This arises from the observation that the Police Sacco that was founded in 2007 has been opening and operating new bank accounts each time a new board is constituted without proper procedures and accountability.
The Chairperson of the Committee, Hon. Rosemary Nyakikongoro directed that all the previous Exodus Sacco Board leadership present full details of bank accounts that they operated during their tenure including their financial standings at the time of handover.
"We need the former board leaders of Exodus to come back and specify on the issues of bank accounts. We shall allow you to consult and tell us which board had which accounts and what was handed over," Nyakikongoro said.
This was during a committee meeting with former board members of Exodus Sacco from 2007 to 2019 on Wednesday,
The retired Assistant Inspector General of Police (AIGP), Asan Kasingye who was chairperson of the interim committee of Exodus Sacco from 2007 to 2012, said during his tenure, they operated three bank accounts; two in
Retired Senior Commissioner of Police (SCP), Laban Muhabwe who took over from Kasingye said his board closed some of the bank accounts they inherited from their predecessors and subsequently, opened up new ones to smoothen administrative operations.
"We could not proceed with the account in
Senior Commissioner of Police (SP),
"While handing over to the current board in 2019, I handed over a
He said his regime did not believe in depositing money in fixed accounts to accumulate interest but rather preferred to invest in the members through loans.
The MPs wondered why the previous boards were opening different bank accounts saying it could have been a pathway for corruption and mismanagement of police officers' savings.
"The interim board chaired by Kasingye had two to three accounts which he handed over to Laban [Muhabwe]'s board who also opened other accounts. We also need to know all the accounts that Kalulu found and opened. This is a suspected area where savers' money disappeared," Hon Donozio Mugabe (NRM, Ruhinda South) said.
It was observed that during Muhabwe's tenure, the Shs1 billion fixed in
"We need to investigate why every board was changing bank accounts. Why would you leave a bank offering 20 per cent interest and settle for one offering 17 per cent?" Butiru County Member of
Nyakikongoro said the committee will again interface with the former board leaders of Police Exodus Sacco in order to probe further these bank accounts.
Exodus Sacco also had another joint account with crime preventers owned Mwangaza Sacco.
Source:
Source:Police Sacco goes under microscope over too many bank accounts
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