Equity Bank Manager Sentenced to 10 Years in Jail

The convicts awaiting their sentences at the Anti Corruption Court on Thursday

Anti-corruption  Court Judge Margaret Tibulya has Thursday sentenced Equity Bank Manager David Serwamba to 10 years in jail, tadalafil having convicted him last evening, together with 6 others for embezzlement of Shs 4.6 Billion.

On top of the jail sentences, the judge also ordered the convicts to refund part of the stolen money, and also banned them from holding any public office for a period of 10 years.

Wednesday evening, Judge Tibulya convicted Serwamba for money laundering, based on prosecution evidence that he, together with 6 others participated in defrauding Equity Bank of Shs. 4.6 billion shillings.

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The judge ruled that Serwamba abused the trust put in him by his employers and instead led his juniors into criminal acts, causing the bank a massive loss and therefore deserved a deterrent punishment.

She thereby sentenced him to 10 years imprisonment and ordered him to return USD 500,000 to the bank.

Other convicts include his brother Isaac Serwamba, Reagan Okoth the former Operations Manager at Equity Bank, Moses Kalungi, a lobbyist, Mubarak Shafik, a businessman and one Mathew Keeya.

Regan Okoth was sentenced to 5years in jail after court considered a number mitigation factors like his youthful age, remorsefulness and the sum of money involved.

Abubaker Karungi on the other hand, was handed 10 years being that he was an outsider and misled the Bank employees in this fraud. The judge also ordered him to refund USD 500,000 to the bank.

Although Shafik Mubarak’s lawyers had asked court to sentence him to a fine the judge declined, saying that his crimes couldn’t be compensated by any monetary amount.

“Sentencing the convict to a fine is a slap in the face of (the bank) which suffered losses and its reputation,” ruled the judge.

She thus sentenced him to 12 years in jail but ordered him to return only USD 20,000 to the bank.

Meanwhile Mathew Keeya was sentenced to 10 years but wasn’t ordered to refund ay amount.

Th judge issued an order to the office the Director of Public Prosecution (DPP) to sell all the exhibits in form of mobile phones, laptops, Plots of land, Motor vehicles and watches which were recovered from the convicts to obtain money for partial compensation to the bank.

“I noted the defense concern that some of the properties that were recovered are not in the accused person’s names but I am aware that it was in evidence that police put an advertisement in the media inviting claimants of various properties to pick them but none appeared,” Judge Tibulya ruled.



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