Greenland Bank Directors Demand Compensation

Ahmed Nsubuga and Yahaya Kamulegeya, the directors of the defunct Greenland Bank demand compensation for losses incurred following their closure in 1998 as well as reinstatement.

The demand follows the investigations into the closure of several commercial banks by the Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) including Crane Bank, International Credit Bank, Cooperative Bank and Tefe Bank. The 2-month-old investigations unearthed the irregularities in the closure of the banks by the Bank Of Uganda which was put in a report tabled to the president.

The directors think an estimation of UgX500M for the losses incurred would be sufficient following their closure in 1998.