{UAH} SHOCKING: BOU HAS NEVER BEEN AUDITED FOR 12 YEARS!

SHOCKING: BOU HAS NEVER BEEN AUDITED FOR 12 YEARS!

By Ben Magezi

Although many people have been wondering and asking why in the past couple of years many banks have been collapsing, nobody seem to have come up with meaningful clues.

We can exclusively reveal that for over a decade, the financial regulator (BOU) has never been audited by external auditors as prescribed by the law in regards to government institutions!

This is enough to explain why BoU seem to have failed to execute its mandate and shifting its failings to other parties.

It is quite shocking that the Bank is going to splash a whooping sh13b on legal fees to MMAKS Advocates; they have already advanced sh2b to the law firm in regards to looming legal battle between the Bank and property mogul Sudhir Ruparelia.

Top officials at BoU led by Justine Bagyenda, the Execute Director in charge of supervision have used this opportunity to enrich themselves.

It is really shocking for an institution that manages the finance sector of a country not to be audited for over ten years! No wonder the happenings and the trend of things clearly indicates that there is more than what meets the eye!

Meanwhile we can exclusively reveal that there is another Bank which is due to collapse and BoU will soon make a statement over its status!

We shall update you on this in the coming few days! 

Watch this space!!

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