CITY TYCOON SUDHIR APPEARS BEFORE COSASE OVER CLOSURE OF CRANE BANK

www.mknewslink.com
In Kampala-
City tycoon Sudhir Rupareria faces the Parliamentary Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) on Wednesday morning where he is for the first time, to directly speak about the controversial closure of his Crane Bank Ltd, among the seven commercial banks under parliamentary scrutiny.
The committee led by Bugweri MP Abdu Katuntu is in its final phase of the enquiry into the irregular closure of seven defunct commercial banks, that has put key central bank officials into the spotlight including Ms Justine Bagyenda, who was forced out following the controversial sale of Crane Bank Ltd sale to dfcu Bank for a paltry Shs 200 billion .
After a raft of evidence before the committee, it is understood that Mr Rupareria is more sinned against after the central bank sought to blame him for the problems leading up to the closure of the bank after leads indicated a more rotten system at BoU.
The central bank in October 2016 closed Crane Bank Ltd, previously one of the best performing banks before controversially selling it dfcu Bank in January 2017 for a paltry Shs 200 billion.
In the previous testimonies, Mr Katimbo Mugwanya, a former director at BoU who was appointed Statutory Manager for the sale of Crane Bank Ltd, admitted that he had bungled up the calculations on how the money that was injected in Crane Bank Ltd was deduced.
Governor Mr Emmanuel Tumusiime Mutebile told MPs that he did not have figures regarding Crane Banks undercapitalisation but was contradicted by Mr Benedict Ssekabira, the Director Financial Markets Coordination, who said Crane Bank required a further injection of Shs157b for it to remain afloat.

www.mknewslink.com a greater western Uganda news website
Email: wmuhwezi75@gmail.com
Tel: +256702680106