Auditor General John Muwanga has been showered with praises for his role in unearthing several managerial irregularities exercised by the Central Bank while handing over Crane Bank to DFCU in 2017.
Mr. Muwanga who began his comprehensive audit in April 2018 on the closure of seven commercial banks by the Bank of Uganda since 1993, discovered numerous misdeeds applied by Governor Emmanuel Mutebile and his administration.
The Auditor General has since written an 80 page report titled Special Audit Report on the Defunct Banks highlighting abnormalities that he shared with the Speaker of Parliament.
This website has been serializing the report, detailing the Auditor General’s findings which clearly indicate that Bank of Uganda officials had a hidden agenda in disposing off Crane Bank having alleged that the financial institution had become grossly insolvent.
For those who missed our previous stories follow the links below;
https://trumpetnews.co.ug/hostile-takeover-no-official-bidding-process-in-dfcu-crane-bank-deal/
Against that background a group of youth activists under the bloc Youth Power Research Uganda have expressed incessant appreciation to Mr. John Muwanga who independently exercised his mandate without favouring officials of Bank of Uganda.
Muwanga found out that Crane Bank was not as disgustingly bankrupt as Muteebile and his juniors had alleged and also failed to follow proper procedures in handing over the bank to DFCU.
“We are happy just because our investors have a place to go when their hard earned capital is defrauded by selfish government officials!
“The Auditor General has delivered on his mandate by releasing a 94 report about the irregular shut down of CB by Bank of Uganda of which we have been repeatedly demanding,” statement by these activists reads in parts.
Adding that, “the more we have a rigorous system that settles disputes for investors, the more we attract more investments in our country hence more employment for our youths and more taxes to our government.”
This umbrella of young people positions itself as a cushion to investors in circumstances where they (feel) feel that they (investors) have been ripped off.
The group reaches out to the higher authorities in case investors in the country are mistreated or government top shots misuse their positions for selfish interests.
“We do this with passion because we found out that also investors need to have people to advocate for them just like we have human rights bodies that defend for human rights victims.
“When we wrote to the President about how Ms Justine Bagyenda, Director Supervision(BoU) had precipitated the selling of CB at a paltry of only Ugx 200b in 2016 compared to CB Assets which were Ugx1.8 trillion in 2015, just one year after, Ms Bagyendas contract was terminated there and then, which brought some sigh relief. As you can see this was broad day robbery against our investors,” Ben Sebuguzi, the group leader highlighted of their successes.
“Now that AG, Mr John Muwanga has sent a report to parliament about the flaws and misuse of funds of about Ugx400b, we hope that COSASE committee will use that report as a lead to getting more culprits that sabotage our investors.
Lastly, we implore the Inspectorate of Government, also another agency that promotes transparency to also bring out its findings instead of dilly dallying because time is money.”
