The long-standing financial dispute between City Young Tycoon Hamis Kiggundu and Diamond Trust Bank (DTB) has come to an end, with all cases he had filed in court against the bank being dropped, after the two parties agreed to settle the matter out of court.
In a closed meeting held between the two Giant C.E.Os; Hamis Kiggundu Group C.E.O HAM GROUP OF COMPANIES and Nasim Devji, the C.E.O of DIAMOND TRUST BANK GROUP, two reasoned and realistically resolved their financial differences that have been in court for the past 8 years.
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.
Genesis
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 and the matter has been dragging on since then, until both parties decided on an out of court settlement.