KAMPALA
“After over eight years of legal battle, the long-standing financial dispute between city businessman Hamis Kiggundu and Diamond Trust Bank (DTB) has finally come to an end with both parties agreeing to drop pending court cases.
Reports indicate that the decision followed a high-profile meeting between the two Giant CEOs; Mr Hamis Kiggundu popularly known as Ham of Ham Group of Companies and Mr Nasim Devji, the CEO of Diamond Trust Bank Group.
During the meeting which was not open to the media, an insider who was privy to the proceedings disclosed that the duo reasoned and realistically resolved their financial differences that have been in court for the past 8 years.”
“..yes, they have resolved to put all their past financial differences aside to give way for reason to prevail towards securing their 11-year-long banking relationship and towards securing their possible future financial gains, progress, and prosperity,” a source who preferred anonymity told this website without revealing further details.
By amicably settling their disputes, the CEOs have paved the way for mutual progress, prosperity, and a renewed sense of cooperation in their financial dealings.
The resolution signifies a step forward in reestablishing trust and promoting a harmonious business environment between the two entities. This newfound agreement prioritizes a cooperative approach to their long-standing banking relationship and potentially opens doors for future collaborations.
The decision to settle their differences outside the courtroom reflects a commitment to pragmatism and a collective vision to harness the benefits of their extensive financial history for the greater good of both parties.
Case Background
Kiggundu, the proprietor of Ham Enterprises Limited and Kiggs International (U) limited dragged DTB -Uganda, and DTB-Kenya to Commercial Court for allegedly fraudulently siphoning over sh120billion from his accounts without his knowledge and consent which consequently directed that he be refunded the money taken from his account.
The Commercial Court ruled in favour of Ham and ordered DTB to pay shs120 billion.
DTB appealed against the decision of the lower court and in its subsequent judgement, the Court of Appeal ordered a retrial of the matter in the Commercial Court.
Dissatisfied with the Court of Appeal’s decision, Ham challenged the same before the Supreme Court.
