The latest information reaching our newsdesk indicates that all is not well with the United Bank for Africa Uganda after a client who has been in the same bank for nearly 10 years found his funds equivalent to Uganda Shs. 965,000,000 missing mysteriously.
The client through his lawyers has now put the bank to task to return his money before court action is taken within 7 days according to a copy of the letter shared by staff of the bank’s legal services on condition of anonymity.
Efforts to establish the identity of the client were still scanty by the time we published this story as the bank denied us details and contacts.
This publication further established that the Central Bank of Uganda has been equally informed and confirmed receiving the client’s complaint and this may see the start of investigations stretching to the already struggling bank in terms of business.
According to information obtained from an inside source, it is alleged that the Bank’s senior management got to know about the incident but denied audience to the client which left staff at the bank puzzled and wondering what conspiracy could be at play.
One of the banking experts told this publication that the bank’s action is in total breach of Bank- customer customer-fiduciary relationship and may result in massive bank losses in the long run.
This story is developing and stay on the watchout for more details as we attempt to burst the syndicate of this organized crime in Uganda’s financial institutions.
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