Business

Businessman Yiga Denies Dispute with DTB  

A prominent businessman mentioned in the ongoing dispute between businessman Hamis Kiggundu and DTB Bank has refuted claims that he is entangled in the matter which is scheduled to be determined in court on August 27 2020.

Businessman Yiga Moosa, who operates from Entebbe and deals with produce amongst other businesses said he was shocked to see his name being dragged into the matter which he says he has no knowledge of.

“We have absolutely no issue with DTB Bank and we know they are a reliable and professional partner in business since they have supported us to grow some of our businesses,” he said.

DTB has lately been in the news over its battle with flashy businessman Hammis Kiggundu over Sh 39.7bn which the businessman acquired to facilitate his business and reportedly defaulted on payment.

HAM Enterprises recently filed a case in the Commercial Court HCCS No.43 of 2020 in January 2020 against DTB Uganda and DTB Kenya, saying the money was deducted from his accounts.

The flashy businessman had acquired the money in four tranches: $6.2m, $3.2m, $458,604 and sh2.8b from both DTB Uganda and DTB Kenya between February 2011 and September 2016.

The loans were consolidated later in 2018 and were to run for five years, ending August 23, 2023.

In a letter dated April 11, 2019 to DTB, Kiggundu admitted the debts and promised to repay them by selling off his complexes at Makerere.

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He, however, later went to court to secure an injunction against DTB from advertising for sale, selling, placing under receivership, tampering with, disposing off, auctioning, taking possession of, or taking any steps and or carrying out any actions in any manner which are able to or are likely to alienate and or interfere with the Plaintiffs’ interest in the land and properties comprised in Kyadondo Block 248 Plot 328 land at Kawuku, FRV 1533 Folio 3 Plot 26 – 38 Victoria Crescent II Kyadondo and LRV 3716 Folio 10 Plot 923 Block 9 land at Makerere Hill Road until determination of the main suit.

DTB challenged this petition, saying it was a “ploy to delay the recovery of the outstanding loan amounts and /or the realization of security and prayed for dismissal of the suit with costs.”

On his part, Businessman Yiga says he started banking with DTB in 2016 and in 2017, there is a small matter that arose but was settled amicably which in the right way to do business as partners.

“I had an issue of delayed repayments with DTB but this matter was resolved and all the payments were settled,” said Yiga.

“I do not see why anyone would now want to drag my name in their own disputes. If anyone is in default, he should pay his obligation or discuss on how to pay since everyone is facing some hardships during this period,” he emphasised.

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