Fraud

Terrorism-linked DTB Bank loses case ordered to refund 130 billion shillings

Diamond Trust Bank Group CEO Ms Nasim Devji

Diamond Trust Bank (DTB) group has been ordered to pay Ugx 120Billion (Sh3.5 billion) and an additional interest of 8% (Sh282 million) to Ham Enterprises after losing the fraudcase.

In January 2020, Ham Enterprises sued Diamond Trust Bank Uganda and Kenya for fraudulently debiting over Sh3.5 billion from their Shillings and Dollar accounts over a spread period of about 10 years.

DTB responded by demanding Sh1.1 Billion and asking the court to impose regulation 13 which requires that anyone challenging a Bank must deposit 30% of the disputed amount in court. Ham Enterprises successfully challenged the constitutionality of the regulation.

Analyst praise the ruling calling it a landmark victory towards cleaning Uganda’s Banking Industry which needs serious reforms.

In today’s ruling the honorable court has ordered Diamond Trust Bank to pay all monies that were illegally debited from Ham Enterprises U Ltd accounts including penalties and return of all the land titles that the bank has been holding that belongs to Ham Enterprises U Ltd.

The Case was filed at the commercial division of the High Court of Uganda and the presiding judge was Henry Peter Adonyo.

Analysts say that the case is a very positive one and is successful towards eliminating the rampant exploitation of Ugandans by Banks through illegal activities that had been previously backed by Section 13 of the Mortgage Act.

The case elicited a lot of public interest and will forever change Uganda’s banking industry.

Read

1/

Clients flee DTB Bank after exposé

2/

Terrorism-linked DTB Bank CEO to testify over ‘100 billion’ illegal withdrawal’s case in Uganda

3/

Clients flee DTB Bank after exposé


Would you like to get published on this Popular Blog? You can now email Cyprian Nyakundi any breaking news, Exposes, story ideas, human interest articles or interesting videos on: hello@cnyakundi.com. Videos and pictures can be sent to +254 710 280 973 on WhatsApp, Signal and Telegram.

Comments

comments

 
Click to comment

You May Also Like

News

On Friday, May 20, the Directorate of Criminal Investigations (DCI) described how Samuel Mugoh Muvota, who was murdered and died along Mirema Drive, picked...

News

A woman from Marigat – a fast-growing town located in the lowlands of Baringo County is crying out for justice after she was reportedly...

News

The video below was submitted to cnyakundi.com by a loyal follower on Thursday, 19th May 2022, cautioning business owners around the greater Kasarani area...

News

For the better part of Friday, 20th May 2022, this blog’s Chief Editor Cyprian Nyakundi was bombarded with hundreds of spam comments on his...

Copyright © 2021 Cyprian Is Nyakundi.

Exit mobile version