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Tag: Kiggs International Ltd

“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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