By Spy Uganda
Kampala: Few days ago we reported about the Criminal Summons that were issued against business mogul Prince Karim Al-Husayn Shah, the Founder and Chairman of the Aga Khan Fund for Economic Development on a couple of accusations among them including fraud and theft.
However, the latest landing on our desk is that summons have been withdrawn after being taken over by the Director of Public Prosecutions (DPP).
According to the letter witnessed by TheSpy Uganda signed by Buganda Road Chief Magistrate, Tuhimbise Valerian, summons have been withdrawn against; Prince Karim, Nassim Muhamed Devji- Group Chief Executive Officer and Managing Director Kenya, Varghesi Thambi- Chief Executive Officer DTB Uganda and John Sitakange- Head of Credit DTB Uganda.
According to the summons that ware issued against the group previously, they had to appear before Buganda Road Magistrate’s court to take a plea on charges on a couple of charges among them including, theft, making false entries in financial ledgers, electronic fraud, uttering false documents and conspiracy to commit a felony.
The Summons rose from the ruling by Court of Appeal on 5th May 2021, quashing an earlier ruling by the High Court that awarded Hamis Kiggundu damages.
Background Of The Case
Diamond Trust Bank (Uganda) and Diamond Trust Bank (Kenya) argued that Kiggundu received a credit facility totalling over shs41b a few years ago and he still owes them about shs39b. In turn, Kiggundu accused the banks of fraudulently siphoning over shs200b from his accounts without his knowledge and consent over the past 10 years.
The banks add that as of January 21, 2020, Kiggundu was in default on payment obligations of $6.298m on the loan facility of $6.663m, as well as sh2.885b on the demand overdraft facility of sh1.5b and the temporary demand overdraft facility of sh1b.
They further claim that Kiggundu was in default on the payment of another $3.662m out of a total loan facility of $4m and another $458,604 on a loan facility of $500,000, as of January 21, 2020.
However, Kiggundu revealed that this was a financial fraud since the money was fraudulently withdrawn from both his dollar and shilling accounts were in excess of what the bank was demanding. “They said they had carried out an audit of my bank accounts and discovered that the money was siphoned off over a period of 10 years,” Kiggundu said.
He highlighted that a total of sh29.035b was unlawfully debited from his shilling account, while $22.93m was withdrawn from his dollar account under what he calls unclear debits. Kiggundu, who has been accessing loan facilities from the bank for over 10 years, issued a notice to the bank terminating his relationship and withdrawing the mortgage instruments.