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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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As such, during the entire lifetime of a case- the accuser, also known as the plaintiff, dedicates huge amounts of effort, time and resources to prove their case, while the defendant or the accused, equally dedicates a lot of time trying to poke holes in the alleged evidence being presented by the court, to prove themselves innocent. But the case of businessman Hamis Kiggundu against two banks—Diamond Trust Bank Uganda (DTB Uganda) and Diamond Trust Bank Kenya (DTB Kenya) has defied all common sense. It is one of those rare occurrences, where the accuser has instead fought so hard to…
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The Court of Appeal has ordered for the retrial of a case in which businessman Hamis Kiggundu and DTB Limited are fighting over a loan advanced to him through his Ham Enterprises. In a unanimous judgement delivered today, the judges quashed last year’s orders of the lower court that outlawed the loans advanced to Ham Enterprises. The judges, Richard Buteera (deputy chief justice), Christopher Madrama and Kenneth Kakuru faulted the High Court Henry Peter Adonyo for failing to appreciate the law and the evidence on record. They also ordered the businessman to lay legal costs incurred by the bank. In the lead…
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The Bank of Uganda has withdrawn from the case in which Diamond Trust Bank (DTB) seeks to overturn a high court ruling, which faulted Diamond Trust Bank-Uganda for collecting debts on behalf of its parent company DTB-Kenya.The judgement stemmed from a case filed by Ham Kiggundu, and his two companies Ham Enterprise Limited and Kiggs International (U) Limited against DTB -Uganda, and DTB-Kenya, in March last year, accusing them of fraudulently siphoning more than UGX120 billion from his accounts without his knowledge and consent. Kiggundu said that between February 2011 and August 2018, he was offered credit facilities by the banks…
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Embattled city businessman, Hamis Kiggundu (commonly known as Ham) and his lawyers, tried to secretly and illegally have three properties at the centre of a commercial dispute with two banks re-transferred into his names, just days after the court win against the Diamond Trust Bank Uganda and Diamond Trust Bank Kenya. This was revealed by Principal Judge, Dr. Flavian Zeija while delivering his ruling in Miscellaneous Application No. 846 of 2020 brought by the two banks to stay the execution of the orders made by Justice Henry Peter Adonyo in High Court Civil Suit No 43 of 2020 brought by…
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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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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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By Phillip Karugaba , Rachel Musoke , Rehema Nakirya Ssemyalo and Anita Kenyangi The recent controversial decision in Ham Enterprises v Diamond Trust Bank (U) and Diamond Trust Bank (K) Ltd has shaken up Uganda’s banking and finance sector, with many foreign lenders demanding clarity on the matter. Background This is a classic case of borrowing in sunny times, then defaulting and a bitter court battle ensuing when the lender tries to take back its proverbial umbrella during the storm. The plot thickens here. Diamond Trust Bank (K) Ltd, (“DTBK”) is a Kenyan financial institution and parent company to its co-lender, Diamond Trust Bank (U) Ltd. (“DTBU”). Ham Enterprises…
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Diamond Trust Bank Uganda and Diamond Trust Bank Kenya, have in a joint statement said they are both “aggrieved and dissatisfied” with yesterday’s High Court ruling in which court ruled that city businessman Hamis Kiggundu does not owe them any money and that instead it is they who owe him money. “We find it both unfair and unjust and have decided to appeal the decision,” the two banks said in a joint statement adding that they had immediately filed a notice of appeal. Yesterday, October 7th 2020, Hon Justice Dr. Henry Peter Adonyo of the Commercial Court agreed with Ham’s…
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