The order resulted from a case in which businessman Haruna Sentongo had accused Orient Bank, now I&M Bank of duress and contracting him credit facilities with unfair terms and conditions
Stanbic, businessman in Shs 11bn legal standoff
May 5, 2021 Written by Derrick Kiyonga The Cessna 5X-AMC at the centre of the legal battle is now flying in DR Congo
Hardly three months after the Commercial court found senior employees of Stanbic bank complicit in illegally selling mortgage securities to themselves, a businessman is pinning the bank staff for frustrating his loan repayment so that they sell off his assets worth more than $3m [Shs 11 billion].
The Observer has obtained court documents and correspondences in which Ronald Lubega Kasozi, through his company Asante Aviation, implicates Stanbic bank staff in a plot to frustrate his loan repayment so that his two aeroplanes and a house are sold on t
Daily Monitor
Wednesday February 17 2021
. Stanbic Bank has filed a notice of appeal in which it seeks to challenge a decision that implicated it and seven of its staff in an illegal transfer of a client’s mortgaged properties.
Summary
Justice Richard Wejuli Wabwire ruling
It is my finding that the sale of the applicant’s securities to . a company incorporated on February 3, 2020, three months after the advert for sale in November 2019 and barely a month before sale on February 26, 2020, was merely a side show and a shabby disguise intended to circumvent the provisions of the Mortgage Act.”
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Stanbic Bank has filed a notice of appeal in which it seeks to challenge a decision that implicated it and seven of its staff in an illegal transfer of a client’s mortgaged properties.
Daily Monitor
Monday February 15 2021
Court found that Stanbic employees created a cover to dispose of mortgaged properties to a company in which they are directors. PHOTO/FILE.
Summary
Court found that a client’s mortgaged properties were sold to a company that had been formed on February 3, 2020 by seven Stanbic employees, three months after the advert for sale was published in November 2019.
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At least seven Stanbic Bank employees illegally transferred mortgaged securities to a company that they had formed three months after the distressed properties had been advertised for auction, according to a ruling delivered by Justice Richard Wejuli Wabwire.
Daily Monitor
Sunday February 14 2021
Crested Towers that houses the Stanbic Bank head offices in Uganda. Court has condemned Stanbic Bank to pay more than Shs400m to Macdowel Food and Beverages. PHOTO/ NET
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The Commercial Court has condemned Stanbic Bank to pay more than Shs400m after some of its top staff created a sham company that they used to sell to themselves several plots of land belonging to a customer.
Justice Richard Wejuli Wabwire, in his ruling on Friday, said he could not turn a blind eye when employees of Stanbic Bank circumvented the law to the disadvantage of their esteemed customers.