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Central Bank Tables Teefe Trust Bank Land Titles

As part of its investigations, the committee directed Bank of Uganda to avail original land titles of all Teefe Bank customers that have remained in its custody for 25 years. The request was based on documents that indicated that the properties that were returned to Bank of Uganda by the liquidator could not be traced.
Central Bank Legal Counsel Margaret Kaggwa says they are yet to come up with a legal position on the Teefe customer Land Titles.

Audio 4

Bank of Uganda (BOU) has tabled land titles of the defunct Teefe Trust Bank customers before the Committee on Commissions Statutory Authorities and State Enterprises (COSASE).

The committee is investigating the closure and sale of several commercial banks over the last 25 years. The banks include Teefe Trust Bank, closed in 1993, International Credit Bank Ltd, which was closed in 1998, Greenland Bank, closed in 1999, Uganda Co-operative Bank, also closed in 1999, National Bank of Commerce, in 2012, Global Trust Bank in 2014 and Crane Bank Ltd, which was closed in 2016.

The investigation stems from the 2017 Forensic Audit Report in which the Central Bank was put on the spot for harboring irregular operations and undertaking the controversial closure and sale of the commercial banks.

As part of its investigations, the committee directed Bank of Uganda to avail original land titles of all Teefe Bank customers that have remained in the custody of the Central Bank. The request was based on documents that indicated that 23 properties and assets that were returned to Bank of Uganda by Solester Auctioneers - the liquidator of Teefe Trust Bank could not be traced.

Today, a team led by the Central Bank Governor Emmanuel Tumusiime Mutebile availed the documents to the committee. Committee Chairperson Abdul Katuntu handed them over to Auditor General John Muwanga for further scrutiny.

Meanwhile, Kashari South MP Nathan Itungo tasked the Central Bank to explain why it is still holding onto the land titles.

Governor Emmanuel Mutebile said that he never knew that the land titles existed. At the time of its closure, Mutebile was the Secretary to Treasury while Charles Kikonyogo was the Governor.

//Cue in: "but Governor I...

Cue out...those titles existed."//

But Katuntu together with Busiro East MP Medard Lubega Seggona questioned what would become of the land titles given the fact that the process of winding up Teefe Bank is coming to a conclusion.

//Cue in; "Governor  i saying...

Cue out...not enforce it."//

Katikamu North MP Abraham Byandala expressed doubt on the existence of the said properties noting that with the rampant cases of land grabbing, the committee shouldn't be shocked to discover that the titles have changed ownership.

//Cue in; "and whether they...

Cue out...have already taken."//

Margaret Kaggwa, the Legal Counsel to the Central Bank told the Committee that the central Bank would take a decision at the final winding up of the Bank, a response that attracted protests from committee members. She was also tasked to explain the legal status of the land titles.

//Cue in: "lawyers always have...

Cue out:...doesn't cause controversy."//

Katuntu directed the Bank to return on Monday next week with a legal position on what they will do with the land titles.