By Watchdog reporter

Budadiri West Member of parliament Nathan Nandala Mafabi has moved a motion for a resolution of parliament to investigate Bank of Uganda over its role in the supervision of financial institutions.

Nandala who was seconded by Igara County West MP Raphael Magyezi and Nakawa Division MP Michael Kabaziguruka said despite the fact that Bank of Uganda is equipped with rigorous mechanisms for supervision of commercial banks, reports emerged of a decade long internal malfeasance in the management of Crane Bank, collusion, corruption, insider trading and fraud that went undetected or covered up.

MPs wonder how Crane Bank which was named best performing bank in five consecutive years collapse within an overnight.

Now MPs want parliament to constitute a select committee to carry out a comprehensive investigation into the role of Bank of Uganda in the mismagement of former Crane Bank limited as well as investigate the officers of the Central Bank who were charged with responsibility of carrying out routine supervision of Crane Bank among others.

Recently BoU sued property mogul Sudhir Ruparelia in the Commercial Court for allegedly siphoning over shs 400 billion from the now defunct Crane Bank.