Bank of Uganda (BoU) top officials led by the Governor, Mr Tumusiime-Mutebile, were on Monday interrogated by the parliamentary inquiry on why the value of assets of three closed commercial banks was devalued from Shs117b to Shs19b.

Parliament';s Committee on Commissions, Statutory Authorities and State Enterprises (Cosase) is investigating BoU over alleged irregularities in the closure of seven commercial banks some of which were shut down 20 years ago.

Relying on findings and recommendations of the Auditor General';s forensic report into closure of commercial banks, the MPs discovered that the Central Bank did not carry out an assets movements schedule for three closed banks.

The audit showed that assets owned by International Credit Bank, Co-operative Bank and Greenland Bank were devalued from Shs117b when the banks were closed in the 1990s to Shs19b when BoU did a final "statement of affairs" in June 2016.

"No detailed assets movements schedule or ledgers indicating assets at closure, assets sold, selling price, period of sale, assets not sold, performing and non-performing loans was provided to support asset movements in the statement of affairs for the three closed banks," the audit report states.