BOU Calls Claims From Global Trust Bank Creditors

The central bank has urged people whom Global Trust bank owed money or anything else to submit their claims by October 1.

In a statement last week, BOU said all claims should be specific in nature and value, and supported by documentary evidence. This call, however, does not cover Global’s depositors, whose accounts are active in dfcu bank.

“Any claim not received by the liquidator before the expiry of 30 days from the date of the publication of this notice, shall not be treated as a claim eligible for payment under liquidation, but shall be treated as an ordinary debt due from Global Trust Bank (U) Ltd,” said the statement.

In July, the central bank closed Global Trust after it posted losses for five consecutive years. BOU said the bank had shown no signs of being profitable. Announcing the bank’s closure, BOU Governor Emmanuel Tumusiime-Mutebile said he was protecting depositors’ interests.

BOU says that any claimant could be invited to appear in person or to be represented by their authorised agents to prove their claim if the liquidator deems it necessary.

“Failure to comply with the request to prove a claim shall lead to exclusion of such claim from the benefit of distribution,” BOU statement said.

At the time of closure, a Nigerian insurance firm, Industrial and General Insurance Company Plc, owned a 45 per cent stake in GTB. The remaining stake was owned by four corporate investors and eight individual investors. The bank opened shop in Uganda in 2008, after buying Commercial Micro Finance Ltd (CMF).

Source : The Observer

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