Sorry to break it to any Coconuts Yangon readers who are also customers of Yoma Bank, but two of the bank’s ex-senior staff members have been accused of embezzling approximately MMK2,000,000,000 (US$1.5 million) from, well, the bank’s customers.
At a press conference held over the weekend, Maung Sein, head of branch banking at Yoma, confirmed that the accused are the manager and officer-in-charge of the bank’s business finance department.
“Our two senior staffers have sought their own advantage by abusing the bank’s authority. So we have to take action against them,” he said, as quoted by the Myanmar Times.
How did they manage to embezzle so much money? Basically, the pair had been charging customers more than the routine one percent bank service charge, and keeping the extra cash for themselves.
The duo was suspended on October 7 pending the results of an investigation. The bank was first tipped off to the illegalities by a customer who wrote a letter to the organization’s board of directors, alerting them of the allegations.
The bank has filed a case with the Mingalar Taungnyunt police station under section 408 of the penal code. If found guilty, the accused could face up to seven years in prison.
Bank officials also noted that their reputation may have been irreparably destroyed in the eyes of the public. Considering that Yoma Bank’s official slogan is ‘The Responsible Bank’, we’re sadly inclined to agree.
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