{"id":4474,"date":"2021-02-17T16:42:26","date_gmt":"2021-02-17T16:42:26","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/?p=4474"},"modified":"2021-02-17T16:27:39","modified_gmt":"2021-02-17T16:27:39","slug":"stanbic-appeals-illegal-sale-of-clients-properties","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/stanbic-appeals-illegal-sale-of-clients-properties","title":{"rendered":"Stanbic appeals illegal sale of client\u2019s properties"},"content":{"rendered":"

Africa-Press<\/a> – Uganda<\/a>. <\/strong><\/span>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\u2019s mortgaged properties.<\/p>\n

The ruling delivered by Justice Richard Wejuli Wabwire of the Commercial Division of the High Court las Friday, found that the seven staff including Mr Lawrence Kaweesa, Mr Allan Muhinda, Ms Daisy Nitwe, Mr Emmanuel Rukeeba, Mr Kenneth Kitungulu, Ms Maureen Kembabazi Katwebaze and Mr Thaib Lubega had created a sham company that they used to sell to themselves mortgaged properties belonging to Macdowel Food & Beverages, which had defaulted on a Shs1.065b loan.<\/p>\n

In a notice filed last Friday, Stanbic, acting through Sebalu & Lule Advocates, said it was dissatisfied with the decision of Justice Wabwire, noting it would appeal the ruling in its entirety. \u201cTake notice that Stanbic Bank being dissatisfied with the decision of the Justice Richard Wabwire \u2026 intends to appeal … against the whole decision,\u201d the February 12 notice, reads in part. It was not yet clear whether Myriad Investment Club, which together with Stanbic were accused of circumventing the law to illegally dispose of properties, will also appeal. Stanbic was sued together with Myriad Investment Club in a case in which Macdowel Food & Beverages accused the duo of connivance to illegally dispose of titles of properties deposited with Stanbic as collateral for a loan. The loan, which had been advanced on October 14, 2017, had been a subject of default, forcing Stanbic in early 2019 to seek disposal of five plots comprised in plot 7, 3, 4, 5 and 6 Works Close in Luzira, Kampala to recover its money. The properties were subsequently sold to Myriad Investment Club. But according to court documents, Macdowel Food & Beverages petitioned court, claiming that Stanbic had connived to dispose of properties to a company whose directors were its employees. In a 22-page ruling, Justice Wabwire agreed with the applicant, noting Stanbic staff had on had on February 3, 2020 \u201copportunistically incorporated a sham company … with a hidden motive of purchasing securities\u201d, which Macdowel Food & Beverages had deposited with Stanbic as collateral.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. 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\u2019s mortgaged properties. The ruling delivered by Justice Richard Wejuli Wabwire of the Commercial Division of the High Court las Friday, found […]<\/p>\n","protected":false},"author":84,"featured_media":4473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[233,240,234],"class_list":["post-4474","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":"\nStanbic appeals illegal sale of client\u2019s properties - Uganda<\/title>\n<meta name=\"description\" content=\"Stanbic Bank has filed a notice of appeal in which it seeks to challenge a decision that implicated it and seven of its ...\" \/>\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\/stanbic-appeals-illegal-sale-of-clients-properties\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stanbic appeals illegal sale of client\u2019s properties\" \/>\n<meta property=\"og:description\" content=\"Stanbic Bank has filed a notice of appeal in which it seeks to challenge a decision that implicated it and seven of its ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/stanbic-appeals-illegal-sale-of-clients-properties\" \/>\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=\"2021-02-17T16:42:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2021\/02\/img-602d43e256566.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\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\/stanbic-appeals-illegal-sale-of-clients-properties#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/stanbic-appeals-illegal-sale-of-clients-properties\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Stanbic appeals illegal sale of client\u2019s properties\",\"datePublished\":\"2021-02-17T16:42:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/stanbic-appeals-illegal-sale-of-clients-properties\"},\"wordCount\":359,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/stanbic-appeals-illegal-sale-of-clients-properties#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2021\/02\/img-602d43e256566.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\/stanbic-appeals-illegal-sale-of-clients-properties#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/stanbic-appeals-illegal-sale-of-clients-properties\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/stanbic-appeals-illegal-sale-of-clients-properties\",\"name\":\"Stanbic appeals illegal sale of client\u2019s properties - 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