High Court Judge Henry Peter Adonyo 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 losing the
Fraud case.
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 ordered 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 8% interest 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.
