Deal Gone Wrong: Centenary Bank Pays Shs12m to Settle Client’s Stolen FundsKampala — Centenary Bank has paid Shs12 million to settle a case in which two of its staff members were accused of stealing funds from a client’s account, leading to the withdrawal of criminal charges against them.The Branch Manager of the bank’s Mapeera House branch, Mr. Barnabas Ssekasi (40), and a teller, Ms. Sylvia Namuwawu (37), had been arraigned before Buganda Road Chief Magistrate Ronald Kayizzi on charges of theft contrary to Sections 237(1) and 244 of the Penal Code Act. They denied the allegations.Prosecution, led by state attorney Allan Muchuguzi, stated that the two were indicted for allegedly stealing Shs10.3 million belonging to Maldes Advocates on June 10, 2025, at the bank’s Mapeera branch.However, in court on Thursday, Mr. Muchuguzi informed the magistrate that the complainants had entered into a Memorandum of Understanding with Centenary Bank, which refunded the money and agreed to settle the matter.“The complainants are no longer interested in pursuing this matter,” Mr. Muchuguzi told the court.Court documents show that Maldes Advocates, represented by lawyer Bernard Mutyaba, had initially lodged a complaint with police, which led to the arrest and charging of the two employees.An agreement dated September 2025, signed by both the law firm and Centenary Bank, was read before court. It stated that the payment “extinguishes all the First Party’s claims and discharges all obligations that the two accused employees had in respect of the criminal case.”Following the settlement, Magistrate Kayizzi ordered the withdrawal of the case:“This case is hereby withdrawn after the parties have agreed. The suspects are hereby discharged unless you are held on other charges.”The state had alleged that the duo, together with others still at large, conspired to steal the funds. But with the settlement now on record, the matter has been formally struck off the court roll.The complainants’ lawyer confirmed that no further legal action will be taken against the employees.The development highlights the role of corporate accountability, with Centenary Bank stepping in to cover the losses and shielding its employees from what could have been a protracted legal battle and possible imprisonment.The post Deal Gone Wrong: Centenary Bank Coughs Shs12m to Settle Client’s Money ‘Stolen’ by Staff appeared first on The Insider.