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Central Bank of Uganda involved in fraud

05 November 2014, 08:44 Godfrey Olukya

Kampala - The Central Bank of Uganda headed by Emmanuel Tumusiime Mutebile has been put in the spotlight after it emerged that UGX 10.1 billion had disappeared dubiously from its coffers.

The matter came up during an interface between the public accounts committee [Pac] chaired by Alice Asianut Alaso Ebaju and officials from the Finance Ministry led by permanent secretary Keith Muhakanizi.

The officials were responding to the Auditor General’s queries in respect to 2013 financial year when it was discovered that bank was involved in a row with the Finance Ministry over a refund of KES 10.1 billion which it paid to unknown individuals purportedly on behalf of the government.

The committee noted that the bank insists there was a promissory note from Finance Ministry to pay the money to the bank, something the ministry vehemently denied.

The auditors said during their audit process, they found out that there was unsupported promissory notes worth KES 10.1 billion but they were not provided with documentation to support existence of this liability and therefore doubtful.

The committee then tasked Muhakanizi and his team to explain the origin of the promissory note and how it came about but the officials said that since 2003, they have been demanding for evidence on the genesis of the promissory note in vain.

The committee chairperson, Alice Alaso said, ''Since there is a mystery about that money and its genesis, the Bank of Uganda bosses, Finance and Accountant General must appear and explain it in details.''

A date will be set for them to appear.

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