Court has issued criminal summons against three Diamond Trust Bank (DTB) officials and Prince Karim Al-Husayn Shah, the Founder and Chairman of the Aga Khan Fund for Economic Development.
Prince Shah Karim Al-Husayn Sha, the founder and chairman of the Aga Khan Fund for Economic Development, owning Diamond Trust Bank Group was summoned The Criminal Court in Uganda to answer Fraud, Making failed and Illegal Financial Ledgers, Computer misuse, uttering false document and conspiracy to commit felony alongside his staff: Nassim Mohamed Devji, The Group C.E.O & M.D DTB AFRICA, VARGHESE THAMBI, The C.E.O DTB Uganda and JOHN SITAKANGE, The Head Of Credit DTB Uganda.
The Capital Times has since learnt that the four are on 28th September 2021 required to appear before Buganda Road Magistrate’s court to take plea on charges of theft contrary to section 254 of the Penal Code Act Cap 120, making false entries in financial ledgers contrary to section 47 (1) and (3) of the Financial Institutions Act of 2004.
They are also accused of electronic fraud contrary to section 19 of the computer misuse Act, uttering false documents contrary to section 351 of the Penal Code Act 120 and conspiracy to commit a felony contrary to section 360 of Penal Code Act 120.
According to the affidavit, the top bank managers superintended illegal and unlawful transactions of Shs 34,295,951,553 and $23,467,670 from his bank accounts.
“The above persons who are the directing mind of the bank had knowledge of illegal transactions and they bear criminal liability for the approval and concurrence in committing the deception and fraud on the complainant’s accounts,” reads in part of the affidavit.
Kiggunda said that the four do not meet the criteria and they are not fit and proper persons to own, control and manage a bank or any other financial institutions in accordance with the 3rd schedule of the Financial Institutions Act, 2004
In February 2011 and August 2018, Kiggundu sought and offered $4,014,444 and $6,974,600 loans by DTB Kenya for the construction of commercial properties. To secure the loan Kiggundu mortgaged Kyadondo Block 248, Plot 328 land at Kawuku, FRV 1533, Folio 3, Plot 36-38, Victoria Crescent II Kyadondo and LRV 3176 Folio 10, Plot 923, and Block 9 located at Makerere Hill Road.
DTB Kenya contacted DTB Uganda to collect a loan facility from the businessman. However, DTB-Uganda insisted that it did not act as an agent of DTB-Kenya to conduct business in Uganda, but only sought its services as a collection agent for it to receive its payments from Ham Enterprises Limited.
In March last year, Ham dragged both banks to court for siphoning over Shs120 billion from his accounts without his consent. He also wanted the court to declare that the banks demand $4,014,444 and $6,974,600, which was advanced to him by DTB-Kenya, is illegal and unenforceable on the grounds that the Kenyan bank had no license to carry out financial business in Uganda.
This is the second time Diamond Trust Bank Top Management is being Summoned, in May 2021, the M.D was summoned by the Financial Intelligence for Money Laundering Related investigations.
