By Aloysious Kasoma

The High Court in Kampala has issued an interim order for stay the execution of the previous ruling against Diamond Trust Bank.
The statement issued yesterday in the presence of Kampala City Lawyer, Kiryowa Kiwanuka and Ssebuufu Usaama on behalf of DTB through the High Court, Commercial Division.

An interim order has been issued for stay of execution of the decree in High Court Civil Division suit number 43/2020 and MA No. 654 of 2020 issue pending the determination of the main application for stay of application. Commercial Court head Justice Henry Peter Adonyo on Wednesday ruled that the credit facilities DTB-Kenya offered to Kiggundu are illegal since it is not licenced by Bank of Uganda

In a statement issued on Thursday, the Bank said it had filed a notice of appeal against the court’s ruling. In a statement issued on Thursday, the Bank said it had filed a notice of appeal against the court’s ruling.
“DTB, in consultation with its legal advisers, has filed a notice of appeal against the judgment of Justice Henry Peter Adonyo. We look forward to the expeditious resolution of the matter in the Court of Appeal and are confident that the case will be determined on its merits,” the bank said.
We wish to assure all our stakeholders that we remain in good standing and our operations continue uninterrupted.”


In a statement issued on Thursday, the Bank said it had filed a notice of appeal against the court’s ruling. “DTB, in consultation with its legal advisers, has filed a notice of appeal against the judgment of Justice Henry Peter Adonyo. We look forward to the expeditious resolution of the matter in the Court of Appeal and are confident that the case will be determined on its merits,” the bank said.

We wish to assure all our stakeholders that we remain in good standing and our operations continue uninterrupted.”

In March this year, Kiggundu and his two companies Ham Enterprise Limited and Kiggs International (U) limited dragged DTB -Uganda, and DTB-Kenya to the Commercial Court accusing them of fraudulently siphoning over sh120b from his accounts without his knowledge and consent.
Kiggundu contended that between February 2011, and August 2018, through his companies HamEnterprise Limited and Kiggs International (U) limited sought and was offered credit facilities by the banks for the construction of commercial properties.

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