Things are quickly changing as Bank of Uganda finally admits that DTB committed humongous illegalities and runs out of the case after realizing the facts as presented by Ham’s Lawyers. This is a true indicator that the illegality was committed since the regulator who had initially laid a shoulder for DTB to cry on after the High Court Judgement has now made a premature exit from the case whose High Court Judgement was appealed by DTB.
We reported earlier this week that the Court of Appeal had dismissed the friend request by Bank of Uganda to offer expert opinion in the Ham Vs DTB case. Their Amicus Curiae application was declined after all the three judges agreed that it was next to impossible for BOU to be impartial in this matter since it had been one of the parties that got directives in the High Court judgement and as such they were not fit to be amicus curiae in this case.
In the same line, Ham’s Lawyers informed the court that BOU had already expressed their aggrieved position when they offered to babysit DTB after the High Court Judgement through a press release statement they made which clearly showed their interest in the Ham Vs DTB case.
The Court of Appeal instead advised Bank of Uganda to clearly indicate their interest in the Ham Vs DTB case through applying to become a party in the matter. In a letter that we have seen dated 4th February 2021, this position has been declined by BOU indicating that they have dropped their interest in the case. This means that DTB has now been left to battle and carry their own cross for the illegalities committed while carrying out financial business operations in Uganda.
We all need to remember that DTB through their lawyers admitted that DTB Kenya carried out financial business operations in Uganda without a license which is a mega illegality when it comes to law governing Financial Business in Uganda. The High Court judgement ordered DTB to pay UGX120Billion to Ham Enterprises U Ltd which had been debited from his accounts over a spread period of close to 10 years with interest. This judgement in which BOU had been also reminded to do its role as a regulator got the institution aggrieved and since then BOU has been trying their best to save their crying baby DTB but all this seems to have ended in more tears since BOU has now officially exited the case.
DTB continues to struggle with the appeal to ensure something is done but it is public domain knowledge that courts can never abet the commitment of an illegality and as such the journey seems to be futile for this Kenyan Born Bank. It should also be noted that during the first hearing of the case, the appellant judges seriously warned the parties to desist from doing activities likely to compromise the outcome of this case.
The early exit of BOU from this case clearly confirms that there were illegalities committed and as such the regulator realized the facts and had to find an emergency departure plan before it gets caught up in its own mud. For Uganda to get her full Financial Independence, impunity must stop.
We will keep you updated on all the happenings surrounding this Ham Vs DTB case which was adjourned to 17th March 2021.
