Uganda’s top Value addition and development mogul Ham has revealed how his Life is now in great Danger after Exposing the Loopholes in the Banking Industry and country’s Judicial System. This comes after his court win In the 120 Bn fraud case he filed against Diamond Trust Bank
It’s a very unfortunate thing to hear that top Ugandan businessman Hamis Kiggundu’s life is under threat after his continued effort to expose the loopholes in the Ugandan Banking Industry that has enslaved very many Ugandans who continue to serve the interests of bank owners than benefiting the indigenous Ugandans. Hamis is the proprietor of Ham Enterprises Ltd, a company that took Diamond Trust Bank Uganda and Kenya to court for acts of fraud on its accounts that accounted for a tune of Uganda Shillings 120b.
The court made a ruling on the case and the Commercial Court ordered Diamond Trust Bank (DTB) Kenya to refund Shs 120 billion debited from Ham Enterprises’ Bank accounts. In October 2020, Justice Paul Adonyo faulted DTB Kenya for appointing its counterpart (DTB Uganda) saying it had no license to carry out financial business in Uganda as per the financial institutions act of 2004. “The act contravenes regulation number five and therefore DTB Uganda is penalized for taking part in illegal business.
Shortly after the commercial court ruling, Diamond Trust Bank appealed and the Principal Judge, Dr. Flavian Zeija blocked the payment of city businessman, Hamis Kiggundu claiming that the commercial court ruling has far-reaching implications on the banking industry as far as it declares syndicated loans illegal. This calls for maintenance of the status quo to enable the court of appeal to inquire into this illegality and either uphold the finding or reverse it. The Principal Judge whose background has a connection to the banking industry seemed to be working under enormous pressure piled on him by the Uganda Bankers Association that came out to defend the illegal actions of Diamond Trust Bank Uganda and Kenya.
It’s not a secret anymore that the Banks in Uganda are working against anyone who comes out to expose their dirty tricks that are causing great tax revenue to Uganda’s economy on top of continuously exploiting bank customers. The strong robust banking reforms advocated for by Hamis Kiggundu is what has made him a direct target by those opposed to these reforms that will make the Banking industry work in favor of Ugandans than working against them.
This case of Diamond Trust Bank Vs Ham Enterprises is one that should interest every Ugandan that wishes economic growth to this country that has never tested economic independence since 1962. The current systems in place were those installed by colonialists with the aim of continuing to enslave Ugandans through aggressive systems and policies that make it difficult for indigenous Ugandans to benefit from the Banks. The evident segregation within banks today while extending loans to customers is visible in all their loan documents that foreigners doing businesses in Uganda are favored over indigenous Ugandans. Profit repatriation is another aspect that has kept the banking sector exploitative because banks take money out of the Ugandan economy instead of reinvesting it here.
This case is a test of true democracy and systems in our nation where the Judiciary has been placed at the center to either make a decision that makes Uganda economically independent or stifles all efforts by allowing an illegality to go unchecked.
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