The Commercial Court has directed Diamond Trust Bank (DTB) to refund shs 120 billion which it illegally deducted from the accounts of Hamis Kiggundu the CEO of Ham Enterprises.
The long-awaited judgement in the famous 120 billion shillings fraud case between tycoon Hamis Kiggundu of Ham Enterprises Ltd and Diamond Trust Bank (DTB) came to an end today with DTB on loser’s side.
Commercial Court Judge Peter Adonyo declared Ham as the winner and ordered DTB to pay him Shs120 billion and interest of 8% (shs9.6 billion) as penalities, for fetching money from his accounts fraudulently.
According to court documents, Kiggundu provided security/mortgage comprised in Plot no.923, Block 9 located at Makerere Hill Road to support the credit facilities he had got from DTB but the businessman says when he carried out an audit and reconciliation of the loan accounts, he found out that the DTB had taken shs34 billion and $23 million from his account.
Finally, the Judge today agreed that because DTB Kenya is not licensed to carry out financial services in Uganda, it was wrong to carry out any business with Hamis Kiggundu and that it was wrong for the bank to use their counterparts of DTB Uganda to help them enforce the loan agreement in Uganda.