Post Bank Suspends Staff Over Missing Shs138m

Summary:

• Last week, the Post Bank Manager and two staff members were suspended over missing funds totaling Shs138 million in the Arua branch. While the official explanation cites an internal cash count, sources suggest the money disappeared during transit to Yumbe District.

Last week, the Post Bank Manager and two staff members faced suspension in connection with missing funds. Ms Priscilla Akora, the Post Bank communications officer, confirmed the suspension of the Arua branch staff as part of an internal investigation process.

In adherence to the bank’s internal control procedures, a year-end cash count was initiated across all branches, revealing a shortage of Shs138 million in the Arua branch. Ms Akora explained that, consequently, the cash custodians at the branch were suspended to facilitate further investigations.

Contrary to official statements, sources indicated that the money disappeared during transit from Arua City to Yumbe District. As of Tuesday, the case had not been reported to the police, according to Arua City police commanders.

Unconfirmed reports suggested a connection between one of the main suspects and a high-ranking politician in the West Nile region. Ms Akora asserted that once internal investigations are completed, the case would be forwarded to the police.

Emphasizing their commitment to safeguarding customer deposits, Ms Akora told Examiner that Post Bank, a government-owned institution, had encountered similar challenges in 2019, involving accusations of fraud against seven top managers. Subsequently, the court acquitted them of the charges.

Post Bank released a statement refuting allegations of missing money during transit from the Arua branch to Yumbe District. The bank reiterated its adherence to internal controls and assured customers of deposit safety, pledging compliance with regulations set by the Bank of Uganda and the Deposit Protection Fund of Uganda.