Uganda’s Supreme Court on 13th June 2023 dismissed an application in which businessman Hamis Kiggundu and his companies, Ham Enterprises Ltd and Kiggs International Ltd sought to wiggle out repayments of approximately USD11 million to two banks, claiming the lending was done without license. In the much-anticipated ruling, a Coram of 5 judges⏤Owiny-Dollo CJ; Mwondha JSC; Tuhaise JSC; Chibita JSC; Musota JSC) emphasised that the syndicated lending between Diamond Trust Bank Uganda (DTB-U) and Diamond Trust Bank Kenya (DTB-K)is legitimate and enforceable. It also ruled that foreign lenders who do not mobilise deposits domestically are not bound by the Financial…
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