The Head of Commercial Division Justice Henry Peter Adonyo will Wednesday next week rule on an application in which city Business Man Hajji Hamis Kiggundu (Ham) seeks to block the independent audit on credit facilities between Diamond Trust Bank and Ham Enterprises.
The matter came up in court on Friday for mention, but the trial judge advised both parties (Counsel Fred Muwema for Diamond Trust Bank and Kiryowa Kiwanuka for DTB) to file written submissions before he delivers his ruling.
He asked the two parties to serve each other with in three days and ensure that they end that process by Monday.
“Ruling is on 30th September 2020 and all submissions should be handled between today and Monday.” Ordered the judge
In his application, Ham alleges that it’s unfair to conduct the audit before delivering a ruling in a matter where he challenges the legality of the said loan from DTB.
He argues that if the audit is conducted and the ruling comes out in his favour, it may lead him to lose money which could have been paid to independent auditors.
Mr Kiggundu attended the court today, while DTB was represented by Ms Mbaba Emejinit their head of legal.
Last month, the same judge directed the Institution of Certified Public Accountants of Uganda to appoint an independent Auditor to carry out account reconciliation of the financial transactions which are based on the credit facilities between Ham enterprises and DTB.
Ham enterprises allege that the said credit facilities are in contradiction of court’s investigation into the legality of credit facilities and thereby violate his right to a fair hearing.
The application from Ham enterprises suit against DTB Uganda Limited and DTB Kenya Limited for alleged breach of contract following a multi- billion loan dispute.
Hamis Kiggundu the proprietor of Ham Enterprises Limited through his lawyers petitioned court seeking to block DTB from attaching and selling off his assets to recover huge sums of money which are alleged to have been fraudulently taken away from his account.
The Bank earlier on had issued a demand notice to Kiggundu requiring him to pay their loan of 39.7 billion shillings or to lose all his property he had mortgaged in bank since the agreed period had already elapsed.
Businessman Hamis Kiggundu with his lawyer Fred Muwema at commercial court on Friday.