Did Justine Bagyenda Profiteer from Collapse of Banks? She is Defending Herself Today

As Ugandans come to terms with processes Bank of Uganda used to sell off Collapsed Commercial Banks, one Justine Bagyenda was key person.

Justine Bagyenda was summoned by Parliament accused of allegedly profiteering from collapse of commercial banks especially Crane Bank. Her wealth shocked the Nation.

The former director of supervision at Bank of Uganda faces Katuntu led Bank of Uganda probe.

She arrived at Parliament Wednesday morning as Journalists took her pictures.

MPs investigating the controversial closure of seven banks will ask her questions and Ugandans are waiting for big news or secrets to be given out.

Benedict Ssekabira, Bank of Uganda Director said  he submitted liquidation reports to Bagyenda and  other two directors when he handled the liquidation of three banks. They are Margaret Matovu and Apollo Obbo,  former directors.

The report details how assets of International Credit Bank, Greenland Bank and Co-Operative worth over Shs 100b were disposed off.

Evidence has since been brought before the MPs indicating that BoU officials wrote off Crane Bank Ltd loans amounting to Shs600b through unclear circumstances.

Ms Bagyenda, then a powerful executive director of supervision, before she was forced into early retirement following the fall-out, on January 25, 2017 wrote to dfcu Bank Managing Director Juma Kisaame, giving the bank several waivers to evade the rules, including allowing dfcu Bank 60 days to integrate assets of Crane Bank Ltd, and to report separately on the assets acquired and liabilities assumed from the controversial transfer.

Bagyenda will be questioned on personal accounts that shocked the nation.

The MPs inquiry is also focusing on the mismanagement of closed banks by BoU after the Auditor General Mr John Muwanga issued a stinging criticism of the central bank in a special audit that cited massive flaws in the closure of 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).
Ms Bagyenda was at the helm of all the bank closures then.

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