KCB Bancassurance

A high-value property in Kololo purchased at a value of UGX 1.2 billion has become the subject of a legal showdown between businesswoman Olive Zaitun Kigongo, her co-administrator Alison Gallagher, the wife of deceased Cedric Ndilima Babu and Kenya Commercial Bank (KCB). The condominium unit at Plot 1, Fumu Lane, was acquired through a combined investment of $125,000 (UGX 447.4 million) contributed by the late Babu and a $200,000 (UGX 716 million) mortgage advanced by KCB. Together, the contributions brought the purchase price to roughly UGX 1.2 billion. Now, the Commercial Division High Court must determine who bears responsibility for…