By Shaun
What you need to know:
The five suspects were Wednesday arraigned before the Anti-Corruption Magistrates Court presided over by Abert Asiimwe who read to them charges ranging from obtaining credit by false pretence, money laundering and conspiracy to defraud.
Five people among them employees of Equity Bank in Uganda have been remanded on accusations of money laundering regarding the disbursement of Shs62 billion of unsecured loans to unqualified persons.
The five suspects were Wednesday arraigned before the Anti-Corruption Magistrates Court presided over by Abert Asiimwe who read to them charges ranging from obtaining credit by false pretence, money laundering and conspiracy to defraud.
They include; the head of Agency Banking at Equity Bank Mr Julius Musiime, Ms Erina Nabisubi, a relationship manager for telecom, Mr Fred Semwogerere (Banker), Mr Tumuhimbise Cresent Tibarwesereka (relationship officer) and Wycliff Asiimwe a distribution and marketing consultant with a microfinance facility.
Mr Asiimwe did not allow them to take plea saying his court does not have the powers to hear the charges they are facing because they are capital in nature and only triable by the High Court.
“You are advised not to plead to these charges as you will have a chance to plead to them in the High Court which has the jurisdiction to hear the case of money laundering,” the magistrate directed.
Prosecution case
Prosecution alleges that between 2021 and 2024 at Equity Bank in Kampala City, Ms Nabisubi being a person employed as a relationship manager in charge of telecom incurred a debt of Shs6.55 billion from Equity Bank falsely representing that the loans were being applied for by Najjemba Gladys who she fronted as having fulfilled the bank requirements for accessing the loans whereas not.
The state contends that Ms Nabisubi also incurred a debt of Shs300 million from Equity Bank falsely representing that the loans were being applied for by Nagawa Latiffa whom she fronted as having fulfilled the bank requirement for accessing the loans whereas not.
It is alleged that between 2021 and 2024 at Equity Bank headquarters situated at Church House in Kampala, Ms Nabisubi intentionally impeded the establishment of the true ownership of Shs6.5 billion which she fraudulently obtained from Equity Bank as a loan purporting that the said funds were applied for by Najjemba Gladys as a loan whereas not, knowing that the said funds were a proceed of crime.
The state further alleges that Mr Musiime intentionally concealed the true ownership of Shs18 million which he received as gratification from Mutuuza Stella for having fraudulently processed a loan of Shs700 million from Equity Bank by requiring her to deposit the said gratification on someone’s account number knowing that the said deposits were a proceed of crime.
According to the charge sheet, in 2021 and 2024 at different places in Kampala and Wakiso districts, Mr Musiime, Nabisubi, Ssemwogerere, Tumuhimbise and Asiimwe conspired together to defraud Equity Bank of Shs62 billion by fraudulently causing the disbursement of unsecured loans to unqualified people.
State Attorney, Mr Raymond Mugisa said that investigations were still ongoing. He asked for another date to enable them to conclude the inquiries.
“I put you (state) on notice that with charges of this nature, we encourage that by the time you bring people to court, inquiries are almost complete. So speed up the investigations to enable the case to move to another step,” Mr Asiimwe guided.
According to Mr Asiimwe, the magistrates’ court has only three months within which to mention the case as per the new High Court rules.
