Skip to main content
BoU, Deputy Governor Louis Kasekende

Bank of Uganda Officials Quizzed Over Departed Asians' Shs800m

Kashari County MP Nathan Itungo in an interview revealed that there was money amounting to over Shs800m lying idle in BoU account belonging to the Departed Asians Property Custodian Board.
posted onAugust 7, 2019
nocomment

By Max Patrick Ocaido

The Parliamentary committee on Commissions Statutory Authorities and State Enterprises (COSASE) have quizzed Bank of Uganda officials over Shs800m belonging to departed Asians.

The BoU officials led by Louis Kasekende, Deputy Governor were on Tuesday appearing before the committee to explain circumstances surrounding the payments made to the departed Asians.

This comes after COSASE established that the Central Bank affected payment of huge sums of money to Indian government, but later made similar payments to Asian individuals for the same properties.

Kasekende, however told the committee that the Central Bank was only authorized to make payments not to probe such requests.

COSASE has been probing how the properties that belonged to Asians who were forced out of Uganda in the 1970s have been shared among well-connected individuals.

The probe, follows a revelation by the Executive Secretary of the Departed Asians Property Custodian Board George William Bizibu that Uganda has lost Shs1.8 trillion to people who have fraudulently repossessed.

Kashari County MP Nathan Itungo in an interview revealed that there was money amounting to over Shs800m lying idle in BoU account belonging to the Departed Asians Property Custodian Board. 

“There are incidences where people were paid twice for the same properties by Bank of Uganda who are saying that they are not concerned about the payments but rather they only fulfill documented requests for make such payments,” Itungo said adding that BoU should account for over Shs800m belonging to the Custodian Board.

“The Custodian Board had over Shs800m in the defunct National Credit Bank before BoU closed it. Where is that money?” he said.

BoU officials said that they have never received any request from the Custodian Board demanding for that money.

“We wrote out information and published in the newspapers making those who had accounts to come for their money. The Custodian Board should explain why they did not come because the information I have shows that account holders in those Banks were paid,” Kasekende said.

The BoU officials will return before the committee next week to among others explain the anomalies in the list of properties.

About Author

Kp Reporter - Chief editor

Join the conversation

Restricted HTML

  • Allowed HTML tags: <a href hreflang> <em> <strong> <cite> <blockquote cite> <code> <ul type> <ol start type> <li> <dl> <dt> <dd> <h2 id> <h3 id> <h4 id> <h5 id> <h6 id>
  • Lines and paragraphs break automatically.
  • Web page addresses and email addresses turn into links automatically.