Tororo Cement Industry Ltd v The Co-operative Bank Ltd (Civil Suit No. 205 of 1999) (Civil Suit No. 205 of 1999)
Observed later treatment
No later-treatment classification is recorded for this judgment.
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Holding
Held that a bank was not liable in contract or negligence when it issued bank drafts to the wrong payee based on valid instructions from the customer's authorised employee who fraudulently diverted payments. The employee had authority to write cheques and draft requisition forms on behalf of the customer. The bank complied with the customer's mandate and followed authorised routine known to both parties. The diversion went undetected by the customer who failed to require immediate receipt evidence from the intended recipient.
Outcome
Suit dismissed with costs to the defendant
Facts
The plaintiff bank customer sued to recover Shs. 119,679,203/= lost when it issued several cheques intended for Uganda Revenue Authority but bank drafts were issued to the wrong payee, Frenaco General Electronics. The plaintiff's employee, Paul Masaba, a clerk/messenger entrusted to write cheques and draft requisition forms, had written the cheques which were properly signed by authorised signatories and had filled out bank draft requisition forms naming Frenaco as payee instead of URA. The diversions occurred serially over time and went undetected by both the customer and the bank. The bank issued the drafts according to the instructions provided by Masaba who was known to have authority to prepare such documents. The fraud was later discovered through audit investigation.
Issues
- Whether the instruction issued and signed by the plaintiff's employee was valid to entitle the bank to issue bank drafts against the cheques.
- Whether the bank was liable in contract and negligence for issuing bank drafts to the wrong payee.
- Whether the plaintiff suffered loss due to its own negligence.
- Whether Bank of Uganda should remain a party to the suit.
Orders
- Bank of Uganda struck out from the suit.
- Description of defendant amended to read 'The Co-operative Bank Ltd (In Liquidation)'.
- Suit dismissed.
- Costs awarded to the defendant.
Rules and key headnotes
Legislation cited (1)
Full judgment
The original judgment as reported. Read the original PDF before relying on any passage.