Three senior officials in Tropical Bank were fired over fraudulent activities and gross violation of the Bank’s policies and procedures which actions have exposed the Bank to financial loss, it has emerged.
The trio include Dennis Mugagga Kakeeto, formerly, Executive Director, Hussein Sentamu, formerly Head of Credit and Morris Mugwiri, the Head of Corporate Banking.
According to a statement issued by Tropical Bank, these officials are being investigated and if found culpable will be charged in court.
Statement:
Tropical Bank Ltd regrets the malicious statements circulating in the media regarding the Bank and its Management, specifically that some senior officials of the Bank resigned allegedly because of the Bank’s poor financial condition.
We wish to clarify that the said allegations are false and intended to mislead the public. The following senior members of staff were subjected to a disciplinary process and subsequently dismissed from the services of the Bank by the Board of Directors over fraudulent activities and gross violation of the Bank’s policies and procedures which actions have exposed the Bank to financial loss.
These former staff include among others;
1. Mr. Dennis Mugagga Kakeeto, formerly, Executive Director
2. Mr. Hussein Sentamu, formerly Head of Credit
3. Mr. Morris Mugwiri, formerly Head of Corporate Banking.
Therefore, the above mentioned staff are no longer working with Tropical Bank Ltd and whoever deals with them does so at their own risk.
The Central Bank of Uganda was duly notified of their subversive activities and at the same time the Uganda Bankers Association is aware of the action taken against. the said staff.
The Bank continues to investigate any fraudulent activities and shall take action against anyone found culpable including those who have left the Bank. We further wish to inform our Esteemed Customers and the general public that Tropical Bank Ltd is firmly established on the partnership between the Governments of Uganda and Libya and is committed to protecting its depositor’s funds as well as the interests of all other stakeholders.
We thank you for choosing to Bank with us.
MANAGEMENT
