The Court of Appeal will tomorrow at 12:00pm deliver its ruling on whether Diamond Trust Bank should refund shs. 120 billion to tycoon Hamis Kiggundu as earlier decided by the lower court.
Last year, on 7th October, in his ruling, Justice Henry Peter Adonyo, the Commercial Court judge said that DTB violated the Financial Act of 2004 and therefore directed that the SHS 120 billion should be paid with interest of 8% for carrying out illegalities on the Ham’s accounts.
However, DTB through their lawyer Kiryowa Kiwanuka appealed Justice Adonyo’s ruling.
The registrar of Court of Appeal has since notified both parties that the judgement will be read in Court on Wednesday May 5 at 12pm.
Mr Kiggundu through his chain of companies Ham Enterprises and Kiggs international were challenging the legality of Diamond Trust Bank Kenya doing business in Uganda.
This week’s judgement comes at a time when the banking industry in Uganda needs to undergo complete banking reforms so as to eliminate all hurdles that make it so difficult for Ugandans to access fair financial support to grow their businesses.
Financial analysts say that in the year 2020 between March and September, Bank of Uganda revealed in its report that commercial banks recorded profits to a tune of 874 Billion. Unfortunately, these profits are not recapitalized by the banks but rather repatriated out of the country.
