Court defers ruling on Ham-DTB case
Court has said the ruling in a multibillion loan dispute involving businessman Hamis Kiggundu of Ham Enterprises and Diamond Trust Bank (DTB) will be delivered tomorrow.
The ruling had been scheduled for yesterday. However. Justice Henry Peter Adonyo of the Commercial Division of the High Court told the two parties yesterday that the ruling was not ready. He adjourned the case to tomorrow.
The parties had appeared in court for a ruling on the application in which Ham Enterprises is seeking an order to throw out DTB defence statements in the main case where the two are disputing over loans.
In January, Mr Kiggundu and his companies Ham Enterprises and Kiggs International U Ltd sued Diamond Trust Bank U Ltd and Diamond Trust Bank (K), alleging breach of contract in a multibillion loan transaction.
He says between February 2011 and September 2016, his two companies sought loans from the banks and deposited properties as security but along the way as they repaid the loans, they realised the banks had not disbursed some of the agreed money yet they were unlawfully debiting his accounts without his knowledge or consent. Ham Enterprises is seeking recovery of Shs34b and $23m from the bank, which he claims was irregularly deducted from him.
However, the banks insist the businessman and his two companies took the money and acknowledged receipt on various dates.
The banks say Ham companies received $6,663,453, Shs1.5b, Shs1b, $4m and $500,000.
“The defendants (bank) in further response contend that terms of credit facilities were freely and voluntarily executed by the plaintiffs (Ham Enterprises), who certified that it received independent legal advice on the same and were not unreasonable, unfair or unjust as alleged,” the bank contend in their defence.
Background
On August 31, the judge directed the Institute of Certified Public Accountants of Uganda (ICPAU) to appoint an auditor to look at the bank and loans statements presented by both parties as exhibits in the case to see if one owes the other.
