Connect with us

MY MONEY

Tycoon Ham’s Family In Fear As DTB Bank Hires M7’s Top Lawyers: Bank Wants To Attach His Home, City Commercial Buildings If He Fails To Pay Over Shs. 39bn…

Published

on

  • Diamond Trust Bank (DTB) has hired President Museveni’s top lawyers to muscle the family of the youthful city tycoon Hamis Kiggundu alias Ham over his debt of Shs. 39bn.

On Wednesday, Ham wrote to DTB asking them to vomit his 200 billion that they withdrew fraudulently from his accounts.

President Museveni’s adviser on media Joseph Tamale Mirundi revealed that on Friday morning, he met a worried Ham at his Ham shopping mall offices and he narrated how DTB has been cheating him.

Mirundi said that Ham intimated to him that he discovered that DTB has been cheating him when he hired external auditors to audit all his businesses both locally and internationally and that he had lost over shs200bn.

Mirundi said that he comforted Ham not to worry because even though DTB bank had hired K&K Advocates (formerly Kiwanuka & Karugire Advocates), a top commercial law firm that also represents president Museveni, the overwhelming evidence he has against them will expose the bank’s fraud to the public.

K&K Advocates is funded by president Museveni’s son-in-law Edwin Karugire and his close family friend Kiryowa Kiwanuka. The law firm is good at constitutional and commercial cases which they have always been winning.

Mirundi said that Ham’s case is going to open people’s eyes because banks have been stealing people’s money fraudulently. He gave an example of the Dfcu, NC bank case against property mogul Jomayi.

“Now that bank is boasting that they have hired expensive lawyers but we shall defeat them. If I fight for others what about my own.

I know my young brother Karugire, I know he is good in commercial law but this Ham case is very complicated and I don’t think that they will win it,” Mirundi said.

Ham ran to High Court Commercial Division seeking an order stopping DTB from attaching his properties which include his palatial residence at Kawuku, Wakiso district which sits on Kyadondo block 248 plot 328, other commercial properties which the bank wants to attach include Kyadondo block 11 plots 36-38 Victoria crescent, block 9 plots 923 Makerere.

According to his affidavit, Ham told court that he has been a client of DTB bank for over ten years and between 2011 and 2016 he secured a loan of Shs.41bn and he used his properties as security.

He revealed that in the process of wiring the money from the bank account to his company accounts of Ham Enterprises Uganda limited and Kiggs international Uganda limited, the bank did not put the agreed amount of the money on his accounts.

He accusses the bank of fraudulently siphoning over Shs.200bn from his accounts without his knowledge and consent over a period of 10 years.

“I wrote to the defendant (DTB) demanding for a full Accounts Figurative Audit, Account Reconciliation and a detailed explanation on the same, otherwise my money should be refunded to my accounts within Five days and my Certificates of Titles be returned.

Failure of which leaves me with no choice but to seek redress from the Regulator or constitute legal action for remedies against Diamond Trust Bank Uganda/Diamond Trust Bank Kenya to recover these moneys,” Ham’s affidavit reads in parts.

He also sought court injunctive orders restraining the defendants and their representatives, nominees or assignees from attaching, selling, transferring and/or interfering with his legal interests and physical possession of his properties, on account of any alleged debt and or accrued interest.

He also wants a declaration that the defendants jointly and severally acted in breach of contractual, fiduciary and statutory duties during the subsistence of bank-customer and contractual relationship with his companies.

However, the bank responded to Ham’s plaint saying that they were taken to court by the plaintiff in bad faith. DTB said that Ham acknowledged and accepted everything before signing the loan documents. They also accused the tycoon that after he failed to service his loan, he was served with the demand notices until they had no option but to attach his property to recover their money.

 

By Ssengooba  Alirabaki

Comments

MY MONEY

Bank Of Uganda Instructs Banks And Microfinances To Postpone Individual And Corporate Loan Repayments Over Covid-19.…

Published

on

Bank of Uganda has granted permission to commercial banks and other financial institutions to restructure loans of corporate and individual customers affected by covid-19.

In a letter signed by the BoU Governor Prof Tumusiime Mutebile, the restructuring of the loans will involve a postponement on loan repayment for borrowers at the will of the institutions for up to 12 months effective 1st April, 2020.

Mutebile also directed all its supervised financial institutions to defer payment of all optional distributions such as dividends and bonus payments for at least 90 days effective March, 2020 depending on the evolution of the covid-19 pandemic.

Below is Mutebile’s  full statement:

Bank of Uganda (BoU) has in the April 2020 Monetary Policy Committee (MPC) meeting reduced the Central Bank Rate (CBR) by 1 percentage point to 8 percent.

The COVID-19 pandemic has led to a severe contraction in economic activity due to a combination of global supply chain disruptions, travel restrictions, measures to limit contact between persons, and the sudden decline in demand. Consumer-facing sectors have been severely affected by social distancing measures and heightened uncertainty, while the manufacturing sector has declined on account of disruptions to the inflow of raw materials. Economic activity in the trade sector has also been weighed down by the decline in external demand and supply chain disruptions, while service sectors such as finance, insurance, and information and communications are affected by the general stall in business activity and investment.

Consequently, the Ugandan economy is projected to slow down drastically in the second half of Financial Year (FY) 2019/20, with GDP growth for the FY projected at 3 – 4 percent. Downside risks to the economic growth outlook have increased, particularly in the near term and economic activity is projected to remain subdued until the pandemic is contained globally. Although GDP growth is projected to gradually recover in the second half of FY2020/21, the emerging output gap is projected to persist until 2022.

However, there is significant uncertainty over the depth and duration of the current slowdown.

The COVID-19 pandemic has been reflected in deterioration of global financial conditions and an appreciation of the US dollar against other major currencies, resulting in the volatility in the domestic foreign exchange market. The Uganda shilling depreciated against the US dollar by 2.2 percent between February and March 2020. In addition, the propagation of COVID-19 bears severe consequences on Uganda through worsening of external position, due to capital outflows, adverse effects on the flow of international trade, tourism, workers’ remittances, foreign direct investment and loan disbursement, exacerbating exchange rate depreciation pressures.

The March 2020 Consumer Price Index (CPI) data released by UBOS indicates that inflation remains relatively subdued. Headline inflation declined to 3.0 percent from 3.4 percent in February 2020, while core inflation declined to 2.5 percent from 3.1 percent.

Energy Fuel and Utilities (EFU) inflation declined to 7.7 percent from 8.0 percent in February 2020, while food crops inflation increased to 2.5 percent from 1.3 percent.

Core inflation is projected to remain below its historical average in the 12 months ahead due to the widening of the output gap. The feeble domestic aggregate demand conditions will lead to disinflationary pressures in the economy, even as the prices of some imported items are likely to increase as a result of supply chain disruptions.

Moreover, external sources of inflation are likely to remain weak in the near-term in the face of the global downturn. Furthermore, the collapse in crude oil prices should work towards easing both EFU and core inflation pressures, depending on the level of the pass-through to retail prices. Inflation is forecast to be in the range of 2 – 3 percent in 2020 on the assumption that the COVID-19 pandemic is contained by June 2020 and the economy recovers gradually in the second half of 2020. Nonetheless, these inflation forecasts are heavily contingent on the path of the exchange rate and the intensity, spread and duration of COVID-19 pandemic.

Given the deterioration in macroeconomic conditions and in order to ensure adequate access to credit and the normal functioning of financial markets, BoU has decided to ease monetary policy. Consequently, the CBR has been reduced by 1 percentage point to 8 percent. The band on the CBR will remain at +/-3 percentage points and the margin on the rediscount rate and bank rate will remain at 4 and 5 percentage points on the CBR, respectively. Consequently, the rediscount rate and the bank rate will be 12 percent and 13 percent, respectively.

BoU has also directed Supervised Financial Institutions (SFIs) to defer the payments of all discretionary distributions such as dividends and bonus payments for at least 90 days effective March 2020, depending on the evolution of the pandemic. This will ensure that SFIs have adequate capital buffers, while supporting the real economy. In addition, BoU will undertake the following:

  1. i) Provide exceptional liquidity assistance to commercial banks that are in liquidity distress for a period of up to one year.
  2. ii) Provide liquidity to commercial banks for a longer period through issuance of reverse REPOs of up to 60 days at the CBR, with opportunity to roll over.

iii) Purchase Treasury Bonds held by Microfinance Deposit taking Institutions (MDIs) and Credit Institutions (CIs) in order to ease their liquidity distress whenever it arises. MDIs and CIs that do not hold Treasury bills or bonds in their asset holdings will be provided with liquidity secured by their holdings of unencumbered Fixed Deposits or Placements with other SFIs 2020

iv) Grant exceptional permission to SFIs to restructure loans of corporate and individual customers including a moratorium on loan repayment for borrowers that have been affected by the pandemic, on a case by case basis at the discretion of the SFIs for up to 12 months, effective April 1st, 2020.

BoU will continue to monitor the evolving financial market and macroeconomic conditions and calibrate its operations to meet the need for any additional liquidity support, as may be warranted.

Comments

Continue Reading

MY MONEY

Time For Government To Share The Burden Of Relaying Official Covid-19 Messages With The Media Houses: NAB Boss Lays Out Four Point Plan On How The Media And Gov’t Can Fight The Pandemic…. 

Published

on

The Chairman of National Broadcasters Association Mr. Kin Kariisa. Courtesy photo

The Chairman of National Broadcasters Association Mr. Kin Kariisa has asked government to support the media so that in turn they can help them spread the message to kick coronavirus out of the country.

Kariisa says: An intense and aggressive awareness campaign by the media is Uganda’s first line of attack or vanguard against the coronavirus pandemic. With no guaranteed medical cure so far, the biggest medicine for COVID19 is prevention through mass awareness. The media is a proven major weapon in creating repetitive messaging. Unfortunately, most media houses are on the verge of shutting down.  Media houses are relaying government message free of charge. It is time for government to share the burden of relaying official messages with the media houses. Media houses need the government’s urgent financial support.

Here are four proposals:

  1. Pay outstanding debts. Media houses are among the major creditors of the government. Government should pay domestic arrears owing to media houses immediately to enable them cope with the rising cost of running their businesses at a minimum of profit. The government owes media houses up to Shillings 13 billion accruing from as far back as 2018.
  2. URA needs to waive taxes on media houses. Each media house can submit monitoring logs to prove the value each media house runs during the lockdown period. URA should also Zero rate VAT for media houses till 1st July 2020
  3. UCC should defer, reduce or waive License fees. The same should apply to UBC carriage fees. There are 306 radio stations and 39 TV stations in Uganda. Radio stations pay an average of Shs17, 500,000 annual license fees and $1,300 monthly mast rental fees to UBC. TV stations pay an average of 92m to UCC for the annual license fees and 9.45m to Signet for the monthly hosting fees.
  1. Government should pay cash for ads that media houses are running during the coronavirus. The government should buy space, airtime and reach-out on print, broadcast and online media respectively, to a tune of Shs15billion per month for the next 3 months. This can be managed jointly by the media owners association, with proper accountability backed by invoices and media schedules. The budget of Shs15 billion per month is guided by the space and airtime the media houses have been offering since the outbreak of the pandemic. The idea of billboards is ludicrous because most people are confined at home. Sharing information through markets can be done by relaying information through loudspeakers mounted on trucks.

Comments

Continue Reading

MY MONEY

They Are Planning To Poison Or Kill You, If You Want To Survive, You Must Make Sweeping Changes In URA – Mirundi Warns New URA Boss Musinguzi…

Published

on

President Yoweri Museveni’s senior adviser on media Joseph Tamale Mirundi has warned the newly appointed Uganda Revenue Authority (URA) boss John Musinguzi to be wary of some wrong elements in the authority and government who might kill him.

Mirundi revealed that there are a number of people who approached him and told him that Musinguzi is a member of mafia clique that has been stealing tax payer’s money.

“I am telling you that young man should be very careful otherwise he is going to be killed, for me I know how mafias work and many of them are not happy with his appointment because he is very loyal to the president,” Mirundi said.

He added that there are many officials in the top management of the Ministry of Finance (MoF) who had held the former URA Commissioner General Doris Akol hostage and had planned to get a lot of money so Musinguzi’s appointment is going to frustrate their financial plans.

He said that those officials in the MoF had even strategically stationed their candidate to replace Akol but they were very surprised to see the President appoint Musinguzi.

He further revealed that Musinguzi is also going to face a lot of silent protests internally in URA because they are not used to being led by people appointed outside the management of URA.

“I know that boy, he is going to be poisoned, I know how he survived being killed when he was still working with General Kale Kayihura in their battle to stop smugglers but this time I don’t know whether he will survive,” Mirundi added.

He added that to save his life, Musinguzi had to fly out of the country when Kayihura joined Uganda police as IGP. He persuaded back by the president and given a job in State House because he knows very well that he is loyal to him.

He advised Musinguzi that if he wants to survive being poisoned, he must do a lot of changes in URA.  He also noted that he tried to advise Akol not to flirt with mafias because they only wanted to use her office for their personal benefits and when they are done, they will dump her the same way they dumped Jennifer Musisi, the former Kampala Capital City Authority Director who also refused to listen to his advice thinking that she is too big.

 

By Sengooba Alirabaki

Comments

Continue Reading

like us

TRENDING

error: Content is protected !!