Lawrence Kaweesa Archives – CEO East Africa

We are committed to due process, Stanbic breaks silence on mortgaged property sale scandal

CEO ReporterCompany NewsSeptember 29, 2020September 29, 2020

Stanbic has finally broken its silence on a case under investigation where seven of its executives are accused of conniving and cheaply selling to themselves a mortgaged property. In a 28th September press statement by management, the bank acknowledges a criminal complaint against some of its employees. “A criminal complaint against some of our employees arising from a property foreclosure process following a consent judgement against one of our clients has been brought to our attention,” the statement reads. Last week, the bank came into the spot light after one of their clients, Macdowel Limited, asked police to investigate circumstances…

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IRRESPONSIBLE LENDING AND INSIDER TRADING: Stanbic Bank senior executives accused of cheaply selling to themselves client’s property

Muhereza KyamuteteraThe Big StorySeptember 26, 2020September 26, 2020

A client of Stanbic Bank Limited, Macdowel Limited, has asked police to investigate circumstances under which seven senior executives of Stanbic Bank Uganda, sold to themselves a mortgaged property on the cheap. Beatrice Odongo, a director of Macdowel, in a 23rd September 2020 letter to the Special Investigations Division of the Criminal Investigations Directorate, has asked police to investigate circumstances under which their property was illegally sold, yet the loan has been repaid. Under s.39(2) and (3) of The Mortgage Act, the sale of mortgaged property by a bank to its employees is a crime punishable by imprisonment of not…

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