Court of Appeal has quashed an earlier ruling by the commercial court which had directed DTB Uganda and DTB Kenya to refund at least Shs 120 billion to businessman Hamis Kiggundu.
Kiggundu had taken DTB to court alleging that it had made illegal withdrawals from his account amounting to billions of shillings.
The businessman had procured a loan from the bank.
In October, the commercial court ruled in Kiggundu’s favor leading to frenzied celebrations.
DTB appealed against the ruling hence the judgment today.
In today’s ruling by the Court of Appeal, the justices referred the case back to commercial court for a fresh hearing.
The justices said the case had been amended several times during the hearing at the commercial, something that was not considered by the High Court.
Kiggundu said the ruling was unfair because DTB Kenya did not have a license that authorizes them to operate here.
He said they are going to appeal to the Supreme Court.
In his October ruling, Justice Henry Peter Adonyo said that the bank violated the Financial Act of 2004 and therefore directed that the Shs120 billion should be paid with the interest of 8% for carrying out illegalities on the Ham’s accounts.