DFCU Board, Management Returns to COSASE Today

Dfcu Bank returns to Parliament today afternoon for further engagement with the Committee on Commissions, Statutory Authorities and State Enterprises (COSASE).

Yesterday the bank’s Board Chairman Jimmy Mugerwa led a combined Board and Management team to parliament to testify before committee of the Auditor General’s Special Audit Report on closed Banks in Uganda.

In a prepared statement, Mugerwa told COSASE that dfcu Bank participated in the resolution of two banks in Uganda, namely, Global Trust Bank Limited (2014) and Crane Bank Limited (2017).

He said in both cases, dfcu’s participation was at the invitation of Bank of Uganda (“BoU”).

But the dfcu members’ stay in the committee was short-lived as members kicked them out for “being disorganized and fidgeting.”

“It’s prudent for this committee to throw out dfcu team because they are so confused and disorganized, they are fidgeting with their own documents.  It is in the best interest that dfcu withdraws and reorganizes themselves,” said Aruu County Member of Parliament Odonga Otto who is also a committee member.

“In the report, they are valuing Crane bank assets but without a specific report from that government valuer on how they came into those figures,” he added.

Committee chairperson Abdu Katuntu would later adjourn the meeting to today.

Tricia Ishimwe