National News

BANK OF UGANDA PROMISES INTERVATION IN DTB BANK- HAM COURT SAGA

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Bank of Uganda has called for calm and assured Ugandans that the banking sector in the country is sound and stable despite the court ruling in which Diamond Trust Bank (DTB) was ordered to refund several billions of money to Ham Enterprises’ accounts.

In a statement, the governor of the Bank of Uganda, Emmanuel Tumusiime Mutebile said the Bank of Uganda would like to reassure all stakeholders and the general public that the BoU remains committed to ensuring a resilient, sound and stable financial sector.

He said Bank of Uganda (BoU) has taken note of the judgment of the Commercial Division of the High Court but they await the detailed written judgment of the Court to assess its implications and to determine an appropriate response thereto.

However, in the ruling, a copy of which has been seen by our reporter, Justice Henry Peter Adonyo of the Commercial Division of the High Court declared that DTB Kenya is not licensed to conduct financial business in Uganda and therefore the credit facilities granted to Ham Enterprises were irregular, null and void.

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