The Chairperson of the Committee of Commissions, Statutory Authorities and State Enterprises (COSASE), Abdu Katuntu has revealed that the shareholders of all the seven defunct Banks have been summoned by Parliament to explain circumstances that led to the closure of their financial institutions.
Katuntu made the revelation on Friday while interfacing with officials of Bank of Uganda as the Committee comes into its final days of probing the Central Bank on the procedures they used to close down all these Banks.
“We have invited all former directors of the Defunct Banks. The Shareholders of Global Trust Bank sent me an email that they are re flying in from Nigeria and we are going to ask the same questions,” he said.
In a period of 23years, the Central Bank has overseen the closure of seven defunct Banks including Teefe Bank (1993), International Credit Bank Ltd (1998), Greenland Bank (1999), The Co-operative Bank (1999), National Bank of Commerce (2012), Global Trust Bank (2014) and the sale of Crane Bank Ltd (CBL) to dfcu (2016).