Post Bank has suspended its Manager and two staff members in Arua over missing funds totaling Shs138 million. The internal control functions of the bank detected the shortage during an end-of-year cash count at the Arua branch. The funds were reportedly in transit from Arua City to Yumbe District.
The Arua City police commanders stated that the case had not been reported to the police as of Tuesday. According to Ms Priscilla Akora, the Post Bank communications officer, the suspension is a part of the bank’s internal controls process to facilitate further investigations.
Ms Akora emphasized that once internal investigations are concluded, the case will be reported to the Uganda Police if necessary. Sources suggest that one of the key suspects is a relative of a highly-placed politician in the West Nile region.
Post Bank, a government-owned financial institution, faced similar challenges in 2019 when seven top managers were accused of fraud amounting to Shs4 billion. The court later acquitted them of the charges.
The bank has firmly dismissed allegations of missing money during transit, stating its commitment to protecting customers’ deposits. Post Bank assures compliance with all regulations outlined by the Bank of Uganda and the Deposit Protection Fund of Uganda.
