Tropical Bank Managing Director Sameh M. Krekshi has been fired for over withdrawing his account and insider lending.
Owned by Libyans, Tropical bank is among the four loss-making banks of 2017, the same banks that were in the red in 2016. Commercial Bank of Africa and Tropical Bank reduced their losses to Shs1.3b and Shs5.5b, while Exim Bank and Guaranty Trust Bank increased losses to Shs5.9b and Shs1.9b, respectively.
‘ ‘ It is within your knowledge that during onsite examination of Tropical Bank Limited, for the year 2017, Bank of Uganda established that your account was continuously overdrawn’’ Gerald Ssendawula, the Board Chairman wrote in the letter dated 1st October 2018.
He added: the Central Bank recently conduted a follow up examination and established the anomaly was never rectified as the overdrawn position was only regularized as recently as 12th September 2018, 03 months after the same was highlighted to the Board of Directors.
‘ ‘ this therefore serves to notify you of Bank of Uganda directive contained in their letter EDS.122.100 dated 27th September , 2018 to immediately terminate you from the services of Tropical Bank Limited’’
In the letter also copied to among others Minister of Finance, Governor Bank of Uganda, Director Supervision, Board Chairman, Libyan Foreign Bank, Sendawula ordered Mr. Krekshi to ‘ ‘ immediately handover office and the bank property in your possession under control to the executive director Dennis Kakeeto’’
Mr. Sameh Krekshi is the second bank executive to be fired this year. Early this year, struggling Cairo International Bank also fired her managing Director.