Banker convicted of sh103m theft

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An employee of Centenary Bank has been convicted of stealing shillings 103 million from his employer.

In a judgement dated June 24, 2025, Justice Lawrence Gidudu found Alex Kyambade guilty of stealing money from his employer by manipulating the forex sales and banking the Uganda equivalent onto the account of Revero Investment Ltd.

“The prosecution has proved all the essential ingredients of the charges preferred in the three counts beyond reasonable doubt,” Gidudu ruled.

Gidudu, the then Anti-Corruption Division of the High Court head, said the convict was able to manipulate his supervisors because of a weak core banking system at the time that would allow a teller to keep open his/her drawer without balancing the accounts on the system.

The judge noted that the convict filed daily reports in the hard copy- General Ledger and till sheets creating a false picture yet on the system the accounts were not balanced off.

Subsequently, the judge found Kyambade guilty of embezzlement and money laundering. Gidudu said the convict laundered the money in a crafty scheme.

The court heard that Kyambade is a banker with Centenary Bank. He was deployed as a banker teller at the Moroto and later at Kireka branch.

The judge ruled that intentionally transferring shillings 103 million, equivalent to $ 21,350 and euros 5,700 between February 28, 2019 and May 31, 2019, to Revero Investment for purposes of concealing its origin was an act of money laundering.

The judge also said that there was abundant evidence on record to place the accused at the scene of crime for the theft of sh21m from Moroto customers.

Gidudu said the act of Kyambade debiting customer accounts without their instructions using his credentials was an act of asportation.

According to the judge, Kyambade moved money from customer accounts with a fraudulent intent thereby committing an act of theft.