By Keefa Nuwahereza
businessman Hamis Kiggundu popularly known as Ham, of Ham Enterprises, over the
weekend met President Yoweri Kaguta Museveni at his farm in Kisozi, Gomba
District, to talk business.
Ham, who recently won a multibillion historical case against Diamond Trust Bank Uganda and Diamond Trust Bank Kenya, was pictured with President Museveni shortly after their meeting taking selfies.
Hamis Kiggundu takes selfies with President Yoweri Museveni as Justine Kasule Lumumba smiles
the matters discussed between Ham and the President remain confidential, our
Moles revealed that the youthful tycoon
was smiling all the time and wearing a positive face, an indication that all
went well during their private discussion.
Also present during Ham’s encount...
Uganda’s central bank said on Wednesday
foreign-based banks do not need its license to lend funds originating abroad,
reassuring an industry jolted by a court ruling last week that declared some
syndicated loans involving foreign banks illegal.
The loans affected by the Commercial
Court ruling represent at least $1.5 billion worth of debt, according to an
The Bank of Uganda said it did not
regulate lending that involved “using funds obtained from foreign banks that do
not take deposits from the public in Uganda.”
“Foreign banks lending deposits held in
jurisdictions other than Uganda are regulated and supervised by their home
authorities,” it said in a statement. “It is not mandatory for a foreign bank
to establish a representative office in Uganda in order t...
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.
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...
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...