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.