Sheila Pacuto

By Phillip Karugaba, Rachel Musoke and Sheila Pacuto The Ugandan Court of Appeal, (in Diamond Trust Bank (Kenya)/Diamond Trust Bank (Uganda) vs Ham Enterprises Civil Appeal No, 262 of 2020), has set aside a decision that declared loans made by Diamond Trust Bank (Kenya) to a Ugandan business to be illegal on the grounds that the lender required and had not obtained a licence from the Bank of Uganda under the Financial Institutions Act 2004. The Appeal Court set aside the judgment and has sent the matter back to the High Court for retrial before another judge. In its decision,…