Basing on the appeal filed by Diamond Trust Bank (DTB) Kenya and DTB Uganda challenging the commercial court earlier compensation orders to business Tycoon “HAMIS KIGGUNDU” of Ham enterprises. The commercial Court wrongly issued out it’s verdict by ordering 120 billion shillings compensation last year.
Issuing their verdict today, the trial of Justices of the Court of Appeal comprising of the Deputy Chief Justice, Richard Buteera, Justices Kenneth Kakuru and Christopher Izama Madrama, indicated that Commercial Court Judge, Henry Peter Adonyo failed to hear and determine the case based on its merit and instead relied on a mere point of law arising from the proceedings.
The issue roots from the October 2020 decision by Commercial Court Judge Henry Peter Adonyo ordering DTB Uganda to refund all that was deducted from Kiggundu’s accounts in a case involving a syndicated banking agreement between Uganda and DTB Kenya, the two banks reportedly deducted the money from Ham Enterprises Ltd and Kiggs International Ltd, which belong to Kiggundu without his consent.
Basing on the evidence presented to the court, between 2011 and 2016, Kiggundu secured loans worth more than Shillings 120 billion from DTB Uganda and Kenya through Ham Enterprises Ltd and Kiggs International Ltd to finance his real estate business.
However, the banks served Kiggundu with documents indicating that he had failed to fuel the loans to the tune of Shillings 39 billion in reference to with their agreement.
This prompted Kiggundu to petition the commercial court, on allegations that the money withdrawn from his accounts was in excess despite paying back his loan in full.
The verdict at hand now has ordered that the matter returns to another Commercial Court Judge for retrial and directed Kiggundu to pay costs of the appeal to the two banks.
This means The city tycoon now is to battle the cases again. Ham is known for his wealth and job creation, real estate business among other.