Five Equity Bank Uganda employers sent jail for laundering over 4 billion

By Sania Babirye

Anti corruption judge Margret Tibulya has sentenced  five Equity bank  Uganda employers to Luzira prison after they were found guilty of laundering   4.6 billion shillings from their employer.

Abubakar  Karungi has been sentenced to 12 years,   David Sserwamba  and Matthew Keeya have been  each handed a 10 year jail sentence while  Reagan Okoth and Sharfic Mubarrack have each been sentenced to 5 years.

These were were convicted of conspiring to  Embezzle the 4.6 billion shillings from Equity Bank  between March and May 2015.

The judge has however declined to give a custodial sentence to Isaac Serwamba  a young brother to David Sserwamba on grounds that he joined the crime at its  end because he was used to hide part of the  250 million.

He  was  cautioned  against committing any illegal activity.

Justice Tibulya explained  that she reached her conviction on  grounds that  Prosecution had proved that the convicts converted,  and transferred the said money with  an intention  of disguising it’s illicit origin yet it was stolen from Equity Bank.

Justice Tibulya has also ordered the DPP to  oversee the selling process of  the recovered vehicles and Land tittles belonging to the convicts so that the proceeds are added to the 250 million shillings and be given back to Equity Bank.

The convicts  have also been ordered to   compensate Equity bank in the notes of 20, 250 and 500 dollars respectively.