Honorable Henry Peter Adonyo the Commercial Division of the High Court; Judge has today ordered Diamond Trust Bank to pay Ham Enterprises Ugx120 Billion ($33 Million) illegally debited from the company’s accounts with an 8% interest rate (Ugx 9.6 Billion) as penalty for illegalities carried out on Ham Enterprises Accounts, return all titles previously secured by the bank and release all the personal guarantees. This ruling is a true genesis of Uganda’s journey to true economic independence.
KAMPALA|UGANDA: DTB Uganda and DTB Kenya have been ordered to pay Ugx 120Billion and an additional interest of 8% (9.6Billion) to Ham Enterprises after losingthe fraudcase. In January 2020, Ham Enterprises dragged Diamond Trust Bank Uganda and Kenya to Court for fraudulently debiting over Ugx.120Billion from their Shillings and Dollar accounts over a spread period of about 10 years. The Bank having failed to refund the unlawfully debited monies from the company’s accounts, Ham Enterprises instituted legal action against the Bank for recovery of the same. Diamond Trust Bank responded by alleging demand of Ugx. 39Billion and asking the court to Impose regulation 13 which requires that anyone challenging a Bank must pay 30% of the disputed amount to Ham Enterprises. This regulation which was just smuggled into the mortgage act was however ruled out of the case by court and Ham Enterprises resultantly petitioned the constitutional court challenging its constitutionality with intent to salvage Ugandans who have for years been victims of the existing banking system.
This ruling is a landmark victory towards cleaning Uganda’s Banking Industry, a subject that Ham Enterprises U Ltd CEO Mr. Hamis Kiggudu has continuously proposed citing the fact that Uganda can not be economically independent if our economy is not hence the need to urgently institute banking reforms. In today’s ruling the honorable court has ordered Diamond Trust Bank to pay all monies that were illegally debited from Ham Enterprises U Ltd accounts including penalties and return of all the land titles that the bank has been holding to Ham Enterprises U Ltd.
High Court Judge Henry Peter Adonyo ordered Diamond Trust Bank to pay Ham Enterprises U Ltd Ugx120 Billion ($33 Million) illegally debited from the company’s accounts with an 8% interest rate (Ugx 9.6 Billion) as penalty for illegalities carried out on Ham Enterprises Accounts.
The Ruling
Judge orders that Diamond Trust Bank’s defence statement be thrown out as its based on illegalities.
Bank to refund to Ham all the money that was unlawfully taken from his accounts amounting 34 billion and 23m dollars immediately.
Court orders that Ham fulfilled his contractual obligation with the bank and settled his loan.
Bank ordered to immediately return all Ham’s land titles he gave in as security
All contracts involving DTB Kenya and Uganda have been rendered illegal
Bank ordered to pay interest of 8% and costs for this suit
This ruling is a true genesis of Uganda’s journey to true economic independence that Ham Enterprises proprietor and Author of bestselling book “Success and Failure Based On Reason and Reality” proposed.
The case between Ham Enterprises and DTB is a very positive success towards eliminating the rampant exploitation of Ugandans by Banks through illegal activities that had been previously backed by Section 13 of the Mortgage Act, which section was earlier ruled out of Ham Enterprises U Ltd case by court. This final victory is the last nail that grounds DTB Uganda and DTB Kenya in the 120Bn case on top of the previous historical victories in this public interest case that will forever change Uganda’s banking industry.
Please reach us through [email protected] For Your Opinions, a hot story or scandal you would like us to publish
