In a surprising turn of events, the prolonged legal battle between City Tycoon Hamis Kiggundu and Diamond Trust Bank (DTB) has reached a peaceful resolution.
The dispute, which spanned over eight years, involved allegations of fraudulent siphoning of over sh120 billion from Kiggundu’s accounts by DTB.
The genesis of the conflict began when Hamis Kiggundu, the owner of Ham Enterprises Limited and Kiggs International (U) Limited, took DTB-Uganda and DTB-Kenya to the Commercial Court.
He accused the bank of siphoning a substantial amount of money from his accounts without his knowledge and consent. The Commercial Court ruled in favor of Kiggundu, ordering DTB to repay the disputed shs120 billion.
However, the legal saga continued as DTB appealed the decision, leading to a Court of Appeal judgment that called for a retrial of the matter in the Commercial Court. Unyielding, Hamis Kiggundu took the case to the Supreme Court, demonstrating his determination to seek justice and reclaim what he believed was rightfully his.
In a surprising twist, the resolution came not through the judicial system but through a closed meeting between the two prominent CEOs: Hamis Kiggundu, the Group CEO of Ham Group of Companies, and Nasim Devji, the CEO of Diamond Trust Bank Group. In this meeting, both leaders found common ground, setting aside their past financial differences.
The decision to drop all court cases signifies a significant shift in their approach. The resolution aims to preserve their 11-year-long banking relationship and pave the way for future financial collaboration. Both parties acknowledged the importance of reason prevailing over prolonged legal disputes, opting instead for a path that could lead to mutual financial gains, progress, and prosperity.
This unexpected resolution not only brings an end to a tumultuous chapter but also opens doors to a new beginning for Tycoon Hamis Kiggundu and Diamond Trust Bank.
The saga, once filled with accusations and legal complexities, concludes with a handshake and a commitment to move forward, leaving behind the bitterness of the past. As the curtain falls on this financial drama, only time will reveal the lasting impact of this newfound understanding between two giants in the business world.