] is to request your approval to release the securities to the debtors.”

Another letter received in governor’s office on April 29, 2004 and signed by Godfrey Yiga Masajja, the then acting director for commercial banking, informed Mutebile they had received bids for advertised properties of defunct banks and sought approval to effect the sale.

“We have received bids from prospective buyers of delinquent loan collaterals in the closed banks…the bids are above the forced sale value given by the valuers,” reads the letter. The sale was approved by the governor’s office.

A BOU staff told The Observer: “The governor was PSST [Permanent Secretary and Secretary to the Treasury] in the 1990s and member of the board when the three banks were closed. He was present in the Justice [James] Ogoola judicial commission of inquiry related to those closed banks. He has been governor since 2001 to date and the executive director, supervision reports directly to him.”

Comments

+1 #1 kabayekka 2018-11-30 21:43
What then does this long serving Governor of Bank of Uganda think he is doing Actually he told this committee and the country that he is not answerable to any one.

He warned that his management of the country' s financial institution cannot be examined by the Auditor General!
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+1 #2 rubangakene 2018-11-30 22:59
Any u-turn during a sworn affidavit/representation is termed 'misleading the legal counsels' punishable under the law.

Why are we molly-codling with these bureaucrats; are they the only qualified persons to run these entities?

Why don't we adopt the 'Magufuli Way' and sack the 'incontinent liars' and replace them with similarly qualified,patriotic, flag-saluting and National Anthem singing individuals,eh? We don't look hard enough for them because we are too partisan!
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0 #3 Lakwena 2018-12-01 10:10
In other words, after they have been used and abused, (to fulfilling Mr. M7's personal agenda); what is happening to Mutebile and the Bagyenda of this country, should not be a surprise.

It has happened to all the people who played to the tune of Mr. M7. After being usedand abused their reputation and credibility are destroyed in the open (Public gallery).

E.g., the latest was Gen Kayihura. I am sure after being used, vilified and locked up in a Military detention facility in Makindye; and released like useless suspect, Gen Kayihura must be felling like a used idiot.

Likewise, I am sure the current inquisition into BOU over closed banks, now makes Mr. Mutebile looks and feels like a useless idiot, before the COSASE committee, Ugandans and the world.
Eish!
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0 #4 Lakwena 2018-12-01 10:17
In other words, while Mr. M7 is safe and dry, all these guys and girls he used to "fight only for himself and belief", now look ridiculous like squeezed rag/mop hanged to dry in the sun.

And many more of the foolhardiest in Uganda will end up the same way.
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0 #5 Kameme 2018-12-01 14:40
Quoting Lakwena:
In other words, after they have been used and abused, (to fulfilling Mr. M7's personal agenda); what is happening to Mutebile and the Bagyenda of this country, should not be a surprise.

It has happened to all the people who played to the tune of Mr. M7. After being usedand abused their reputation and credibility are destroyed in the open (Public gallery).

E.g., the latest was Gen Kayihura. I am sure after being used, vilified and locked up in a Military detention facility in Makindye; and released like useless suspect, Gen Kayihura must be felling like a used idiot.

Likewise, I am sure the current inquisition into BOU over closed banks, now makes Mr. Mutebile looks and feels like a useless idiot, before the COSASE committee, Ugandans and the world.
Eish!



LOL is there a useful idiot in Uganda??
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0 #6 Odongkara 2018-12-01 16:31
Uganda should be added to the list of the seven wonders of the world.

Corruption, corruption and corruption in every way possible but nobody is being held to account.

And I will be blatantly sectrian that a particular tribe and region of the country is responsible for the message the country finds itself in. Ask me which tribe? And I will say to which tribe does the leopard belong to?
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0 #7 Lakwena 2018-12-01 17:59
Quoting Kameme:
[quote name="



LOL is there a useful idiot in Uganda??

Yes Kameme, especially after Mr. M7 said that he "only fights for himself and belief". Therefore, including the armed forces, whoever still listen to, believes, trusts and does whatever the man says/orders, must be a useful idiot.

Of course after being used, he/she becomes a useless idiot, like e.g., Prof Makubuya, Omara Atubo, Banyezaki, Kabakumba Matsiko, Aggrey Awori, Gens: Kayihura, Tinyejusa, Tumukunde, etc., etc.
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0 #8 Elias 2018-12-03 11:41
Quoting Kameme:
Quoting Lakwena:
In other words, after they have been used and abused, (to fulfilling Mr. M7's personal agenda); what is happening to Mutebile and the Bagyenda of this country, should not be a surprise.

It has happened to all the people who played to the tune of Mr. M7. After being usedand abused their reputation and credibility are destroyed in the open (Public gallery).

E.g., the latest was Gen Kayihura. I am sure after being used, vilified and locked up in a Military detention facility in Makindye; and released like useless suspect, Gen Kayihura must be felling like a used idiot.

Likewise, I am sure the current inquisition into BOU over closed banks, now makes Mr. Mutebile looks and feels like a useless idiot, before the COSASE committee, Ugandans and the world.
Eish!



LOL is there a useful idiot in Uganda??


Yes one to be used as an example to others.
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