Uganda Law Society Rallies behind Kadaga’s Decision to Extend COSASE Probe Tenure

Uganda Law society has massively rallied behind the decision by the speaker of parliament Rt Hon Rebecca Kadaga to extend the tenure in office of the committee on Commissions, Statutory Authorities and State Enterprises (COASASE) until they finalize the probe on the sale of seven defunct banks by Bank of Uganda.

Yesterday the Speaker revealed that she is the head of the institution and her proposal is good for the well-being of the country and the August House, “COSASE is winding up on the BoU investigation. We expect them to write a report and hand it over to the House before they move,” she added.

According to chairperson of ULS Simon Peter Kinobe, the committee leadership has almost most finalized its probe into the sale of banks starting from Teefe in 1993, asserting that the new leadership may retard the process that is nearly coming to conclusion.

Mr. Kinobe contended that under the rules of parliament, the head of the institution has the authority to borrow best practices from other Commonwealth countries to give a leeway for the committee to finalize it work and hands it over to parliament.

The opposition has always opposed to the extension of Bugweri County Abdu Kantuntu’s committee in order to bring in Kawempe South legislator Mubarak Munyagwa and others. The opposition made changes late last year replacing the several committee leaders with new faces.

BoU has failed to account for Shs478.8 billion, the officials say they sank in Crane Bank Limited as liquidity support among other costs before finally transferring it to Dfcu Bank at Shs200 billion.

Cosase has been probing BoU top officials over irregular closure of seven commercial banks including Teefe Trust Bank, Crane Bank Limited, Global Trust Bank, International Credit Bank, Cooperative Bank, Greenland Bank and National Bank of Commerce.

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