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Statement by the Ministry of Finance, Planning and Economic Development on the on-going investigations on the Bank of Uganda

Published 3 weeks ago -


Today 25th of June 2019, Hon. David Bahati the Minister of State for Finance, Planning and Economic Development presented a statement before parliament on the on-going investigations on the Bank of Uganda by various investigative institutions of Government.

He told the house that Bank of Uganda (BOU) on 26th July of 2018 had entered into a contract with M/s Oberthur Fiduciaire to supply and deliver printed matter. The contract required that the supplier identifies at least two reputable carriers and insurers and advise the bank of the applicable terms and costs. He confirmed that indeed, the supplier’s communication indicated full charter for the three options that were provided, from which the Bank selected M/S Kuhne & Nagel to airlift the printed matter to Entebbe International Airport from France’s capital Paris.

In line with the contract, the Minister informed the house that the BOU sent staff to travel to France to undertake the quality assurance functions of ensuring that the right consignment is loaded on the cargo plane from 22nd -26th April of 2019. He noted that the activity had started at a French currency minter, Oberthur Fiduciaire and ended at the nearest international airport where the plane took off for Entebbe. On 27th April 2019, the printed matter arrived at Entebbe International Airport. As expected, twenty (20) pallets destined for BOU were received, intact and well-sealed. However, the BOU team at the airport noticed five (5) extra cargo pallets aboard the chartered plane.

The Minister disclosed that on receipt of the report on the 7th May of 2019, the Governor BOU took a decision to have an investigation conducted by the Anti-Corruption Unit of State House (ACU), because the issue involved third parties. Since 10th June of 2019, staff of the Bank of Uganda have been under investigation and have all recorded statements. He further revealed that the Bank of Uganda was still committed to assisting the investigators to ascertain the facts surrounding the matter.

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He therefore appealed to the public to restrain from perpetuating the false information that could compromise the investigations. He assured the public that the Government would go to the bottom of the matter and the truth would be known, which would subsequently be given to the general public in a timely manner. Finally he confirmed that so far there was no indication that the incident would affect Uganda’s economy negatively especially in terms of inflation.

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