UGANDA, Kampala | Real Muloodi News | City tycoon Hamis Kiggundu commonly known as Ham and Diamond Trust Bank (DTB) have amicably settled their long-standing financial dispute, ringing an end to the eight-year legal battle.
In a closed meeting between the CEOs, Hamis Kiggundu and Nasim Devji, the leaders of Ham Group of Companies and DTB, respectively, the two resolved their financial differences.
The decision to drop all court cases signifies a commitment to putting aside past disputes and prioritising a harmonious relationship. The CEOs emphasised the importance of reason in securing their 11-year-long banking relationship and fostering potential future financial gains.
Hamis Kiggundu, the owner of Ham Enterprises Limited and Kiggs International (U) Limited, had accused DTB-Uganda and DTB-Kenya of fraudulently siphoning over USh120 billion from his accounts without consent.
The Commercial Court ruled in Ham’s favour, ordering DTB to pay USh120 billion. DTB appealed the decision, leading to a Court of Appeal order for a retrial.
Dissatisfied with the Court of Appeal’s decision, Ham took the matter to the Supreme Court. However, the recent resolution reflects a shift away from prolonged legal battles towards mutual understanding and cooperation.
The amicable settlement not only concludes the legal feud but also opens the door for a renewed focus on financial progress and prosperity for both parties.
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