The legal battle between businessman Hamis Kiggundu and Diamond Trust Bank (DTB) has had several twists over the past year, with the latest taking a criminal dimension and has sucked in the Directorate of Public Prosecutions (DPP) to investigate alleged fraud by top-level DTB officials.
On September 13, Valerian Tuhimbise, the Buganda Road chief magistrate, issued criminal summons to Prince Karim Al-Husayn Shah, the founder and chairman of the Aga Khan Fund for Economic Development and other top DTB officials including DTB Kenya CEO Massimo Mohamed Devji, Varghese Thambi, the DTB Uganda CEO as well as John Sitakange, the DTB Uganda head of credit DTB (U) Ltd.
The privately instituted criminal case by Muwema and Company Advocates accuses the four for making false entries in financial ledgers, electronic fraud, uttering false documents and conspiracy to commit a felony.
It remains unclear whether the DPP will pursue the matter or lose interest and efforts to reach out to Fred Muwema on the development were futile as he didn’t pick our calls.
The criminal case is part of the ongoing multi-billion case in which Kiggundu accuses DTB for fraudulently siphoning over Shs 120bn from his accounts without his knowledge or consent.
But whereas the civil case has reached the Supreme court, the criminal case is gaining traction. In May, the Financial Intelligence Authority of Uganda (FIA) questioned Thambi for money laundering during transactions with Kiggundu but are yet to prefer charges against him.