Business

DTB, Ham Case Set For Hearing This Wednesday

1 Mins read

The Court of Appeal will on Wednesday January 27 2021 begin the hearing of the appeal case pitting Diamond Trust Bank Uganda and businessman Hamis Kiggundu.  

DTB filed an appeal after the Commercial Court controversially ruled in favor of the businessman who had claimed that DTB Kenya was conducting business in Uganda illegally.

DTB on its part had argued that the businessman had procured loans procedurally through its Kenyan affiliate and that he has since defaulted on payments as agreed.          

While ruling on DTB’s request to put a stay to the orders of the Commercial Court, Justice Zeija noted that it’s important for the court of appeal to first determine whether the transaction was illegal since it remains an issue of contention in as far as the contract act of 2010 is concerned.

Justice Zeija also noted that the court of appeal needs to answer the question of Agency Banking and whether foreign banks trading in Uganda are required to obtain a license from Uganda to execute a contract following an issued statement from Bank of Uganda indicating that the license was not required in the transaction under dispute.

Related posts
Business

Alupo Backs Chili Farming Initiative to Spur Economic Growth in Busoga

1 Mins read
Vice President Jessica Alupo has thrown her support behind a new chili farming initiative aimed at transforming the economic fortunes of Uganda’s…
Business

Namuwenge Rallies Support, Monitors PDM Progress in Mbale City

1 Mins read
Rita Namuwenge, the National Coordinator for the Emyooga program and Parish Development Model (PDM) consultant for Eastern Uganda, has said that poverty…
Business

Nabbanja Closes National Dialogue on Health Financing, Urges Sustainable Investment in Healthcar

1 Mins read
Prime Minister Robinah Nabbanja has officially closed the National Dialogue on Health Financing, calling for increased investment and stronger policy implementation to…