Court orders Stanbic to pay UGX230m to businessman for declining to extend a UGX500m loan that it had already approved

Hon. Justice David Wangutusi of the Commercial Division of the High Court has ordered Stanbic Bank to pay over UGX230 million to an Iganga businessman, Mr Isanga Dauda, for illegally refusing to credit his account with a loan that the bank had approved. Justice Wangutusi, despite objections by Stanbic, ruled that the loan facility was withdrawn in total breach since the complainant (Isanga) did not do any act the loan agreement had prohibited. “…there was a valid contract, the plaintiff did his part as required by the facility letter and the defendant (bank) failed to honour her part by failing…