DTB RUBBISHES CLAIMS THAT IT IS IN DISTRESS AFTER HAM WON ROUND ONE OF MULTI-BILLION CASE
By Mulengera Reporter
Diamond Trust Bank (DTB) Uganda has dismissed reports that the financial institution is on the verge of sinking after results of an audit of Ham Enterprises Limited accounts reportedly revealed fraud.
Led by youthful tycoon Hamis Kiggundu, Ham Enterprises recently celebrated victory after the Commercial Division of the High Court ruled that the company is not required to deposit 30 per cent (of the money it wants the bank to pay it for ‘illegal deductions’ and for the Shs40bn mortgage the tycoon is said to have forfeited) as provided for in Regulation 13 of the Mortgage Act.
Ham Enterprises says it had conducted an audit on all its accounts in Diamond Trust Bank, from which they discovered that about Shs34bn was illegally deducted from its Uganda Shillings account, and about $23.5m (about Shs86bn) ‘stolen’ from its United States dollar account.
But in a statement issued on Monday, DTB Management said that the Ham Kiggundu case could not render it unviable and put it on the verge of collapse and possible takeover by Bank of Uganda as alleged in some reports.
DTB insists that the facts of the case are that Ham Enterprises Ltd, a long time customer of the bank, borrowed money and failed to pay it back. That although Ham and Diamond Trust Bank had agreed on a way of settling the debt as the bank moved to recover its cash, the tycoon went ahead and dragged DTB to court claiming that it had not disbursed the money to his company.
Declining to make further comments on the matter for fear of the consequences that arise from contempt of court, the financial institution’s management has vowed to embarrass Ham in court by bringing all the evidence to prove that he acquired the loan and defaulted on the same.
(For comments on this story, call, text or whatsapp us on 0705579994, 0779411734, 0200900416 or email us at firstname.lastname@example.org).