Matooke Republic
  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos
  • Relationships
No Result
View All Result
Matooke Republic
  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos
  • Relationships
No Result
View All Result
Matooke Republic
No Result
View All Result

Businessman demands Shs20 billion from BoU as compensation for assets he lost after the closure of Cooperative Bank

Norman Mwambazi by Norman Mwambazi
August 30, 2019
in News
Reading Time: 2min read
Share on FacebookShare on Twitter

Businessman Chris Tushabe Karobwa petitioned Parliament claiming that Bank of Uganda (BoU) solely contributed to the downfall of his business empire when BoU officials mismanaged his properties he had mortgaged in Cooperative Bank prior to controversial closure and subsequent liquidation in 1999.

In his June 11 petition, Tushabe said that his mortgaged property was worth Shs1.4 billion at the time, and that he also had Shs3 billion on his account in the now defunct bank, as well as two Mercedes Benz trailers that were grounded by the Central Bank.

ADVERTISEMENT

Tushabe now demands compensation of at least Shs20 billion from his property with interest from May 1999, the year Cooperative Bank was closed.

RelatedPosts

Kadaga asks MPs to present lists of missing persons after Gov’t fails to fulfil its promise

Nambooze: Opposition parties are in IPOD for money

While appearing before the Parliamentary Committee on Commissions, Statutory Authorities and State Enterprises (COSASE), BoU Governor Emmanuel Tumusiime Mutebile was asked by the Committee’s chairman Kawempe South MP Mubarak Munyagwa to respond to Tushabe’s claims under oath.

“Mr Governor, I respect you but I am the chairman of this committee and last week I made a ruling that whoever will appear here over allegations raised by Mr Karobwa must take an oath. The allegations are grave in nature because they also include murder,” insisted Munyagwa.

The Governor reluctantly took the oath, but said that he was not ready to respond to the issues at that moment hence asking for two weeks to allow BoU’s legal team prepare a response to the allegations.

“I am not going to speak today because I was not prepared to answer to the issues that have been raised. What the witness has said are absolutely different from what is contained in this file because comments in this file are answering the questions in the letter sent to me by the Clerk to Parliament,” Mutebile said.

Munyagwa listened to the governor’s plea and granted him up to September 12 to prepare a response and went on to say that the Committee will summon former Director Bank Supervision at BoU Ms Justine Bagyenda, the former directors of Cooperative Bank, and Mr Benedict Ssekabira the BoU’s Director for Financial Markets Development Coordination to respond to Tushabe’s allegations against BoU.

Tags: Bank Of UgandaBoUChris Tushabe KarobwaTumusiime Mutebile
Previous Post

New Fresh Music alert: Fresh Daddy to release song with Fresh Kid

Next Post

Organisers release Nyege Nyege Music Festival program that kicks off on Thursday next week

Related Posts

Kadaga asks MPs to present lists of missing persons after Gov’t fails to fulfil its promise

9 hours ago

Nambooze: Opposition parties are in IPOD for money

10 hours ago
Next Post

Organisers release Nyege Nyege Music Festival program that kicks off on Thursday next week

JUST IN

I would rather give birth at 40 than have kids with a man who will publicize everything he has done for me —Spice Diana

March 3, 2021

Excitement as Uganda Tourism Board stimulates domestic tourism in online campaign

Kadaga asks MPs to present lists of missing persons after Gov’t fails to fulfil its promise

Nambooze: Opposition parties are in IPOD for money

UMA is not a charity organization–Cindy

Police bust notorious criminal gang suspected to have killed 10 people, executed 44 aggravated robberies

Only those with NIN number will be vaccinated, says Health Ministry

POPULAR

  • Sheebah grants Matooke Republic exclusive access inside her house. Here are photos from the sitting room to bedroom

    25 shares
    Share 25 Tweet 0
  • Eddy Kenzo reacts to Rema’s alleged introduction to another man

    15 shares
    Share 15 Tweet 0
  • Woman kicked out of her rented apartment on her birthday party by Landlady for changing men regularly

    113 shares
    Share 113 Tweet 0
  • Crane Bank used to give me 10 years to clear loan – Senana owner laments as Stanchart moves to take her property

    14 shares
    Share 14 Tweet 0
  • VIDEO: You can’t say we have been married for 29 years yet we have had sex less than 100 times — Pastor Bugingo continues to sting wife Teddy Naluswa

    5 shares
    Share 5 Tweet 0

JOBS

Hot Right Now

No rich man can invest in wedding a female television presenter—Tycoon Lwasa on why he dumped BBS Telefayinas’ Diana Nabatanzi

Businessman demands Shs20 billion from BoU as compensation for assets he lost after the closure of Cooperative Bank

Tooro vs Tororo: Relatives fight over where to bury lawyer Kasango’s remains

Matooke Republic

© Matooke Republic 2019

  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos

© Matooke Republic 2019