KAMPALA – City tycoon Hamis Kiggundu has said that Uganda needs banking reforms and independence of the judiciary if it’s to attain substantial collective development at large as a nation.
It should be known that in late October this year, the Principal Judge, Dr. Flavian Zeija blocked the payment of Shs120bn by Diamond Trust Bank to city businessman, Kiggundu which had earlier been ordered by the Commercial Court.
Zeija’s decision followed an appeal filed by DTB in the Court of Appeal challenging the Commercial Court ruling. The bank had lodged an application seeking to have the execution of the Commercial Court stayed.
“This decision has far-reaching implications on the banking industry as far as it declares syndicated loans illegal. This calls for maintenance of the status quo to enable the court of appeal to inquire into this illegality (syndicated loans) and either uphold the finding or reverse it,” Zeija said in his ruling.
Meanwhile, the Principal Judge described as disgusting the attempt by one of the parties in the matter to bribe him to influence his decision.
Justice Zeija issued an order blocking the execution of Commercial Court orders in which DTB was ordered to refund Shs34 billion and $23.2m (about Shs86 billion) which they reportedly deducted from Ham Enterprises’ accounts.
Zeija’s order did not go down well with the businessman who now claims the principal judge’s interest in his case is suspicious as he (Zeija) kept recalling his file in circumstances that were neither justified or in line with the ordinarily expected course of events thus interfering with the hearing of the case.