While in receivership there remains some hope of the company recovering and resuming operations, now the liquidation means Crane Bank's complete and permanent closure, a move that will see the defunct lender's chapter closed for good.
The Central Bank as a liquidator issued a statement on Friday. A liquidator is an officer or entity who is appointed to wind up the affairs of a company when it is closing and this usually happens when the company has gone bankrupt.
Dr Louis Kasekende, the Bank of Uganda Deputy Governor, says that the Central Bank has not been monitoring loans transactions on mobile money platforms because the Telecoms had also not been given licenses to offer products to clients.
The trio was remanded last week shortly after being charged with abuse of office and Corruption. The Anti-Corruption court, Grade one Magistrate Abert Asiimwe released the trio on bond this morning basing on their positions in the bank. He directed Kakeeto to deposit Shillings 30 million in cash, his passport and land title with court.