Court of Appeal Trashes Simbamanyo Estates case with costs

The Court of Appeal in Kampala has dismissed with costs, an application by administrators of Simbamanyo Estates Limite in which they wanted the auctioning of its prime properties in Kampala which was meant for Equity Bank Ltd to recover outstanding loans worth $10.8 million (Shs40 billion) to be halted. According to Justice Christopher Madrama, Simbamanyo Estates does not have acceptable grounds for court to deny the bank legal costs incurred. “…the respondent (Equity Bank) upon being served, instructed lawyers and the lawyers took action to oppose the application by filing the appropriate affidavits in reply, as well as written submissions,”…