{"id":62282,"date":"2023-01-24T17:56:07","date_gmt":"2023-01-24T14:56:07","guid":{"rendered":"https:\/\/www.kfm.co.ug\/?p=62282"},"modified":"2023-01-24T17:56:07","modified_gmt":"2023-01-24T14:56:07","slug":"co-operative-bank-shareholders-want-compensation","status":"publish","type":"post","link":"https:\/\/www.kfm.dembefm.ug\/staging_h\/co-operative-bank-shareholders-want-compensation\/","title":{"rendered":"Co-operative Bank shareholders want compensation"},"content":{"rendered":"

By Mike Sebal<\/strong><\/p>\n

Under their umbrella body, Uganda Cooperative Alliance Limited, shareholders of the defunct Cooperative Bank want the government to present a report regarding the closure of their bank. They want the report to address the circumstances surrounding Co-operative Bank Limited and its liquidation in 1997.<\/p>\n

They also want compensation in case efforts to have all shareholders regain their shareholdings fail.<\/p>\n

According to the Alliance’s Secretary-General Ivan Asiimwe, Uganda Co-operative Alliance had shares worth Shs2.53 billion in the trust of co-operatives, Banyankole Kweterena Co-operative Union had Shs220 million in shares, and Kigezi District Growers Co-operative Union had Shs18million, among others.<\/p>\n

Asiimwe says none of them was allotted a single share in the Co-operative Bank Limited, the company that Bank of Uganda liquidated, and neither were they compensated. He was speaking to the press from his office in Kampala.<\/p>\n

Charity Mugumya, the Director of Communications at Bank of Uganda told KFM that the Co-operative Bank which was established under the law in 1963 was transformed into a corporate entity in 1997 under the Company Act, as a precondition to receiving USAID funding.<\/p>\n

She added that later, this transformed entity was closed in 1999 and its liquidation was concluded on July 25, 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Mike Sebal Under their umbrella body, Uganda Cooperative Alliance Limited, shareholders of the defunct Cooperative Bank want the government to present a report regarding the closure of their bank. They want the report to address the circumstances surrounding Co-operative Bank Limited and its liquidation in 1997. They also want compensation in case efforts to have all shareholders regain their shareholdings fail. According to the Alliance’s Secretary-General Ivan Asiimwe, Uganda Co-operative Alliance had shares worth Shs2.53 billion in the trust of co-operatives, Banyankole Kweterena Co-operative Union had Shs220 million in shares, and Kigezi District Growers Co-operative Union had Shs18million, among others. Asiimwe says none of them was allotted a single share in the Co-operative Bank Limited, the company that Bank […]<\/p>\n","protected":false},"author":37,"featured_media":62283,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"episode_type":"","audio_file":"","cover_image":"","cover_image_id":"","duration":"","filesize":"","date_recorded":"","explicit":"","block":"","filesize_raw":"","jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"","parallax":"1","fullscreen":"0","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-normal","show_share_counter":"0","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"F j, Y g:i a","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"0","show_popup_post":"1","number_popup_post":"3","show_author_box":"1","show_post_related":"1","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_social_meta":{"fb_title":"","fb_description":"","fb_image":"","twitter_title":"","twitter_description":"","twitter_image":""},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[7],"tags":[778,1298],"class_list":["post-62282","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bou","tag-co-operative-bank"],"_links":{"self":[{"href":"https:\/\/www.kfm.dembefm.ug\/staging_h\/wp-json\/wp\/v2\/posts\/62282"}],"collection":[{"href":"https:\/\/www.kfm.dembefm.ug\/staging_h\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kfm.dembefm.ug\/staging_h\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kfm.dembefm.ug\/staging_h\/wp-json\/wp\/v2\/users\/37"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kfm.dembefm.ug\/staging_h\/wp-json\/wp\/v2\/comments?post=62282"}],"version-history":[{"count":0,"href":"https:\/\/www.kfm.dembefm.ug\/staging_h\/wp-json\/wp\/v2\/posts\/62282\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kfm.dembefm.ug\/staging_h\/wp-json\/wp\/v2\/media\/62283"}],"wp:attachment":[{"href":"https:\/\/www.kfm.dembefm.ug\/staging_h\/wp-json\/wp\/v2\/media?parent=62282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kfm.dembefm.ug\/staging_h\/wp-json\/wp\/v2\/categories?post=62282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kfm.dembefm.ug\/staging_h\/wp-json\/wp\/v2\/tags?post=62282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}