Ham Enterprises 4-0 DTB! Tycoon Hamis Kigundu Triumphs Again As Court Orders DTB To Cough Back Shs 120Bn, Legal Fees & 8% Interest

The High Court Commercial Division in Kampala has Wednesday instructed Diamond Trust Bank (DTB) Uganda and Diamond Trust Bank (DTB) Kenya to refund Shs 120 billion for carrying out illegalities on Hamis Kiggundu’s accounts, the CEO of Ham Enterprises.

Justice Henry Peter Adonyo in his ruling said that DTB which operates in Uganda and Kenya violated the Financial Act of 2004 in an attempt to recover a loan it had given Kiggundu.

Justice Adonyo then directed that the Shs120bn should be paid with an interest of 8% (Shs9.6bn) for carrying out illegalities on Kiggundu’s accounts.

Justice Adonyo faulted DTB Kenya for appointing its counterpart in Uganda to collect the loan facility from Ham Enterprises without fulfilling the set of legal requirements. “The judge described the appointment of agents as illegal”, unethical and breach of trust,”

In January this year, Kiggundu dragged Diamond Trust Uganda to High Court Commercial Division in Kampala after the bank illegally and fraudulently debited over Shs100 Billion from its accounts (Ham Enterprises and Kiggs International) over a period of 10 years. This came after all negotiations initiated by Ham Enterprises failed.

In a letter dated January 10, 2020, addressed to the managing director of the DTB, Kiggundu asked that the deductions be reversed and the matter be investigated. This was not done and the matter went to court and now the regional bank has lost and will have to pay.

Financial sector pundits say the case between Ham Enterprises and DTB is a very positive success towards eliminating the rampant exploitation of Ugandans by Banks through illegal activities. It is not yet known whether Diamond Trust Bank will appeal the court ruling.

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