A banker at Equity Bank Uganda Limited has been charged with causing a financial loss of sh200m to the bank.
Grace Musoki was charged alongside a businesswoman, Zainabu Namakula, at the Nakasero-based Anti-Corruption Court before Chief Magistrate Joan Aciro.
Musoki and Namakula were charged on May 3, 2024, with offenses of causing financial loss and conspiracy to defraud the bank under Section 20(1) of the Anti-Corruption Act, 2009, as amended, and conspiracy to defraud according to Section 309 of the Penal Code Act.
Regarding causing financial loss, the prosecution alleges that Musoki, on March 28, 2024, at the Equity Bank Market Street branch in Kampala, while employed by the bank as a teller, irregularly posted shwom onto loan account 1043102415999 in the name of Zainabu Namutebi, in contravention of Equity Bank procedures for crediting customer accounts.
It is alleged that Musoki made the posting without receiving any cash to justify the transaction.
According to the prosecution, Musoki knew that her action would cause a loss to the bank but proceeded with the transaction.
The prosecution is led by Pamela Orogot from the Office of the Director of Public Prosecutions (ODPP).
Regarding the charge of conspiracy, it is alleged that Musoki and Namakula conspired at Equity Bank in Kampala to defraud the bank by fraudulently causing the disbursement of sh2oom on Namutebi’s loan account without following the proper procedure of the bank.
Orogot informed the court that investigations into the case are ongoing and requested more time to enable the Police to conclude inquiries.Musoki was freed on a cash bail of sh7m after presenting three sureties whom the court found to be substantial.
Lawyer Peter Lubulwa, who applied for bail on behalf of Musoki, stated that she would not abscond during the trial, adding that the sureties are able to ensure her appearance in court whenever required.
However, Musoki’s coaccused, Namutebi, was denied bail because the sureties she presented in court were found not to be substantial for the court to rely on them to grant bail.
Magistrate Aciro adjourned the case to May 20, 2024, when the state is expected to update the court.
WHAT THE LAW SAYS
The offence of causing financial loss carries a 14-year jail sentence or a fine not exceeding sh7.2m or both if found guilty. A person who is convicted is barred from holding public office for a period of 20 years.
SH62B CASE
In March, five employees of Equity Bank were charged with conspiracy to defraud the bank of sh62b billion. Julius Musiime, the head of agency banking; Erina Nabisubi, a relationship manager; banker Fred Ssemwogerere; Crescent Tumuhimbise Tibarwesereka and Wycliff Asiimwe, a distribution and marketing consultant, were charged on March zo, 2024, before the Anti-Corruption Court.
They were remanded to Luzira Prisons and await a ruling by Justice Lawrence Gidudu on their bail application.
It is alleged that Musiime, Nabisubi, Ssemwogerere, Tibarwesereka, and Asiimwe conspired to defraud Equity Bank of sh62b between 2021 and 2024 in various places within Kampala city and Wakiso district.
