Crane Bank crisis
I am aware that the bank is supervised by Bank of Uganda. It is also audited by a ‘big 4’ audit firm. Is Bank of Uganda’s supervisory mechanisms inadequate? How did it get to this? I also know that Bank of Uganda vets all people nominated on the Board. Is the Central bank doing something wrong? As you know, a bottleneck is always at the top of the bottle not at the bottom. Why did Bank of Uganda allow the bottle neck?
Also, does external audit really add value? What changes should be made to ensure that such surprises are identified early and addressed.
I am starting to get scared of whether to keep my money at home or in the bank.