Post Bank staff suspended amid missing Shs138m probe

Post Bank Manager and two staff members were suspended last week over missing funds.

The Post Bank communications officer, Ms Priscilla Akora, confirmed the suspension of their staff in Arua branch to allow investigations.

“As part of the bank’s internal controls process, an end year cash count was initiated at all our branches and a shortage of Shs138m was noted in Arua by the bank’s internal control functions. Following the above, the cash custodians at the branch were suspended to pave way for further investigations,” Ms Akora said. 

However, sources told this newspaper that the money went missing in the process of being transited to Yumbe District from Arua City.

The case had not been reported to police by Tuesday, the Arua City police commanders told this newspaper.

Sources said one of the key suspects is a relative of a highly-placed politician in West Nile region.

Ms Akora said they would forward the case to the police after carrying out internal investigations.

“Investigations are ongoing in line with the bank’s internal policies and procedures and once this exercise is concluded internally, the next steps will follow including reporting of the matter to Uganda Police if need be,” Ms Akora said. 

She said they are committed to protecting the customers’ deposits.

Post Bank, a government-owned financial institution, had earlier faced similar challenges in 2019 when seven former top managers were accused of fraud to the tune of Shs4b.

The court later acquitted them of the charges.

Statement
The bank firmly dismisses allegations that money went missing during transit from its Arua branch to Yumbe District.

As part of the bank’s internal controls process, an end year cash count was initiated at all our branches and a shortage of Shs138 million was noted in Arua by the bank’s internal control functions.

Following the above, the cash custodians at the branch were suspended to pave way for further investigations.

Investigations are ongoing in line with the bank’s internal policies and procedures and once this exercise is concluded internally, the next steps will follow including reporting of the matter to Uganda Police if need be.

PostBank is committed to maintaining the safety of all its customers’ deposits and complies with all regulations as laid out by Bank of Uganda and the Deposit Protection Fund of Uganda.