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COSASE orders lawyer Masembe to appear today without fail

City lawyer Timothy Masembe of MMAKS Advocates has been summoned to appear before the Committee on Statutory Authorities and State Enterprises (COSASE) at 2pm today without fail.

Masembe who is accused of having been paid Shs900m as legal fees in the controversial sale of Crane Bank to DFCU did not show up this morning.

Masembe was represented by other lawyers who were kicked out of the meeting for failing to present crucial documents regarding the sale of Crane Bank.

COSASE chairman, Abdu Katuntu, ordered them to return to Parliament at 2pm with all supporting documents and also summoned lawyer Masembe to appear in person.

MMAKS Advocates were paid Shs 914, 272,722 for legal advice during the takeover of Crane Bank. The money was ostensibly for legal advice on the sale of Crane Bank assets and assumption of liabilities.

The firm would further be paid extra Shs3 billion as 5% commission monies recovered from CBL shareholders.

MPs raised a red flag over the payments, saying they were exaggerated.

Besides, Bank of Uganda did not provide documentation of the work done by MMAKS.


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