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Daily Monitor Monday February 15 2021 Court found that Stanbic employees created a cover to dispose of mortgaged properties to a company in which they are directors. PHOTO/FILE. Summary Court found that a client’s mortgaged properties were sold to a company that had been formed on February 3, 2020 by seven Stanbic employees, three months after the advert for sale was published in November 2019. Advertisement At least seven Stanbic Bank employees illegally transferred mortgaged securities to a company that they had formed three months after the distressed properties had been advertised for auction, according to a ruling delivered by Justice Richard Wejuli Wabwire. ....
Daily Monitor Sunday February 14 2021 Crested Towers that houses the Stanbic Bank head offices in Uganda. Court has condemned Stanbic Bank to pay more than Shs400m to Macdowel Food and Beverages. PHOTO/ NET Advertisement The Commercial Court has condemned Stanbic Bank to pay more than Shs400m after some of its top staff created a sham company that they used to sell to themselves several plots of land belonging to a customer. Justice Richard Wejuli Wabwire, in his ruling on Friday, said he could not turn a blind eye when employees of Stanbic Bank circumvented the law to the disadvantage of their esteemed customers. ....