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    My View of a Disguised Coup: Celebrated Rebel Museveni Uses Slightly Amended Cabinet List to Carry Out Palace Overthrow Against Himself, Muhoozi

    My View of a Disguised Coup: Celebrated Rebel Museveni Uses Slightly Amended Cabinet List to Carry Out Palace Overthrow Against Himself, Muhoozi

    Deal: Over 50,000 Housing Units to be supplied as NWSC and NHCC Sign Water Partnership MOU

    From Streams to Screens: Here Unveiling the IT and Digital Transformation of Uganda`s National Water and Sewerage Corporation Corp

    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Heroine! Presidency Minister Milly Babalanda Saves Kyabazinga from Physical Assault at the Canada Busoga Symposium

    Heroine! Presidency Minister Milly Babalanda Saves Kyabazinga from Physical Assault at the Canada Busoga Symposium

    All Royal: HRH Kamuswaga Concludes His Official Trip to California with Lots of Investors` Attraction to Kooki Kingdom

    All Royal: HRH Kamuswaga Concludes His Official Trip to California with Lots of Investors` Attraction to Kooki Kingdom

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    Digital Technologies Could Help Uganda’s Economy Recover Faster

    Digital Technologies Could Help Uganda’s Economy Recover Faster

    Liquid Telecom to host first cloud event of its kind in Uganda

    Liquid Telecom to host first cloud event of its kind in Uganda

    TECNO Mobile Uganda Skills Graduates Through Its Graduate Trainee Program

    TECNO mobile Uganda skills graduates through its graduate trainee program

    UNBS closes Sunshare factory over failure to comply with Standards

    UNBS closes Sunshare factory over failure to comply with Standards

    Outgoing PRAU President Cynthia Mpanga (right) hands over the key to new PRAU President Sarah Kagingo as PRAU Patron Min. Frank Tumwebaze looks on

    Hon. Frank Tumwebaze graces PRAU Governing Council Handover Ceremony

    UG Pineapple at B&W

    It was Blankets and Pineapple Waragi as SA’s Distruction Boys entertain Kampala

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    From Procrastination to Graduation: The Pumpy, Yet Inspiring Academic Voyage of Robert Ssentamu Kyagulanyi, The National Unity Platform Principal

    From Procrastination to Graduation: The Pumpy, Yet Inspiring Academic Voyage of Robert Ssentamu Kyagulanyi, The National Unity Platform Principal

    Tribute to Fred Enanga: A True Friend and Leader Who`s Personality Is Marked by a Cool-headed and Respectful Approach To Even the Most Contentious Issues

    Tribute to Fred Enanga: A True Friend and Leader Who`s Personality Is Marked by a Cool-headed and Respectful Approach To Even the Most Contentious Issues

    A Shaky Comeback: Out-of-Favor Singer Ronald Mayinja Tests Fans’ Moods with a Concert Poised to End His Musical Sabbatical Come Women`s Day at Serena

    A Shaky Comeback: Out-of-Favor Singer Ronald Mayinja Tests Fans’ Moods with a Concert Poised to End His Musical Sabbatical Come Women`s Day at Serena

    All Smiles for and Of Joy: The Groundless Beauty is in Realizing that Sometimes Real Superheroes Live in the Hearts of Small Children Fighting Big Battles

    All Smiles for and Of Joy: The Groundless Beauty is in Realizing that Sometimes Real Superheroes Live in the Hearts of Small Children Fighting Big Battles

    Arsenal’s Quest for Premier League Glory: A Balancing Act of Triumph and Concern as the Two wins against Brentford and Wolves Catapults them to the EPL Summit

    Arsenal’s Quest for Premier League Glory: A Balancing Act of Triumph and Concern as the Two wins against Brentford and Wolves Catapults them to the EPL Summit

    Together for a National Cause: Tourism Minister Martin Bahinduka and Miss Uganda Beauty Queens Unite for a Charitable Safari Adventure

    Together for a National Cause: Tourism Minister Martin Bahinduka and Miss Uganda Beauty Queens Unite for a Charitable Safari Adventure

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    Here is to the Secure Water Future: Rather than Simply Reacting to Challenges, NWSC is taking a Deliberate Approach to Sustainable Management

    Here is to the Secure Water Future: Rather than Simply Reacting to Challenges, NWSC is taking a Deliberate Approach to Sustainable Management

    A Nation on Edge: Unpaid Water Bills Prompt No Mercy as Police and Prison Services Are Cut-off NWSC Taps Over UGX43.3Bn Unpaid Flow

    A Nation on Edge: Unpaid Water Bills Prompt No Mercy as Police and Prison Services Are Cut-off NWSC Taps Over UGX43.3Bn Unpaid Flow

    Tribute to Fred Enanga: A True Friend and Leader Who`s Personality Is Marked by a Cool-headed and Respectful Approach To Even the Most Contentious Issues

    Tribute to Fred Enanga: A True Friend and Leader Who`s Personality Is Marked by a Cool-headed and Respectful Approach To Even the Most Contentious Issues

    Euros 165m Grant: NWSC Secures French Agency’s Funding with Focus on Expansion of Water and Sanitation Infrastructure in Newly Designated cities

    Euros 165m Grant: NWSC Secures French Agency’s Funding with Focus on Expansion of Water and Sanitation Infrastructure in Newly Designated cities

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    Cecilia Barbara Atim Ogwal: The Beauty Queen, Banker, Wife, Mother, Businesswoman, Consultant, Legislator, Advocate and a Politician That Logged Out at 77 Amid G-77

    Cecilia Barbara Atim Ogwal: The Beauty Queen, Banker, Wife, Mother, Businesswoman, Consultant, Legislator, Advocate and a Politician That Logged Out at 77 Amid G-77

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    UNBS closes Sunshare factory over failure to comply with Standards

    UNBS closes Sunshare factory over failure to comply with Standards

    UG Pineapple at B&W

    It was Blankets and Pineapple Waragi as SA’s Distruction Boys entertain Kampala

    To Connect the Unconnected with Innovations towards Inclusive Growth

    To Connect the Unconnected with Innovations towards Inclusive Growth

    Cindy Sanyu

    Cindy Sanyu to headline Eastern Megafest

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    My View of a Disguised Coup: Celebrated Rebel Museveni Uses Slightly Amended Cabinet List to Carry Out Palace Overthrow Against Himself, Muhoozi

    My View of a Disguised Coup: Celebrated Rebel Museveni Uses Slightly Amended Cabinet List to Carry Out Palace Overthrow Against Himself, Muhoozi

    Deal: Over 50,000 Housing Units to be supplied as NWSC and NHCC Sign Water Partnership MOU

    From Streams to Screens: Here Unveiling the IT and Digital Transformation of Uganda`s National Water and Sewerage Corporation Corp

    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Heroine! Presidency Minister Milly Babalanda Saves Kyabazinga from Physical Assault at the Canada Busoga Symposium

    Heroine! Presidency Minister Milly Babalanda Saves Kyabazinga from Physical Assault at the Canada Busoga Symposium

    All Royal: HRH Kamuswaga Concludes His Official Trip to California with Lots of Investors` Attraction to Kooki Kingdom

    All Royal: HRH Kamuswaga Concludes His Official Trip to California with Lots of Investors` Attraction to Kooki Kingdom

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Tech
    • All
    • Apps
    • Gadget
    • Mobile
    • Startup
    Digital Technologies Could Help Uganda’s Economy Recover Faster

    Digital Technologies Could Help Uganda’s Economy Recover Faster

    Liquid Telecom to host first cloud event of its kind in Uganda

    Liquid Telecom to host first cloud event of its kind in Uganda

    TECNO Mobile Uganda Skills Graduates Through Its Graduate Trainee Program

    TECNO mobile Uganda skills graduates through its graduate trainee program

    UNBS closes Sunshare factory over failure to comply with Standards

    UNBS closes Sunshare factory over failure to comply with Standards

    Outgoing PRAU President Cynthia Mpanga (right) hands over the key to new PRAU President Sarah Kagingo as PRAU Patron Min. Frank Tumwebaze looks on

    Hon. Frank Tumwebaze graces PRAU Governing Council Handover Ceremony

    UG Pineapple at B&W

    It was Blankets and Pineapple Waragi as SA’s Distruction Boys entertain Kampala

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    From Procrastination to Graduation: The Pumpy, Yet Inspiring Academic Voyage of Robert Ssentamu Kyagulanyi, The National Unity Platform Principal

    From Procrastination to Graduation: The Pumpy, Yet Inspiring Academic Voyage of Robert Ssentamu Kyagulanyi, The National Unity Platform Principal

    Tribute to Fred Enanga: A True Friend and Leader Who`s Personality Is Marked by a Cool-headed and Respectful Approach To Even the Most Contentious Issues

    Tribute to Fred Enanga: A True Friend and Leader Who`s Personality Is Marked by a Cool-headed and Respectful Approach To Even the Most Contentious Issues

    A Shaky Comeback: Out-of-Favor Singer Ronald Mayinja Tests Fans’ Moods with a Concert Poised to End His Musical Sabbatical Come Women`s Day at Serena

    A Shaky Comeback: Out-of-Favor Singer Ronald Mayinja Tests Fans’ Moods with a Concert Poised to End His Musical Sabbatical Come Women`s Day at Serena

    All Smiles for and Of Joy: The Groundless Beauty is in Realizing that Sometimes Real Superheroes Live in the Hearts of Small Children Fighting Big Battles

    All Smiles for and Of Joy: The Groundless Beauty is in Realizing that Sometimes Real Superheroes Live in the Hearts of Small Children Fighting Big Battles

    Arsenal’s Quest for Premier League Glory: A Balancing Act of Triumph and Concern as the Two wins against Brentford and Wolves Catapults them to the EPL Summit

    Arsenal’s Quest for Premier League Glory: A Balancing Act of Triumph and Concern as the Two wins against Brentford and Wolves Catapults them to the EPL Summit

    Together for a National Cause: Tourism Minister Martin Bahinduka and Miss Uganda Beauty Queens Unite for a Charitable Safari Adventure

    Together for a National Cause: Tourism Minister Martin Bahinduka and Miss Uganda Beauty Queens Unite for a Charitable Safari Adventure

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Travel
    Here is to the Secure Water Future: Rather than Simply Reacting to Challenges, NWSC is taking a Deliberate Approach to Sustainable Management

    Here is to the Secure Water Future: Rather than Simply Reacting to Challenges, NWSC is taking a Deliberate Approach to Sustainable Management

    A Nation on Edge: Unpaid Water Bills Prompt No Mercy as Police and Prison Services Are Cut-off NWSC Taps Over UGX43.3Bn Unpaid Flow

    A Nation on Edge: Unpaid Water Bills Prompt No Mercy as Police and Prison Services Are Cut-off NWSC Taps Over UGX43.3Bn Unpaid Flow

    Tribute to Fred Enanga: A True Friend and Leader Who`s Personality Is Marked by a Cool-headed and Respectful Approach To Even the Most Contentious Issues

    Tribute to Fred Enanga: A True Friend and Leader Who`s Personality Is Marked by a Cool-headed and Respectful Approach To Even the Most Contentious Issues

    Euros 165m Grant: NWSC Secures French Agency’s Funding with Focus on Expansion of Water and Sanitation Infrastructure in Newly Designated cities

    Euros 165m Grant: NWSC Secures French Agency’s Funding with Focus on Expansion of Water and Sanitation Infrastructure in Newly Designated cities

    African Water & Sanitation Academy Receive Breakthrough as National Water and Partners Roll out Partner Africa- Project

    FIRED UP: G77+China and NAM Summits Lauds NWSC As ED Mugisha Calls on a Course to Professional Action Through the Utility Engineering Community

    Cecilia Barbara Atim Ogwal: The Beauty Queen, Banker, Wife, Mother, Businesswoman, Consultant, Legislator, Advocate and a Politician That Logged Out at 77 Amid G-77

    Cecilia Barbara Atim Ogwal: The Beauty Queen, Banker, Wife, Mother, Businesswoman, Consultant, Legislator, Advocate and a Politician That Logged Out at 77 Amid G-77

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Opinions
    UNBS closes Sunshare factory over failure to comply with Standards

    UNBS closes Sunshare factory over failure to comply with Standards

    UG Pineapple at B&W

    It was Blankets and Pineapple Waragi as SA’s Distruction Boys entertain Kampala

    To Connect the Unconnected with Innovations towards Inclusive Growth

    To Connect the Unconnected with Innovations towards Inclusive Growth

    Cindy Sanyu

    Cindy Sanyu to headline Eastern Megafest

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Supreme Court in Spotlight over Aga Khan-Owned Unlicensed Bank Saga as City Businessman Ham Kiggundu Deepens Demand for The 200Bn Refund

On top of being condemned with heavy costs over the said unlicensed bank, DTB Uganda and it's Kenyan sister institution were further ordered to jointly refund a total of up to UGX200Bn

June 8, 2023
inBusiness, Crime news, Featured
Supreme Court in Spotlight over Aga Khan-Owned Unlicensed Bank Saga as City Businessman Ham Kiggundu Deepens Demand for The 200Bn Refund
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All eyes and ears are on the Supreme Court of Uganda as Justices there embarks on reviewing a lower court judgement, which flatly condemns Diamond Trust Bank (DTB) Kenya for carrying out business in Uganda without a license, The Investigator reports.

On top of being condemned with heavy costs over the said unlicensed bank, DTB Uganda and it’s Kenyansister institution were further ordered to jointly refund a total of up to UGX200Bn to businessman Hamis Kiggundu, known as Ham Kiggundu among his peers. In that judgement, Justice Henry Adonyo reasons that since DTB Kenya deliberately chose to issue out loans to Kiggundu in absence of authorization from Bank of Uganda, all that went on in regard to those impugned transactions was for that reason, null and void.

Kiggundu had contracted DTB Uganda for those loans but DTB Uganda arranged for the said funds from DTB Kenya. But which DTB Kenya, however, lacked a requisite license to operate in Uganda. Kiggundu therefore took DTB Uganda and DTB Kenya to court, firstly for engaging in unlicensed banking, and secondly, for using the cover of the same unlicensed banking to extract up to two hundred billion shillings out of his accounts.

Ham states that DTB extracted the two hundred billions from his accounts under the guise of recovering such unlicensed loans. To make a bad situation even worse, Ham adds, the illegal deductions DTB made were reportedly too far way above what he had actually borrowed from DTB. As stated above, Justice Adonyo agreed with all that Ham complains of. But of great import, since the transactions had been held by Adonyo to be illegal, even if Ham had owed any money to DTB, the businessman wouldn’t have been obligated to pay back anything thereof.

Following that court judgement, DTB Uganda and it’s Kenyan bank launched an offensive at the court of appeal. Essentially, DTB Kenya wasn’t denying lending money to Ham without a requisite license. The essence of it’s appeal was that if left to stand, Justice Adonyo’s judgement would have far reaching consequences on the Uganda’s banking sector and the economy at large.

But this stance, as if we are living in a jungle where adherence to the law doesn’t matter or doesn’t count. Well, the court of appeal stayed the implementation of Adonyo’s judgement but left the file on the court’s shelves to gather dust. Realizing that the appeal process was going nowhere and, looking to enjoy the fruits of his judgement, Ham escalated the matter to the Supreme Court.

His intention thereof was to ask the Supreme Court to deliver judgement to the extent that DTB Kenya admits carrying out business without a requisite license and leave the other issues to be sorted out later through court arguments. That is basically the gist of what the Supreme Court is supposed to look at now, much as DTB Uganda and DTB Kenya want them to refer the case back to another High Court judgement for a full trial.

Lady Justice Elizabeth Musoke is holding currently a pre-trial conferencing session with lawyers of Muwema and Company Advocates for Ham and those of MMAKS for DTB, to agree on points of agreement and points of variance and on how the trial would proceed. Ham had also filed criminal charges against the filthy-wealthy Prince Aga Khan over this same matter.

But and as would be expected, the government of Uganda quickly took over the prosecution of Ham’s private criminal case and quickly dropped it. Are foreign banks permitted to carry out business in Uganda without a license, seeing as the country`s unlicensed fishermen are being told to vacate the lakes and rivers? Let’s wait and see how the courts of Uganda are going to ultimately guide us on this quite pretty vital issue.

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Stephen Kasozi Muwambi
Stephen Kasozi Muwambi
Mr. Stephen Kasozi Muwambi is a seasoned crime investigative writer, majoring in judicial-based stories. His two decades’ experience as a senior investigative journalist has made him one of the best to reckon on in Uganda. He can also be reached via [email protected]
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