By December last year, Mr Rukikaire said former shareholders of NBC suffered losses worth Shs295b and want compensation.
He said that National Bank of Commerce had duly complied with a requirement to raise 7 billion Shillings within four days and held an annual general meeting in which a new Board of Directors were elected and approved by BOU.
The shareholders include former prime minister Amama Mbabazi, businessman Amos Nzeyi, former Supreme court judge George Wilson Kanyeihamba, Mathew Rukikaire, among others.
Information before the Parliament’s Commissions Statutory Authorities and State Enterprises Committee show that before Crane Bank managers signed a confidential deal with Bank of Uganda on September 27 2012, they (BoU) first called the then Managi...
Interacting with Members of Parliament in the presence of the governor and his deputy, Dr Louis Kasekende, the board members and other stakeholders, Mr Kasaija showed remorse over the disputed closure of banks and accused the central bank of actin...
He told the MPs that Crane Bank paid Shs1.2b to buy deposits, treasury bills and non-performing loans from NBC.
The National Bank of Commerce was majorly owned by businessmen from Kigezi region, among them former Premier Amama Mbabazi and Dr Ruhakana Rugunda, BoU Governor Emmanuel Tumusiime Mutebile, Amos Nzeyi, Jim Katugugu Muhwezi, Dr Ezra Suruma, and ret...
This money should be returned to shareholders,” Mr Ruparelia told the ongoing parliamentary inquiry into closure of seven commercial banks.
Lawyers from Masembe, Makubuya, Adriko, Karugaba & Ssekatawa (MMAKS Advocates) will also be quizzed to explain how much BoU paid them as legal fees for several cases involving the closed banks.
He added that they had also accelerated recoveries for the bad book to cover the capital inadequacy as well as engaging in discussions with strategic investors since 2015 that had shown willingness to invest in the bank.