City Tycoon Hamis Kiggundu has requested the court to throw out a submission by Diamond Trust Bank Uganda and Kenya blocking a payment refund of Shs120 billion drained off and return his properties
Both banks want the court to stop the entire process until their intended appeal in the Court of Appeal happens.
Kiggundu has however asked Principal Judge Flavian Zeija to dismiss an application filed by Diamond Trust Bank Uganda and Diamond Trust Bank Kenya.
This application follows a ruling by the head of the Commercial Court Justice Henry Peter Adonyo on October 5th, in which he ordered DTB Uganda to pay back Shs120 billion illegally deducted from his accounts.
Justice Adonyo ruled that the credit facilities offered by DTB-Kenya to Kiggundu were illegal since the bank is not licensed to carry out the financial institution business in Uganda.
He also told the banks to return the properties that Kiggundu used as security citing that the evidence on record indicates that all the loans obtained were fully settled at law
Kiggundu, through his companies; Ham Enterprises and Kiggs International had dragged DTB Bank Uganda and Kenya to court for draining Shs34 billion and $23 million from the dollar account.
Kiggundu alleges that between 2011 and 2016 his companies were given loans totaling to Shs41 billion by both DTB Uganda and Kenya and he deposited with them several properties as security but later realized money missing from his accounts.
The Principal Judge will give his ruling on 2nd November.
