Newslex Point News in Uganda, Uganda news
Records before court show that City tycoon Hamis Kiggundu had obtained huge loans summing to over 120 billions from Diamond Trust Bank Uganda and Diamond Trust Bank Kenya between 2011 and 2016 to finance his real estate business.
Meanwhile the application by Mr Hamis dated June 9, 2023 seeks to pause the judgment fixed for delivery on June 13 ,2023 such that him and his two companies be granted leave to adduce additional evidence from the Central Bank of Kenya to elucidated the illegality committed by the DTB Kenya in respect of the disputed credit transactions between the two parties which is the main issue of appeal.
However the pending judgment in the Supreme Court stems from a series of legal proceedings initiated by Hamis against DTB Uganda and Kenya.
Further investigations indicate that the case originated from a syndicated banking agreement between Ham Enterprises Limited and Kiggd International Limited and the two banks.
Hamis Kiggundu and lawyer sought to strike out bank’s defenses
Meanwhile records before court show that Mr Hamis had previously obtained loans to finance his business and the dispute arose when the banks claimed that he failed to fulfill his loan obligations amounting to Shs 39 b as per agreement terms.
Hamis petitioned the commercial court citing that the withdrawn funds exceeded the outstanding loan amount as he had already made full repayment.
Meanwhile Hamis and his lawyer sought to strike out the bank’s defenses and obtain an Oder for the refund of unlawfully obtained funds but justice Adonyo presiding over the case dismissed the banks defense and directed them to refund the money along with an 8 % interest.
In a subsequent ruling the court of appeal overturned judge Adoyo’s order and ordered a retrial before a different judge.
Dissatisfied with this decision city tycoon lodged an appeal with the Supreme Court which he now doesn’t want its judgment to be delivered on June 13, 2023 as earlier scheduled.
Meanwhile numerous letters to the Supreme Court requesting to be heard, they were never heard only to attend a pre hearing session on Thursday and were informed by Lady Justice Elizabeth Musoke that the judgment was sent for June 13,2023.
- Businessman Patrick Bitature Talks About Allegations Of Failure To Clear His Loans
- List Of Money Lending Companies In Uganda For Instant Loans
Please use the button below to contribute to Newslex Point, Inc. using a credit card or via PayPal.
![[dropcap]A[/dropcap] section of women in Bugongo parish and Nawangaiza parish in Nawandala Sub County, Iganga District have decried the near-impossible terms set for them to access GROW funds. They have now petitioned their woman member of parliament for Iganga Hon. Kauma Sauda Alibaawo to ask the government for revised terms and conditions. This is to enable them to benefit from the program. The disgruntled women accuse the implementers of the program of charging the money. They are also asking for their land titles and land agreements. They said that such properties are governed by their husbands. These, therefore want the government through their woman MP to intervene and revise the requirements for one to benefit. The women were on Wednesday at Namabwere primary school in Nawandala Sub County. They had gathered in their respective groups to receive over 300 chickens from Hon Alibaawo in her campaign to improve the livelihood of women in Iganga district. Each group was given 50 chicken as start-up capital in their journey to prosperity. Read what some leaders said; Ms Naigambi Lydia from Nawandala Trading Centre says, “They solicited money from us through opening bank accounts and depositing Shs80,000. They also asked for land titles and land agreements from us yet we don’t have such things. I was informed that I needed to have a business with a capital of Shs4m yet my capital was very small.” The chairperson Kisoboka Saving Group in Nawandala Ms. Nakagolo Faith said they were not able to join the program. This is given the many conditions attached. She also asked their woman MP to raise their concerns to the relevant offices. The MP condemned the mode of implementation of the program. She cited that it has turned to benefit the well-off class of women other than the intended group. She further asked the government to intervene saying the current strings attached to the programme are very tight to accommodate a common woman. GROW project is a Government of Uganda initiative that arose out of the need to respond to the needs of women entrepreneurs. This is especially those who want to grow their businesses, sustain their self-employment and create more jobs. Check Also; Iganga District NRM Leaders Urge Museveni To Fulfill Election Promises Of 2021 International Women's Day: Celebrating Progress Towards Equality](https://i0.wp.com/newslexpoint.com/wp-content/uploads/2024/11/Iganga-women-decry-tough-terms-to-access-GROW-funds-e1731738339732.jpg?resize=300%2C160&ssl=1)
