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Auditor General starts in depth audit on BOU over defunct banks

Auditor-General Edward Ouko

The Auditor General has started carrying out an in-depth audit over the bankruptcy of defunct banks taken over bank of uganda.

This came after the parliamentary committee on commissions, statutory Authorities and state enterprises told the Auditor general to interest its self in carrying out a special audit in the processes of defunct bank take over by bank of Uganda.

READ: BOU officials grilled over hiring external lawyers to battle court cases

A number of Banks have been dissolved by the Central Bank which includes Crane bank, Cooperative bank, Green land bank, International credit bank, Global trust bank, Nile bank and National bank of commerce.

This was revealed by the committee Chairperson and Bugweri County Member of Parliament (MP), Abdul Katuntu during a committee interface with the officials from Bank of Uganda led by the Deputy Governor, Louis Kasekende.

 The Bank of Uganda officials were appearing before the committee expects this report within 90 days.

Katuntu said that the audit should cover aspects of cost of liquidation, assets, liabilities and the status of all the defunct banks.

He said that as a committee had realized that Bank of Uganda has never accounted to any institution about that process of liquidation of defunct banks.

Katuntu said that the defunct banks were public institutions which had a lot of securities which were liquidated.

Katuntu further revealed that audit is going to be married by another audit to find out what has led to the collapse of the defunct banks.

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