The multibillion-shilling financial dispute between tycoon Hamis Kiggundu and Diamond Trust Bank has been solved after both reached a truce to settle the matter out of court.
Sources said that Kiggundu, the chief executive officer of Ham Group of Companies, and Nasim Devji, the C.E.O of Diamond Trust Bank Group resolved to end the eight-year bickering that also included court battles.
The duo 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.
Genesis
Kiggundu, the proprietor of Ham Enterprises Limited and Kiggs International (U) Limited had dragged DTB -Uganda, and DTB-Kenya to Commercial Court for allegedly fraudulently siphoning over UGX120billion 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 judgment, 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.
Recommended for you
