{UAH} MPs urge to probe UGANDA DEVELOPMENT BANK's officials

Uganda : MPs urge to probe UGANDA DEVELOPMENT BANK's officials

November 22, 2013

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The Parliament has urged the police and Inspector General of Government to probe Uganda Development Bank Limited officials who managed the contested and bad trust loans that were offered to Apparel Tri-Star (U) Limited and Phenix Logistics Limited . The Parliament's decision comes after the former UDBL management was sacked by the new board of directors, headed by Dr Samuel Ssejjaaka , for presiding over the loss of over Shs 20bn, which was offered as trade finance loans. The dismissal followed a probe by the Auditor General (AG) and, then, by MPs on the committee on Commissions, Statutory Authorities and State Enterprises (COSASE), which found financial mishandling. The COSASE report, which chairperson Patrick Amuriat Oboi (Kumi) read to Parliament, said : "There was no signed agreement between government of Uganda and UDBL regarding these trust funds and who was to bear the loss in case of default by the borrowers. Besides, there was reluctance in follow-up and recovery of the disbursed amount on the part of the bank."

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Gwokto La'Kitgum

"Even a small dog can piss on a tall Building", Jim Hightower