Professor Emmanuel Tumusiime Mutebile, the Governor, Bank of Uganda has unequivocally said that foreign financial institutions that do not use locally-raised deposits to lend to Ugandan entities do not require the authorisation of the central bank to be able to lend locally. Although he did not directly refer to the ongoing Hamis Kiggundu vs. DTB Uganda and DTB Kenya, the Governor, was obviously referring to the recent controversial Commercial Ruling by Justice Henry Peter Adonyo in which he ruled that DTB Kenya had flouted the Financial Institutions Act 2004 when it lent USD4.5 million to businessman Hamis Kiggundu of Ham…
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