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In yet another legal gimmick, largely perceived to be a delay tactic, to buy him time, against the inevitable, businessman Hamis Kiggundu (Ham) has applied to the Constitutional Court, seeking to overturn, a 6th June 2023 Supreme Court ruling that foiled the businessman’s attempts to avoid repaying billions that he borrowed from Diamond Trust Bank (U) Ltd (DTB-U) and Diamond Trust Bank (K) Ltd (DTB-K). In a 07th of July 2023 application to the Constitutional Court, Ham, together with his two companies, Ham Enterprises Ltd and Kiggs International (U) Ltd, have dragged the two banks and the Attorney General to…
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By Phillip Karugaba & Rehema Nakirya Ssemyalo The Supreme Court of Uganda gave its judgment last week in the much-anticipated appeal in Ham Enterprises Ltd, Kiggs International (U) Ltd and Hamis Kiggundu vs. Diamond Trust Bank (U) Ltd and Diamond Trust Bank (K) Ltd (Civil Appeal No. 13 of 2021). The court held that a lending transaction between a foreign bank and a Ugandan borrower does not constitute “transacting financial institutions business” as defined by the Financial Institutions Act 2004 (“FIA”). This finally clarifies that a foreign lender does not require a licence from the Bank of Uganda (“BoU”) under…
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Uganda’s Supreme Court, Uganda’s highest court has dismissed attempts by businessman Hamis Kiggundu to run away from his debt obligations with Diamond Trust Bank Uganda (DTB-U) and Diamond Trust Bank Kenya (DTB-K), using the cover that the syndicated lending to him was done without a license and therefore an illegality and a nullity. Dismissing the application by Hamis Kiggundu and his companies, Ham Enterprises Ltd and Kiggs International Ltd), the Coram of 5 judges⏤Owiny-Dollo CJ; Mwondha JSC; Tuhaise JSC; Chibita JSC; Musota JSC)⏤ in a lead judgment by the Chief Justice, the Hon. Owiny-Dollo further re-emphasised no law forbids the…
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Diamond Trust Bank Uganda, the Ugandan subsidiary of the Kenya-headquartered Diamond Trust Bank Group has released its 2022 financials reporting double-digit growth in deposits, lending, income, profits and assets. According to results made public last, DTB Uganda reported a 25% growth in deposits from UGX1.5 trillion in 2021 to UGX1.88 trillion⏤ an increase of UGX375.6 billion. The bank also reported that it extended 15.8% more credit than it did in 2021, extending some UGX791.3 billion in loans, to retail, SME and corporate clients, up from UGX 683.4 billion in 2021. Growth in lending fuelled a 14.9% growth in income from…
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The Court of Appeal will tomorrow (Wednesday) deliver its decision over a case in which DTB Limited is challenging last year’s High Court orders that outlawed the loan advanced to businessman Hamis Kiggundu through his Ham Enterprises. Court of Appeal judges led by Deputy Chief Justice Richard Buteera will deliver its judgement in the ongoing session. After hearing the case early this year, the judges said that they will deliver their decision notice. Other judges are Kenneth Kakuru and Christopher Madrama. DTB Uganda and DTB Kenya went to the Court of Appeal against Ham Enterprises, Kiggs International Limited and Mr Kiggundu following an October 12…
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The Hamis Kiggundu vs. Diamond Trust Bank (DTB) case took almost everyone by surprise. Everybody who knows the maverick businessman, the proprietor of Ham Enterprises and Kiggs International, knows that he and DTB have had a long cordial and reciprocal working relationship. It is a public secret that DTB has been at the centre of the businessman’s growth. In fact the bank was also a tenant at most of the businessman’s buildings as well. So mutual, that even when the businessman in October 2017, needed a USD10 million facility, and DTB Uganda could only lend him a maximum of USD5.5…
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By Joseph O. Okuja There’s a lot of discussion around the merits and implications of the judgement in the HAM vs DTB case. I have had the benefit of reading the judgement but I must confess I failed to appreciate the full facts and sequence of events in order to offer any meaningful opinion. One would need to review the original suit and the prior arguments made (That’s for another day). However, I have taken time to read the relevant provisions of the law touching on the business of financial Institutions and analysed it against the decision on DTB’s ‘syndicated…
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Although they are yet to receive a copy of the detailed judgement in which Diamond Trust Bank Uganda, alongside Diamond Trust Kenya, were ordered to pay business man Ham Kiggundu UGX120 billion and an additional interest of UGX9.6 billion, the Uganda Bankers’ Association has released a statement saying they intend to join DTB as an interested party in its appeal at the High Court to determine the case on its merits. The Association is also concerned about the impact of the ruling on the entire banking industry saying that it has sent shockwaves across the industry and stakeholders. The statement…
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