Stanbic Bank Uganda has lost 800 million to one employee in form of fraud that has shaken the businesses of the company.

The fraudster Abdu Karim admited before police at the Central Police station (CPS) in Kampala that he used the company’s money but the intention was not theft.

Karim says that he was going to invest the money and refund it afterwards but he was frustrated by the business when it failed.

Sources say that vigorous audit is now at Stanbic Bank head office and preliminary results show that Karim might have stolen over a billion shillings.

A worker at the bank says that the audit is not only about Karim but also to other employees to make a comprehensive report.

Last year the same bank lost about 700 million in related situation at its branch in Masindi town.

When asked about the loss of huge amounts of money at Stanbic Bank, Baluku Issa, a Finance Officer he said that the employees are taking advantage of the weak Internal Control System in the company.

“It is rear that Karim stole the 800 million on a single day therefore if the internal auditors were keen enough the fraud would have been discovered in its earlier stage” Baluku said.

Baluku says that as they pin Karim the company should also intensely audit the immediate office below and another above Karim’s office to check for connivance.

Stanbic Bank Uganda is a South Africa company and member of the Standard Bank Group.

Ultimate Media