Court to rule on Equity Bank fraud case

Court will on November 30^th, rule whether former Equity Bank operations manager accused of embezzling sh4.6b from the bank has a case to answer or not.

Justice Margaret Tibulya of the Anti-Corruption Court in Kololo, Kampala said she is yet to determine whether to put David Serwamba and his co-accused on their defence against accusation of fraud.

Serwamba, Reagan Okoth, and Moses Kavuma are jointly charged with Abubaker Kalungi, Mubarak Shafik a businessman, Mathew Keeya, a driver and Isaac Serwamba. They are also charged with money laundering and theft.

Prosecution led by Maxim Tee Elizooba and Tom Walugembe from the Directorate of Public Prosecution said the first fraudulent  transaction of $700,000 was done on March 28, 2015 at about 1pm.

The second transaction of $500,000 was carried out on March 29, 2015, while the third transaction of $250 was also done on March 29, at 5pm

The branch operations manager Serwamba is charged with embezzling of $700,000 from the bank. Prosecution said the money was withdrawn from Sissco Mabior's account, a Sudanese.

In the second count Serwamba is accused of causing financial loss of $1,450,000 jointly with Reagan Okoth and Moses Kavuma both were banking officers at Equity bank

Under the Anti-Money Laundering Act any person convicted is liable to 15 years in jail upon conviction. While the offence of embezzlement under the Anti-Corruption Act carries a maximum sentence of 14 years on conviction.

Prosecution alleges that between March 28 and May 19, 2015, while in Kampala district the accused converted, transferred, transported and concealed sh4.6b with the intention of disguising its illicit origin, yet it was stolen from Equity Bank Oasis branch.