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Thursday,August 13,2020 17:45 PM

Top Tropical Bank staff sacked

By Vision Reporter

Added 13th July 2020 06:16 PM

Tropical Bank made a loss of sh23.9b in 2019, which was larger than the year before.

Top Tropical Bank staff sacked

Dennis Mugagga Kakeeto and Hussein Sentamu. Courtesy photos

Tropical Bank made a loss of sh23.9b in 2019, which was larger than the year before.

Tropical Bank finds itself in the midst of a tropical storm after nearly all of its senior management team was fired, over alleged fraud, impeccable sources have said.

It's just the manager human resources, and the managing director who are said to have kept their jobs after a spate of exits at the embattled bank.

Sources indicate that Denis Muganga Kakeeto - the Executive Director, Hussein Sentamu - the Head Credit Department, and the banks head of operations are among several that have left.

Although there has been talk of infighting over job promotions, our sources indicate the problem is more to do with the mishandling of money.

"The individuals were fired for fraud," the highly placed source said.

The bank which first opened in the country in 1973 as Libyan Arab Uganda Bank fell below the required minimum capital by sh3.8b according to the 2019 banks audited results.

Although the Bank of Uganda said the bank was recapitalised, the latest exits cast a shadow on the bank's operations.

Tropical Bank made a loss of sh23.9b in 2019, which was larger than the year before. Auditors KPMG warned that: "material uncertainty exists which cast significant doubt on Tropical Bank Limited's ability to continue as a going concern".

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