Matooke Republic
Wednesday, July 9, 2025
  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos
  • Relationships
Matooke Republic
  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos
  • Relationships
No Result
View All Result
Matooke Republic
No Result
View All Result

Commercial Court orders DFCU to pay Shs1billion inherited loan

Matooke Republic by Matooke Republic
April 14, 2019
in Business
Reading Time: 2 mins read
44
SHARES
Share on FacebookShare on Twitter

The Commercial Court has ordered DFCU Bank to pay Real Marketing, a consulting firm $266,000 (about Shs944m) over breach of contract.

The debt was inherited as part of assets and liabilities DFCU acquired when it took over Global Trust Bank five years ago. DFCU also acquired Crane Bank in 2017 leading to a Parliament probe that pointed to irregularities in the take-overs.

The commercial court’s order follows the bank having failed to hand over land titles to Real Marketing, which it intended to develop and resale.

RELATED POSTS

Equity Bank Uganda set to launch 2025 Top 100 mid-sized companies survey

Who is Claver Serumaga, the new Equity Bank Uganda Executive Director?

The initial price of the land was $139,201 (about Shs520m) but an accumulated 30 percent interest since 2013 was factored in when making the judgement.

“Denying the plaintiff title for five years was to create a painful economic upset,” Commercial Court head Justice David Wangutusi judgement read in part.

“In conclusion, judgement is entered in favour of the plaintiff … the defendant delivers the certificate of title for the suit land together with the transfer instrument within 30 days (by April 19). In default of which they will refund Shs523.55m ($140,000).

How DFCU inherited the transaction

The matter arose out of defunct real estate dealers Hossana failing to finance a 43-acre mortgage. Real Marketing acquired 10 of the said acres from Global Trust Bank with a cash payment and a mortgage from the bank.

According to the agreement, Global Trust Bank was supposed to hand over vacant possession of the land after Real Marketing completed paying the mortgage. However, DFCU took over Global Trust Bank before Real Marketing completed the payment.

Upon completion, DFCU issued Real Marketing a certificate but did not hand over the land title leading to the legal battle.

Related

Tags: Commercial CourtDFCUReal Marketing
Share43TweetSend
Matooke Republic

Matooke Republic

Freshly peeled info from area code 256

Related Posts

UK Supreme Court orders that DFCU, its owners and directors must stand trial in UK for their role in fraudulent acquisition of Crane Bank

by Matooke Republic
2 years ago

...

15 Dfcu staff throw in towel in just one month

by Matooke Republic
2 years ago

...

Lands Registry cancels titles of 48 former Crane Bank branches held by Dfcu, returns them to Sudhir

by Matooke Republic
2 years ago

...

Crane Bank shareholders welcome London Court ruling to hear multi million dollar case against DFCU, vow to fight for justice

by Matooke Republic
2 years ago

...

Sudhir wins London Court of Appeal case to prosecute DFCU Bank over corruption involving BoU officials in $211m Crane Bank Takeover Case

by Matooke Republic
2 years ago

...

Next Post

Cindy reminds fans why she is the King at Johnnie Walker Unplugged show

Former Presidential Candidate General Biraaro: Bobi Wine still needs time and training

RECOMMENDED

Uganda Cranes forward Travis Mutyaba joins Tunisian giants CS Sfaxien after French side Bordeaux terminated his contract

July 9, 2025
Twahirah Akandinda.

Ssegirinya’s widow Akandinda rejects DNA results, asks for another round of tests

July 9, 2025
  • 643 Followers
  • 23.9k Followers

MOST VIEWED

  • Here is how to use NIRA’s new online portal to register or renew your national ID

    3891 shares
    Share 1556 Tweet 973
  • DNA test confirms late MP Ssegirinya was father to only 4 of 9 children presented after his death

    94 shares
    Share 38 Tweet 24
  • Kampala University proprietor Prof Kateregga’s wife rejects DNA results indicating one of three children is not his, demands fresh test in the United States

    92 shares
    Share 37 Tweet 23
  • Properties owned by late billionaire Aponye at risk of auction over Shs15 billion loan arrears

    74 shares
    Share 30 Tweet 19
  • Pastor Bugingo’s daughter Doreen Gift awarded scholarship to Arizona State University in the US

    61 shares
    Share 24 Tweet 15
Matooke Republic

Uganda's only free Newspaper. Out every Thursday. Freshly peeled info. kiwatule, Kampala, Uganda.

  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos

© Matooke Republic 2024

© Matooke Republic 2024

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.