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Tag: Fred Muwema

High court halts Payment of sh120b to Ham Enterprises by DTB.

High court halts Payment of sh120b to Ham Enterprises by DTB.

Business, FEATURED, Latest News
The commercial division of the Hight court has halted the execution of the orders issued by the head of Commercial court justice Henry Peter Adonyo in a case involving businessman Hamis Kiggundu, Diamond Trust Bank (DTB)-Uganda and DTB-Kenya.    Principal judge, Dr Flavian Zeija issued the interim orders on Tuesday in the presence of the bank's lawyer Kiryowa Kiwanuka and Usama Sebuufu. Kiggundu’s lawyer who has since been served wasn’t present in the court. "An interim order for stay of execution of the decree in high court civil suit number 43 of 2020 and MA number 654 of 2020 doth issue pending the determination of the main application for stay of execution", reads the order in part. According to the order, the costs of the suit will be determined in the main app...
“Syndicated Loan is Illegal” declares Justice Henry Peter Adonyo

“Syndicated Loan is Illegal” declares Justice Henry Peter Adonyo

Business, FEATURED, NEWS
The Ugandan High Court on Wednesday ruled that a loan granted to a local company was illegal in a shock judgment that has banks fearing a spike in debt defaults. The case relates to a loan Diamond Trust Bank Kenya Ltd. provided to a Kampala-based firm with interests spanning real estate to agriculture, using its Ugandan subsidiary as the agent. Lenders in the East African nation were taken by surprise when Judge Henry Peter Adonyo said the transaction was illegal because the Kenyan bank didn’t have a domestic license to conduct such business in Uganda. The judgment enables the applicants, Ham Enterprises Ltd., Kiggs International Ltd. and Hamis Kiggundu, to recover more than $32 million from the bank, according to a copy of the judgment seen by Bloomberg. Diamond Trust Bank disag...
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