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Insolvency is one of the most misunderstood phases of the business cycle. In Uganda—where entrepreneurs are celebrated for their resilience and ingenuity—it is also one of the most stigmatised. But…
What sets him apart is not just pedigree—but impact. Over a career spanning two decades, Kabiito has led and advised on high-stakes commercial disputes and restructurings worth well over USD…
Following our publication of Uganda’s leading corporate and commercial law firms, CEO East Africa Magazine has gone further to boil it down to the leading individual lawyers. The CEO East Africa’s 2023 Guide to Uganda’s 75 Highly Regarded Business Lawyers list has been distilled from the 2022 Chambers & Partners ratings for Uganda, as well as the International Financial Law Review (IFLR) 1000 and The Legal 500. CEO East Africa Magazine, also consulted some respected names in the legal services industry, for their own insights on who else they thought was worth adding to the list, based on their knowledge…
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The High Court in Kampala has extended, by 3 months, its earlier 6 months injunction against Stanbic Bank’s attempts to enter Maestrol Oil and Gas Solutions – MOGAS Uganda Limited into receivership. This, maintains the 6 months period given to the company, one of the region’s leading operators in the fuels and LPG wholesale and retail markets to secure financing and or investment to enable it to recover from the logistics shocks caused by the Covid-19 pandemic. Founded in 1987, MOGAS is an integrated regional downstream oil marketing company with business operations ranging from international oil trading to marine and…
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The High Court in Kampala earlier this month extended further giving the final ruling of case in which Maestrol Oil and Gas Solutions – MOGAS Uganda Limited is battling receivership with Stanbic bank Uganda Limited under Kabiito Karamagi. In October 2021, Stanbic Bank Uganda sought control of petroleum products distributor after the latter reportedly failed to pay back a three-year loan of an unidentified amount. The bank had appointed Kabiito Karamagi as receiver of MOGAS. However, the petroleum company filled miscellaneous application in which court suspended Kabiito Karamagi as a receiver of MOGAS for a period of 6 months. The…
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Justice Richard Wejuli Wabwire, of the Commercial Court, has found that Uganda Development Bank (UDB), unlawfully sold the property of their client, Mubende Parents School; illegally appointed Kabiito Karamagi and Joshua Ogwal of Ligomarc Advocates as receivers/managers, to recover a debt that did not exist. Their unlawful appointment aside, the two receiver/managers, according to court, also went ahead to unlawfully attach monies on the school’s bank accounts as well as unlawfully dispose of the remaining properties of the school and as if that was not enough, they misused and failed to properly account for the funds ‘grabbed’ from Mubende Parents…
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MOGAS is now free to do business for the next six months and conclude talks with a one Ola Energy Ltd which was willing to take over MOGAS and pay off a debt that the oil marketer owes Stanbic Bank Uganda. In a recent development, Maestrol Oil and Gas Solutions Limited famously known as MOGAS Uganda Limited, had been placed under receivership by Stanbic Bank Uganda. This follows MOGAS’ failure to pay back 12 loans it borrowed from Stanbic Bank totalling to UGX 43,181,259, 828 (which includes both the principle and the interest). According to Vincent Lubuulwa, Stanbic Bank’s senior…
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