Banker admits sh800m loss
A FORMER manager of the now defunct Co-operative Bank Ltd, Julius Kisembo, on Monday admitted he advanced sh800m to a customer before his cheques were endorsed.
By Maurice Okore
A FORMER manager of the now defunct Co-operative Bank Ltd, Julius Kisembo, on Monday admitted he advanced sh800m to a customer before his cheques were endorsed.
Kisembo, 43, the erstwhile manager of the Iganga Branch said he advanced the money because it was the bank’s policy to cash uncleared cheques for its key customers, a practise he said violated banking regulations.
He was defending himself against charges of false accounting, conspiracy to defraud and causing a financial loss to the Bank.
It is alleged that Kisembo gave false statements for money that was under his control as a manager at the bank between 1996 and 1997. He is alleged to have conspired with a businessman, Ahmed Noor Osman, to defraud the financial institution of the sh800m.
“I advanced the sh800m to Osman without approving the cheques because it was the policy of the bank, when dealing with key customers,†Kisembo said.
A FORMER manager of the now defunct Co-operative Bank Ltd, Julius Kisembo, on Monday admitted he advanced sh800m to a customer before his cheques were endorsed.
Kisembo, 43, the erstwhile manager of the Iganga Branch said he advanced the money because it was the bank’s policy to cash uncleared cheques for its key customers, a practise he said violated banking regulations.
He was defending himself against charges of false accounting, conspiracy to defraud and causing a financial loss to the Bank.
It is alleged that Kisembo gave false statements for money that was under his control as a manager at the bank between 1996 and 1997. He is alleged to have conspired with a businessman, Ahmed Noor Osman, to defraud the financial institution of the sh800m.
“I advanced the sh800m to Osman without approving the cheques because it was the policy of the bank, when dealing with key customers,†Kisembo said.