Youthful tycoon and Makerere University Law alumnus Hamis Kiggundu, is heavily indebted according to reports that this website has attained. According to Diamond Trust Bank (DTB), the tycoon borrowed millions of dollars from the bank that he has since failed to pay, prompting them to wrestle him to court.
According to information this website has received, Mr. Kiggundu borrowed sums amounting to a tune of Shs 39.7Bn but has since failed to pay back. The tycoon claims that the bank recovered the full amount from his Shillings and Dollar accounts, a claim that the bank has laughed off.
“We wish to clarify the facts of the case, which are that Ham Enterprises Ltd, a long time client of the bank and some of their related entities borrowed money from the bank which they failed to pay back. The bank then commenced a recovery process with the clients who made proposals on how to settle the account which were agreed upon.” DTB said in a statement that Campus Bee accessed.
According to the bank, Mr Kiggundu later went around and filed a suit in court against them claiming that they had not disbursed any loan out to him. A claim they say is false and rather ashaming for a man of his status.
DTB filed their defence and a date was set for hearing on August 27th, 2020 with the bank vowing to present all the necessary evidence to that effect in court them. They refused to comment on the matter further considering the matter is under judicial consideration and they’re mandated by law not to disclose further.
According to Counsel Kiryowa Kiwanuka (as quoted by The New Vision), Kiggundu borrowed money from DTB in four tranches; USD 6.2M, USD 3.2M, USD 458,604 and Shs 2.8Bn from both DTB Uganda and DTB Kenya between February 2011 and September 2016.
According to a letter dated April, 11th 2019, Mr Kiggundu acknowledges the debts and promised to pay back by selling off his complexes in Makerere, Kampala. When the bank sought to recover the money, Kiggundu applied for a temporary injunction from court and challenged the bank’s actions.
He challenged an earlier order by court to recover the monies and another order for him to pay up 30% of the money demanded before a main suit was heard. The tycoon claimed that his right to a fair hearing to stop the bank from taking his properties was violated.
As such, the bank consequently ensued on the case that determines whether or not Mr Kiggundu borrowed Shs 39.7Bn from them. The two have since signed a consent agreement where DTB agreed to forego the 30% upfront payment in favour of the expeditious hearing of the case. We shall keep you updated.
