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…
With full knowledge that the bank had carried out illegalities, it decided to call for an independent joint audit in trial to preempt the acts of illegality so as to save their illegality based and questioned defense. We can authoritatively report that Diamond Trust Bank Uganda and Kenya that have been trying to fight a…
A fire outbreak at Vita Foam Factory in Njeru, Buikwe District has left investors, residents and employees in tears after property worth millions of shillings was lost. According to reports, stroke in the wee hours of Monday September 28, 2020. The cause of the fire is not yet known by press-time and there is no…
Several investors in Uganda are crying foul and accusing the minister for Lands, Housing and Urban Development Olive Betti Kamya of overstepping her mandate and usurping the powers of Hon. Evelyn Anite, who is the State minister of Finance for Investment and privatisation. The investors contend that instead of Kamya allowing Anite to carry out…
The journey to cleaning Uganda’s Banking Industry is one that can only be undertaken by courageous Ugandans as there are some individuals using their institutions/associations to oppose the Banking Reforms being suggested by one of Diamond Trust Bank Uganda’s top client and renowned businessman, the C.E.O of Ham Enterprises (U) Ltd Mr. Hamis Kiggundu. After…
President Yoweri Kaguta Museveni has said that National Intellectual Property Policy will give innovators the full protection of the law through patents, copyright, trademarks among others. According to H.E Museveni, this process will enable the innovators to earn their rightful recognition and financial returns for their toil and sweat. Gen.Museveni echoed that the ruling National…
Two concerned citizens have petitioned the Inspector General of Government demanding for a report into the investigation and prosecution of former Bank of Uganda Deputy Governor Louis Kasekende and former director of commercial banks supervision Justine Bagyenda. The report that is being demanded for also looked into the conduct of Benedict Kasekende, the BoU Director…
The minister for local government Rafael Magyezi has given the contractors of Masaka city market 45 days to complete and handover the market to traders. Multiplex Alshamas Constructions limited was in February 2018 hired to construct the market planned to accommodate over 2000 vendors at a cost of 18.45 Billion Shillings. The market was to…
The President of Uganda Museveni has intervened in a case where Housing Finance Bank is accused of fraudulently selling Widow’s Shs30Bn Estate at just 8Bn. According to aletter this website landed on, the President has since directed the Managing Director of Housing Finance Bank (HFB) to desist from attaching and auctioning a house belonging to…
A joint team comprising members from the finance and gender committees in parliament has rejected proposed direct lending by the National Social Security Fund (NSSF) to the government. The committee members say that this is intended to avoid abuse of member’s funds and conflict of interest. This is according to the main committee report on…
