• published: 07 Mar 2019

On February 21 2019 the Chairperson of the Committee on Commissions, Statutory Authorities and State Enterprises, COSASE, presented the committee’s report, on the Auditor General’s audit on seven defunct banks closed during the period 1993 to 2016. The recommendations of the committee report include holding personally liable the individual officers of the Central Bank who handled the transactions relating to the closure of the banks. This is because in the Committee’s view, several laws were breached in the process of closing the banks including the fact that there were no proper records kept. The lack of transparency prompts the question, given that the Central Bank borrowed funds from the government of Uganda to pay the customers of some defunct banks, what is the public cost of closing the banks?

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