Krekshi Sameh Mahmud the Managing Director at Tropical bank has been shown exit.
Krekshi’s contract has been terminated and is asked to handover immediately and leaves the house.
“It is with your knowledge that during the onsite examination of Tropical bank for the year 2017, bank of Uganda established that your account was continuously overdrawn. The central bank recently conducted a follow up examination and established that the a normally was never rectified as the overdrawn position was only regularized as recently as 12th September 2018 after the same was highlighted to the board of governors “Reads termination letter signed by Tropical bank chairman Board Gerald Ssendaula.
It adds that “this therefore serves to notify you of bank of Uganda’s directive contained in their letter EDS 122.100 dated 27 September to immediately terminate you from the services of tropical bank ltd. You are henceforth requested to immediately hand over office and all bank property in your possession or under your control to the executive director Mr Dennis Kakeeto.
The bank says it will pay his entitlements he owes the bank.
However, a source within the bank intimated that that there is a clique of mafias at the Central bank who are targeting US$7million approximately shs 26,306,198,334.25/- billions lying on one of the accounts for Libyan shares to be withdrawn and shared.
“That’s the reason, the termination of the MD is very urgent. That once he is out of the country, it will be easy for them to withdraw this money” a source says.
Mahmud has been at the helm of the bank since 2015 and spearheaded the transformational thrust of Tropical bank corporate drive as an institution.
He has over 20 years’ experience in Treasury Operations; Trade Finance; Investment and Portfolio Management; International relations and Marketing; General bank Operations among others.
Tropical Bank Limited is jointly own by the Government of the Republic of Uganda and the Libyan Foreign Bank (LFB) representing the Government of Libya