Business

Ham Wins Dtb. Plans To Start Up Bank.

By. Damba. R Kanyike

The Commercial court in kampala has ordered diamond trust bank (DTB) in Kampala and Kenya to refund business man Hamis kigundu 120bn which was illegally withdrawn from his account.

While delivering his judgment justice Henry peter Adonyo said, the UGX.120bn was illegally withdrawn from Hamis kiggundu’s account by DTB Kenya which doesn’t have a license to carry out any financial operations in Uganda.

Following the above grounds, the commercial court has ordered DTB Uganda which connived with DTB Kenya to pay Kiggundu all his UGX.120 billion.

In this case, Ham indicated that he provided security/mortgage at Plot No.923, Block 9 located at Makerere Hill Road to support the credit facilities he had got from DTB. After carrying out an audit and reconciliation of the loan accounts, he found out that DTB had taken Shs 34b and $23 million from his account.

Court has also ordered DTB Uganda and Kenya to refund all the mortgages and land titles which ham had offered as a security to acquire the loan.

Kiggundu’s defense counsel Fred Muwema was so happy with the court ruling saying the defense filed by the bank was illegal adding that the ruling sets a strong ground to controlling and banking industry in Uganda and puts control to the fraudulent acts banks have been setting against Ugandans.

However, Hamis kiggundu immediately after the judgment re-affirmed that, “after getting this money, he will start up his own bank aimed at employing Ugandans, and extend locally tailored financial services to them.

Justice Henry peter Adonyo has also dismissed DTB Uganda and Kenya defense on grounds that DTB Kenya didn’t have licence to operate in Uganda.

END

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