The Commercial Division of the High Court has dismissed an application filed by Rajni Tailor against Prime Finance Company Limited. According to Mr. Tailor, on 6th August 2016, he entered into a loan agreement with Prime Finance for a personal loan facility in the sum of USD 20,000 repayable in three weeks by 27th August…
Patrick Baguma Bitature, one of Uganda’s key local investors, needs our fervent prayers. A ten million United States dollar ($10m) debt he took from the mezzanine capital providers based in South Africa is threatening to wipe out his entire business empire. The tragedy is that the debt is now a little shy of hitting a…
Members of Parliament have approved a shs44.7 trillion budget for the 2021/2022 financial year, which has seen a decrease of shs714 billion for the first time compared to the approved resource envelope of 2020/2021. According to the report of the Budget Committee, the drop this financial year is largely attributed to the projected decrease of…
Courts Don’t Hold The Discretion To Stand With An Illegality There was a mood of high expectation yesterday when we assembled at the Court of Appeal (COA) to receive its judgment in the Appeal filed jointly by Diamond Trust Bank Uganda and Diamond Trust Bank Kenya against Ham Enterprises and 2 others. DTB Kenya had…
Estate Mogul, Dr Sudhir Ruparelia has been declared the rightful owner of Plot 24, on Kampala road. The sub-committee of the Parliamentary Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) have exonerated property mogul Sudhir Ruparelia after its probe found that he genuinely owns Plot 24, Kampala road. The Departed Asians Properties Custodian Board…
Diamond Trust Bank Uganda and DTB Kenya have asked the Court of Appeal to set aside the decision of the Commercial Court directing them to refund more than 120 billion shillings to businessman Hamis Kiggundu or send back the case file to High Court for trial. The appeal arises from the October, 2020 decision by…
Court of appeal has announced that a judgment between Diamond Trust Bank (appellant) vs Ham Enterprises Ltd & others (respondents) will be delivered on the 5th day of May 2021. This comes after Diamond Trust Bank (DTB), filed an appeal against the commercial court ruling which was in favor of Ham Enterprises after finding out…
Ugandan traders dealing in exportation of unprocessed tobacco leaf will now be required to pay a tax of about shs3,000 per kilogramme order to boost the currently undervalued business. This tax comes with the passing of the Tobacco Control (Amendment) Bill, 2021 on Monday, 03 May 2021. The Vice Chairperson of Parliament’s Committee on Finance,…
The Minister of Works and Transport, Gen Edward Katumba Wamala, has ordered a section of the senior management team at the Uganda Airlines Corporation (UAC) to leave office for at least three months to allow for an internal investigation. According to sources, the top hierarchy including the CEO, Cornwell Muleya have been sent packing after…
The President of Uganda Gen. Yoweri Kaguta Tibuhaburwa Museveni has praised Youthful Billionaire Hamis Kiggundu alias Ham for choosing to invest his accumulated wealth into the Ugandan economy instead of becoming an importer like many other businessmen under Kampala City Traders Association (KACITA), an umbrella organization that brings together traders in Kampala. The president made…
