After eight years of legal battles, City Young Tycoon Hamis Kiggundu and Diamond Trust Bank (DTB) have reached an amicable resolution to their long-standing financial dispute, bringing an end to all court cases.
In a recent closed-door meeting between the two CEOs, Hamis Kiggundu, Group CEO of HAM GROUP OF COMPANIES, and Nasim Devji, CEO of DIAMOND TRUST BANK GROUP, they engaged in a thoughtful and realistic discussion that led to a mutually agreeable settlement of their financial differences.
Putting aside their past disagreements, both CEOs recognized the importance of prioritizing reason and collaboration to safeguard their 11-year banking relationship and open doors for future financial opportunities, growth, and prosperity.
The dispute originated when Kiggundu, the owner of Ham Enterprises Limited and Kiggs International (U) limited, accused DTB-Uganda and DTB-Kenya of fraudulently siphoning over sh120 billion from his accounts without his knowledge or consent. In response, Kiggundu filed a lawsuit against the banks in the Commercial Court, seeking the return of the allegedly stolen funds.
The Commercial Court ruled in favor of Kiggundu, ordering DTB to reimburse him the sh120 billion. DTB appealed the decision, and the Court of Appeal subsequently ordered a retrial of the case in the Commercial Court. Dissatisfied with this outcome, Kiggundu further appealed to the Supreme Court.
Recognizing the protracted nature of the legal proceedings and the potential impact on their future business endeavors, Kiggundu and Devji opted for a direct dialogue to resolve their differences. Through open and constructive discussions, they reached a mutually satisfactory agreement that brought an end to the dispute.
This decision to prioritize amicable resolution over continued litigation demonstrates the maturity and foresight of both Kiggundu and Devji, prioritizing the future success of their respective businesses and the preservation of their long-standing banking relationship.
