Blaisie. N. Paulsen, is a partner at Byenkya, Kihika & Co. Advocates. She is a seasoned lawyer with over 25 years of experience in the field of banking and finance.
In 2020 the borrower, Ham Enterprises applied to the high court of Uganda for orders among others that the lending by Diamond Trust Bank Kenya (“DTBK”), a Kenyan bank to the borrower Ham Enterprises (a Ugandan entity) was illegal on the basis that the Kenyan Bank engaged in financial institution business without due authorization and permission from the Bank of Uganda (“BoU”). The trial court ruled that the Financial Institutions Act (“FIA”) applies to foreign banks and it was illegal for money held on deposit, whether in Uganda or outside, to be lent without the approval of the BoU. The…
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