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Jun 7 results
18:07
18:07

Bagyenda Solely Signed Global Trust Bank Sale Agreement closed banks 3 1

MPs on Thursday learned of a confidential purchase agreement which Bank of Uganda entered into with DFCU Bank on 10th July 2014 before Global Trust Bank was eventually closed on 25th July 2014. This means that the Central Bank never managed Global Trust Bank for a minimum of six months as required by the Financial Institutions Act.
17:36
17:36

Committee Pursues Global Trust Bank Sale Documents justine bagyenda 6 1

The Bank of Uganda says that Global Trust Bank, which had built a network of 23 branches at the time of its closure, had accumulated losses to a tune of 60 billion Shillings. The Bank which was valued at 75 billion Shillings was then handed over to DFCU Bank.
17:24
17:24

BoU Tasked to Explain Pricing of Closed Banks Debt Portfolios 1 5

The Auditor General noted that the debt portfolio comprised of secured, poorly secured, unsecured and unknown loans amounting to 135 billion Shillings. However, in December 2007, Bank of Uganda, with advice from JN Kirkland Consultants, signed an agreement with Nile River Acquisition Company to sell the debt portfolio for the three banks at 8.8 billion Shillings.
14:26
14:26

BOU Probe: COSASE Extends Bagyenda Summons to Thursday justine bagyenda 3 1

Abdu Katuntu, the Chairperson COSASE on Tuesday ruled that an arrest warrant will be issued should Bagyenda fail to appear on Thursday.
17:08
17:08

BOU Probe: ICPAU Clarifies on Inventory Reports closed banks 3

John Linonn Sengendo, the Institute of Certified Public Accounts of Uganda ICPAU Public Relations Officer says that an inventory report takes into detailed consideration of the assets of an entity at the time of selling or closure and the liabilities that the entity has.
18:24
18:24

BOU Officials Grilled Over Loan Acquisition Company closed banks 1 1

In his report, the Auditor General noted that in December 2007, Bank of Uganda signed an agreement with Nile River Acquisition Company to sell the debt portfolio for the three closed banks at US Dollars 5.25 million approximately Shillings 8.8 billion.
10:09
10:09

Closed Banks: BOU Fails to Recover UGX 37.7 Billion audit report 1

In his report, the Auditor General, John Muwanga queries the failure by BoU to recover assets in Escrow under Global Trust Bank-GTB valued at Shillings 15.13 billion. In its response, the Central Bank explains that the GTB Escrow assets are managed by DFCU Bank, which was appointed to collect on behalf of BoU.
Jun 7 results