The Anti-Corruption Court in Nakasero has granted bail to two Equity Bank officials facing charges related to a 62 billion shilling loss. Justice Lawrence Gidudu released Fred Kato, the former head of Small and Medium Enterprises at Equity Bank, and Crescent Tumuhimbise Tibarwesereka, a manager, on July 1, 2024. Each was given a cash bail of 30 million shillings, while their sureties were to execute a non-cash bail of 300 million shillings.
Justice Gidudu stipulated that the accused must produce their passports in court on August 15, 2024. Kato and Tumuhimbise had been in remand at Luzira Prison since March 31, 2024, when they were initially charged.
Other individuals facing similar charges include Julius Musiime, the head of agency banking; Erina Nabisubi, a relationship manager; Fred Ssemwogerere, a banker; and Wycliff Asiimwe, a distribution and marketing consultant.
Prosecution’s Case
The prosecution alleges that between 2021 and 2024, Musiime, Nabisubi, Ssemwogerere, Tibarwesereka, and Asiimwe conspired to defraud Equity Bank of 62 billion shillings. They are accused of disbursing unsecured loans to unqualified individuals in various locations within Kampala city and Wakiso district.
Nabisubi alone faces charges of obtaining credit by false pretenses. It is alleged that between 2021 and 2024, while working as a relationship manager at Equity Bank’s Church House branch in Kampala, Nabisubi incurred a debt of 300 million shillings by falsely claiming that loans were applied for by Latiffa Nagawa and that Nagawa had met the bank’s loan requirements.
Additionally, Nabisubi is accused of concealing the ownership of 6.5 billion shillings obtained from Equity Bank. The prosecution claims that she fraudulently secured this amount, falsely stating it was applied for by Gladys Najjemba as a loan.
The prosecution further alleges that between 2021 and 2024, Nabisubi used account number 1032100370335, under Najjemba’s name, to fraudulently obtain 6.5 billion shillings.
Musiime faces a charge of money laundering. The prosecution alleges that between 2021 and 2024, he concealed the ownership of 18 million shillings, received as gratification from Stella Mutuuza for processing a 700 million shilling loan from the bank under the name Gilbert Rwaheru Kizza. Musiime is accused of knowing that the money was proceeds of crime.
All accused individuals have denied the charges.
The court is scheduled to continue the case with further hearings and evidence presentations. The upcoming session on August 15, 2024, will involve the submission of passports by the accused, as stipulated by Justice Gidudu. The legal teams on both sides are preparing for a detailed examination of the charges and evidence in the months ahead.
