Supreme Court Justice Tuhaise Percy delivered a ruling on the fraudulent case involving Hamis Kiggundu and Diamond Trust Bank (DTB). The businessman is seeking to recover over Ugx120 billion that was withdrawn from his accounts without his consent.
In the ruling, the Court ordered a retrial of the case at the Commercial Division of the High Court, overturning the previous decision on illegalities. Additionally, Ham was instructed to pay 50% of the amount owed to DTB.
However, this ruling has sparked fury among some Ugandans, including Anderson Burora, the Resident City Commissioner for Rubaga Division. Burora strongly believes that the Supreme Court’s decision has effectively legalized money laundering, rendered the Financial Intelligence Authority (FIA) useless, and declared all financial institutions laws in Uganda null and void. He expresses his concern that this sets a dangerous precedent and allows for barbarism and corruption to prevail in the case of Ham Kiggundu vs. DTB Kenya.
Burora questions the independence of the Bank of Uganda, as he wonders how it could allow a Kenyan bank to operate in Uganda without a license and engage in such contentious practices. He suggests that the ruling undermines efforts to combat money laundering and tax evasion, leaving citizens puzzled and concerned about the state of justice in the country.
According to Burora, a fair judgment would have entailed Ham repaying the amount without interest, investigating DTB Kenya for any similar misconduct in Uganda, penalizing DTB Uganda for operating illegally, and ensuring that all parties fulfill their legal obligations.
The origins of this saga can be traced back to a banking agreement between Ham Enterprises Ltd, Kiggs International Ltd, DTB Uganda, and DTB Kenya. In October 2020, the Commercial Court ruled in favor of Kiggundu, ordering DTB Uganda to refund the unlawfully deducted funds. However, Tuesday’s final judgment overturned this decision and reverted the case to the commercial court to establish whether Ham had indeed taken the loans or not.
The ruling has sparked widespread debate and raised concerns about the efficacy of financial regulations and the independence of the judiciary in Uganda. The case has garnered significant attention as it involves major financial institutions and highlights issues of transparency, accountability, and the rule of law.
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