{"id":29127,"date":"2022-04-04T16:27:39","date_gmt":"2022-04-04T16:27:39","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/all-news\/bank-illegally-sold-mubende-parents-school-rules-court"},"modified":"2022-04-04T16:37:22","modified_gmt":"2022-04-04T16:37:22","slug":"bank-illegally-sold-mubende-parents-school-rules-court","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/bank-illegally-sold-mubende-parents-school-rules-court","title":{"rendered":"Bank illegally sold Mubende Parents School, rules court"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>Uganda Development Bank unlawfully sold Mubende Parents School in a bid to recover a Shs716m loan facility it extended to the former, Mubende High Court has ruled.<\/p>\n

Justice Richard Wejuli Wabwire in his March 31 judgment held that the bank did not follow the procedures under the Mortgage Act while selling the school.<\/p>\n

The judge agreed with the school owners that the omission by the bank to the procedural requirements stipulated under the Mortgage Act, after a stay of the initial sale of the school had invalidated its purported sale.<\/p>\n

\u201c\u2026 Then in the instant case, there was a deviation from the mandate of the power of attorney when Patrick Oketta executed the sale agreement alone without Millie Kasozi, the second donee, this was a fatal irregularity, which renders his actions null, void and ineffective and the agreement unlawful,\u201d ruled Justice Wabwire.<\/p>\n

\u201cPremised on all the foregoing findings, this court finds that the sale of the plaintiff\u2019s mortgaged property (school) by the 1st defendant (bank), was unlawful,\u201d he added.<\/p>\n

The row between the bank and Mubende Parents School started in March 2015 when the former applied for a loan facility of Shs620m from the bank.<\/p>\n

Court documents show that the school management as security offered land and buildings in Mubende.<\/p>\n

Along the way, a legal battle ensued before Nakawa Court after the school allegedly defaulted on the loan.<\/p>\n

This saw a consent judgment being entered between the two warring parties on May 15, 2015, with the school management agreeing to pay the bank Shs766m within one month to settle the outstanding loan. But the school only managed to pay Shs50m.<\/p>\n

Subsequently, the bank on August 26, 2015, sold the school\u2019s land and buildings to Maramira Alexander at Shs610m to recover its outstanding loan.<\/p>\n

On September 28, 2015, the bank appointed Mr Joshua Ogwal and Mr Kabiito Karamagi as receivers\/ managers of the school under a deed of appointment signed by Patrick Oketta alone on behalf of the bank.<\/p>\n

Turning point<\/p>\n

It is upon this backdrop that the school management through their lawyers of Kaggwa & Kaggwa Advocates, sued the bank for illegally selling their school.<\/p>\n

Further in his orders, Justice Wabwire ruled that the appointment of Mr Ogwal and Mr Kabiito as joint receivers\/ managers of the school was unlawful and all money held on the school\u2019s bank accounts in Equity bank and Centenary Bank belongs to the school.<\/p>\n

The other orders are for the bank and co-joint defendants to compensate the school owners with Shs50m as general damages, an award of Shs10m as exemplary damages and interest awarded at the rate of 8 percent per annum on the compensations from the date of judgment till payment in full and costs of the law suit to be borne by the bank and co-defendants.<\/p>\n

For More News And Analysis About Uganda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. Uganda Development Bank unlawfully sold Mubende Parents School in a bid to recover a Shs716m loan facility it extended to the former, Mubende High Court has ruled. Justice Richard Wejuli Wabwire in his March 31 judgment held that the bank did not follow the procedures under the Mortgage Act while selling the […]<\/p>\n","protected":false},"author":84,"featured_media":29126,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[233,240,234],"class_list":["post-29127","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nBank illegally sold Mubende Parents School, rules court - Uganda<\/title>\n<meta name=\"description\" content=\"Uganda Development Bank unlawfully sold Mubende Parents School in a bid to recover a Shs716m loan facility it extended t ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/bank-illegally-sold-mubende-parents-school-rules-court\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank illegally sold Mubende Parents School, rules court\" \/>\n<meta property=\"og:description\" content=\"Uganda Development Bank unlawfully sold Mubende Parents School in a bid to recover a Shs716m loan facility it extended t ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/bank-illegally-sold-mubende-parents-school-rules-court\" \/>\n<meta property=\"og:site_name\" content=\"Uganda\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-04T16:27:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-04T16:37:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2022\/04\/img-624b1ea815da3.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"688\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/bank-illegally-sold-mubende-parents-school-rules-court#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/bank-illegally-sold-mubende-parents-school-rules-court\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Bank illegally sold Mubende Parents School, rules court\",\"datePublished\":\"2022-04-04T16:27:39+00:00\",\"dateModified\":\"2022-04-04T16:37:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/bank-illegally-sold-mubende-parents-school-rules-court\"},\"wordCount\":483,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/bank-illegally-sold-mubende-parents-school-rules-court#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2022\/04\/img-624b1ea815da3.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/bank-illegally-sold-mubende-parents-school-rules-court#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/bank-illegally-sold-mubende-parents-school-rules-court\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/bank-illegally-sold-mubende-parents-school-rules-court\",\"name\":\"Bank illegally sold Mubende Parents School, rules court - 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