Banker held over sh880m loss
Feb 03, 2011
A senior Orient Bank official is in Police custody in connection with causing the financial institution a loss of sh880m.
By Herbert Ssempogo
A senior Orient Bank official is in Police custody in connection with causing the financial institution a loss of sh880m.
Godfrey Walubi, 51, a team leader at the Jinja branch was arrested last Thursday and is detained at Kira Road Police Station in Kampala.
According to a detective at the Special Investigations Unit in Kampala, the suspect last month issued the money to Vijal Malde, the managing director of Papco (U) Limited, a paper firm.
Preliminary Police investigations indicate that Malde, in turn gave the bank 44 cheques each bearing a total of sh20m.
It was not clear when he was
supposed to pay back the money. “However, Malde’s account did not have sufficient funds to reimburse the money he received from the bank,†a source stated.
An internal audit team realised that the transaction flouted regulations and informed the Police.
Walubi confessed that he often gave clients money on a “personal arrangementâ€. The transactions did not conform to procedure. The clients allegedly gave him “commissions†on returning the money.
Malde has not been questioned as he was out of the country.
Walubi’s arrest happened after three Orient staff in Kampala were interrogated regarding the disappearance of over sh132m from a client’s account in Kampala.
The accused are a teller, Fiona Abello and two supervisors Layton Kiwanuka and Sandra Ssali. The matter was forwarded to the Director of Public Prosecution for perusal and advice.
Meanwhile, another man has been detained over the alleged theft of sh800m from Stanbic Bank. Dennis Namugera, is held at the Rapid Response Unit in Kireka, along with the key suspect Abdu Karim.
Namugera reportedly supervised work on several sites where Karim injected the bank’s money. The money was commissioned from transactions. Karim allegedly diverted it to a personal account.
A senior Orient Bank official is in Police custody in connection with causing the financial institution a loss of sh880m.
Godfrey Walubi, 51, a team leader at the Jinja branch was arrested last Thursday and is detained at Kira Road Police Station in Kampala.
According to a detective at the Special Investigations Unit in Kampala, the suspect last month issued the money to Vijal Malde, the managing director of Papco (U) Limited, a paper firm.
Preliminary Police investigations indicate that Malde, in turn gave the bank 44 cheques each bearing a total of sh20m.
It was not clear when he was
supposed to pay back the money. “However, Malde’s account did not have sufficient funds to reimburse the money he received from the bank,†a source stated.
An internal audit team realised that the transaction flouted regulations and informed the Police.
Walubi confessed that he often gave clients money on a “personal arrangementâ€. The transactions did not conform to procedure. The clients allegedly gave him “commissions†on returning the money.
Malde has not been questioned as he was out of the country.
Walubi’s arrest happened after three Orient staff in Kampala were interrogated regarding the disappearance of over sh132m from a client’s account in Kampala.
The accused are a teller, Fiona Abello and two supervisors Layton Kiwanuka and Sandra Ssali. The matter was forwarded to the Director of Public Prosecution for perusal and advice.
Meanwhile, another man has been detained over the alleged theft of sh800m from Stanbic Bank. Dennis Namugera, is held at the Rapid Response Unit in Kireka, along with the key suspect Abdu Karim.
Namugera reportedly supervised work on several sites where Karim injected the bank’s money. The money was commissioned from transactions. Karim allegedly diverted it to a personal account.