Ceasefire Declared: Hamis Kiggundu, Diamond Trust Bank Resolve 8-Year Financial Dispute

By Gad Masereka

In a clandestine summit between the titans of finance, Hamis Kiggundu, the illustrious City Young Tycoon and CEO of Ham Group of Companies, and Nasim Devji, the astute CEO of Diamond Trust Bank Group, an epoch-making truce has been established, signaling the conclusion of their prolonged financial feud that has gripped the courts for a staggering eight years.

Behind closed doors, the two formidable CEOs engaged in a meeting of minds, reaching a pragmatic accord that transcends their erstwhile monetary disagreements. The resolution, a testament to their shared vision for financial reconciliation, not only puts to rest the legal battles of the past but also paves the way for the preservation of their enduring 11-year banking relationship. This conciliation is poised to foster not only amity but also to fortify the foundation for potential future financial triumphs, progress, and prosperity.

The genesis of this protracted financial saga traces back to Hamis Kiggundu, the proprietor of Ham Enterprises Limited and Kiggs International (U) Limited. Alleging fraudulent siphoning exceeding sh120 billion from his accounts without consent, Kiggundu brought the legal onslaught against DTB-Uganda and DTB-Kenya to the Commercial Court. In a watershed moment, the Commercial Court ruled decisively in favor of Ham, mandating DTB to reimburse the staggering sum.

However, the legal pendulum swung again as DTB, dissatisfied with the verdict, appealed to the Court of Appeal, resulting in a judicial directive for a retrial in the Commercial Court. Unyielding, Ham took the matter to the Supreme Court, challenging the Court of Appeal’s decision.

In this unexpected turn of events, the once-adversaries have chosen a path of concord over contention, putting an end to the legal battles that spanned nearly a decade. The resolution not only marks a cessation of hostilities but also opens a new chapter in the complex narrative of financial litigation, setting a precedent for amicable dispute resolution at the highest echelons of business and finance.